How Much Income Has New York State Lost to Other States?
We know that residents from across New York are leaving for other states. But sometimes you may forget what jobs they're bringing with them when they decide to relocate.
In what experts are calling a "sobering" report, data indicates that New York is losing billions of dollars of income to other states, particularly Florida. The New York Post says that high taxes and rising housing costs continue to be some of the biggest culprits for the mass exodus.
Where Are New Yorkers Moving To?
New Jersey was 2nd, with 75,103 New York residents moving there in 2022, Connecticut 3rd with 50,670, and Pennsylvania with:44,807. California rounded out the top five, with 31,255 former New Yorkers taking up residence on the West Coast.
How Much Money is New York State Losing?
The report, called "The State of The Finance Industry and Its Impact in New York", says one of the reasons is that the finance and insurance sector in New York, which may only make up 5% percent of the state's employment, is the largest contributor to the state's GDP ($327B or 16% in 2022).
Basically, when top jobs leave the state, it can affect everyone. According to the Business Council, these sectors are the "highest compensated industries in New York and the U.S.; with the average income in New York being $275,800 (without benefits).
Some other statistics from the report say that New York lost $9.8 billion of income to Florida in 2021. New York is also outranked in financial sector growth, says the report, at 0.2%, According to the numbers, the national average is 4%.
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Gallery Credit: Dave Wheeler