MORE WEALTH COMING TO FLORIDA
Roughly 5 million Americans move from one state to another annually and some states are clearly making out better than others.
Florida added around 150,000 new transplants and roughly 17 billion in additional Gross Income for 2018. And the slow down is not happening anytime soon.
Every year around 5 million people move from their home state to another for a variety of reasons, weather, economy, etc. Out of those states Florida got the top economic growth out of all the states according to Bloomberg and data by the IRS/Census Bureau.
Florida posted a net income influx of nearly 3% of the state’s adjusted gross income in 2016. And the train has not stopped yet.
The economy in Florida seems to be solid, not only with retiree migration to Florida, lots of new jobs, and millenials buying their great weather, and/or close-the-ocean home.
While long a haven for retirement, Florida’s effort to lure Wall Street executives and/or companies has gained traction thanks to a provision in the federal tax law passed by the Trump administration that hits residents of high-tax states by putting a lower cap on state and local tax deductions.
Florida is also one of seven states that collect no income tax. The others are Alaska, Nevada, South Dakota, Texas, Washington and Wyoming. While New Hampshire and Tennessee don’t have a state income tax, they do collect taxes on dividends and income from investments.
“Job growth, lower costs of living, state budgetary challenges and more temperate climates” are the driving factors behind migration, start-ups and business growth can benefit from positive migration, too. Creating new demands for existing and new companies alike.