Brand New Analysis Shows Florida Increases Its National Leadership in Net Income Migration, Welcoming $4.48M Per Hour
By: Dave Sobush, CEcD, Director of Research, Florida Chamber Foundation
Through resources like TheFloridaScorecard.org and The Florida Gap Map, the Florida Chamber Foundation continues to track Florida’s progress toward the 39 goals outlined in the Florida 2030 Blueprint. These tools, measuring the metrics that matter, help Florida leaders lead.
This month, we saw a major annual data update that crystallizes just how fast Florida is growing. Good news we must analyze and share.
If you’ve committed to memory the figure of $2.7 million per hour moving to Florida, as measured by IRS personal tax return filings and representing the $23.7 billion net influx of income between 2019 and 2020, we thank you for your support. Yesterday, the most recent migration data was released, and while some things stayed the same (most notably Florida’s #1 national ranking for net income migration), others changed… and in a significant way.
The new report shows that Florida experienced net income migration (inflow minus outflow) of $39.2 billion between 2020-2021. Averaged over 365 days, that calculates to $4.48 million per hour, a 65.1% increase.
Each of Florida’s 67 counties saw a net gain of income from outside Florida, and Florida gained income from all but two states, Tennessee ($4.9 million) and Wyoming ($104.9 million). The #1 source of new money to Florida was New York, which lost a net $9.8 billion, 25.1% of the total net gain of $39.2 billion. Rounding out the top five “donor” states were Illinois, New Jersey, California, and Pennsylvania. These states, in combination with New York, lost $22.9 billion to Florida, 58.4% of our total net gain.
It is this type of economic performance that is transforming Florida into the signature state of the 21st Century while softening the blow of any looming national recession and propelling us to becoming a top 10 global economy.
If you have any questions or would like to learn more, please connect with me directly at dsobush@flchamber.com.