New York State Once Again Loses More Residents Than Anywhere

The U.S. is once again growing, but in some areas more than others.

According to Census Bureau numbers, the United States added 1.6 million people in the last year, marking a 0.5% increase. While those numbers may seem a little low, it is the largest U.S. population gain since 2018, according to The Lockport Journal.

Census numbers indicate that immigration, and fewer people dying from COVID-19 have contributed to the increase.

However, New York state continues to lose more residents than any other state.

New York Still Leads the Country in Out of State Moves

Many New Yorkers may dream of living somewhere warm year-round, and Florida continues to be the top destination.

According to the Census Bureau's 2022 numbers from ABC, Florida leads the nation for where New Yorkers are heading, with 91,201 former residents now calling the Sunshine State home.

But some fleeing residents may not choose to go so far, According to the Census Bureau's numbers from ABC, New Jersey was 2nd, with: 75,103 New York residents moving there in 2022, Connecticut 3rd with 50,670, and Pennsylvania with:44,807.

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The Lockport Union Sun & Journal says that while New York's population decline is not as steep as a year ago, almost 217,000 New Yorkers still departed the state from mid-2022 to mid-2023. This once again leads the nation for residents who are moving out of state.

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How Much Money is New York State Losing?

According to a new report from The Business Council of New York State, posted at WKBW, over the past three years alone, New York state saw $993 billion in assets move to other states.

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).