Florida Gets Major Benefits from New Residents

Florida is the top beneficiary of people relocating from other states according to data from the U.S. Census Bureau for 2018. The Sunshine State has been a popular destination for retirees (72% aged 55 and older) due to low taxes and affordability. High tax states such as New York, Connecticut and California have lost a lot of higher net-worth individuals over the last several years.

A Lending Tree study from 2016 showed that Florida had a net influx of $17.7 billion in adjusted gross income (AGI). $30.2 billion in income moved in and $12.5 billion in income moved out. People aged 45 to 54 were also a large segment of people contributing to the increased AGI. The data shows that the trend will likely continue since several states and localities continue to deal with onerous tax burdens.

Florida will not only benefit from the influx of movers bringing increased tax revenues, but it will continue to grow with new business activity. Established businesses and new start-ups will continue to increase due to the affordability of land, labor and capital in Florida. A sunny outlook indeed!

For more information, click on the article by Brittany De Lea: https://www.foxbusiness.com/economy/florida-income-american-movers