From the Star Ledger:
More than two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus.
The Business and Industry Association’s new report said so-called outmigration over a 10-year span cost the state $18 billion in net adjusted gross income, 75,000 jobs, $11.4 billion in economic activity, $4.2 billion in labor income and $8.4 billion in household spending.
“This outmigration of New Jersey residents has had a substantial and continuing negative impact on the state’s economy,” the report said. “When New Jerseyans leave the state they not only take their income with them, but they take income taxes, sales taxes, property taxes and purchasing power with them as well.”
New Jerseyans most often move to Pennsylvania, New York, Florida, California and North Carolina, though Pennsylvania is traditionally the most popular destination.
“These individuals are relocating to states that offer a more favorable tax structure than New Jersey in order to avoid paying certain rates for taxes — or in some cases, paying taxes at all,” the report said.
“With an average monthly housing cost of $1,530, a per capita state and local tax burden of $6,675, average energy expenditure per person of $4,404 and an average car insurance premium cost of $1,595, one can see why our young residents who are entering the workforce at the entry level of the wage scale will find it challenging to afford living in New Jersey,” NJBIA said.