Armstrong Economics Blog/The Hunt for Taxes
Re-Posted Apr 6, 2017 by Martin Armstrong
The US Census report has shown that the net migration from the New York City area has surged during 2016, and that even included myself. Indeed, much more people are leaving the New York region than any other major metropolitan area in the country. Since 2010, the New York area has lost almost 4.5% of its population. This included New Jersey, Connecticut, Long Island, and the lower Hudson Valley. The number of people who left in 2015 was 187,034. Last year, 2016, that number jumped to 223,423. The number of international immigrants settling in the tri-state area declined from 181,551 to 160,324. The international migration has slowed and this trend means that taxes will only rise.
Meanwhile, Cook County, Illinois has lost more population than any other county in the United States from July 2015 to July 2016, according to the latest U.S. Census Bureau report. Clearly, the highest taxed states are losing the most people. Nevertheless, the data clearly shows that the higher the state tax rate, the greater the migration outward.
The State of New York as a whole lost 95,591 people and California came in second losing 93,915 with New Jersey losing 76,175, Illinois lost 52,804, and Michigan losing 47,347.
The three states at the top of the list for destinations are Texas posting a gain of 109,887 people, Florida 61,395, and Colorado 41,501.