Roughly 5 million Americans move from one state to another annually and some states are clearly making out better than others.
Florida and South Carolina enjoyed the top economic gains, while Connecticut, New York and New Jersey faced some of the biggest financial drains, according to a Bloomberg analysis of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau.
Connecticut lost the equivalent of 1.6% of its annual adjusted gross income, as the people who moved out of the Constitution State had an average income of $122,000, which was 26% higher than those migrating in. Moreover, “leavers” outnumbered “stayers” by a five-to-four margin.
Florida posted a net income influx of nearly 3% of the state’s adjusted gross income in 2016. South Carolina, Idaho and Oregon were also among the largest gainers in the interstate shuffle.
“Florida’s powerhouse economy continues to churn out new jobs, retiree migration to Florida is on the rise, and millennials are coming into their prime home-buying years,” Brad O’Connor, chief economist for Florida Realtor, said in a report before the trade association’s annual summit.
New York’s annual net loss was the highest, with a net $8.4 billion leaving the state. Exiting incomes of $19.1 billion were replaced by people who brought in $10.7 billion less in income. Illinois and New Jersey were next with net outflows of $4.8 billion and $3.4 billion, respectively.
Those three states also had three of the four highest proportions of outbound versus inbound residents last year, according to the United Van Lines, the largest U.S. household goods mover.