New York State is losing more than residents. As residents flee the state, the Empire State is losing hundreds of billions in income.
Here’s why it impacts those who stay.
New York Losing Over 500 Billion
prospective56
prospective56
According to a new report from Unleash Prosperity, between 2013 and 2022, the Empire State lost $517.5 billion in resident income as New Yorkers flee to states with lower taxes.
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Neighboring New Jersey lost $170.1 billion over the same period.
Unleash Prosperity looked into Census and IRS data to uncover gains and losses as residents move their income and spend their money in a new location.
New Yorkers Fleeing To Low-Tax States
Florida and Texas are the states with the most New Yorkers as the decade-long migration shift continues to reshape America’s economy.
Read More: Florida Crisis Is Now Creating Massive Problems For New York
“This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low-tax states in the South,” Co-founder of Unleash Prosperity Steve Moore said.
Why This Impacts New Yorkers Who Have Stayed
For Hudson Valley residents and all New Yorkers, the implications are real. When families move, so does their spending, investments, property tax revenue and local jobs.
This impacts the state’s ability to fund schools, infrastructure, social services, and more.
Keep Reading:
Where New Yorkers Are Moving To The Most
This list is based off  U-Haul 2025 Midyear Migration Trends
Six Top Reasons Why Empire State Residents Are LeavingThe Top 6 Reasons Why New Yorkers Are Moving OutWhy are so many New Yorkers leaving the state? It has been a popular discussion over the last few years, and an issue that was even addressed recently by Governor Hochul as one we the state needs to fix. The pandemic has certainly influenced the ratio of folks leaving New York versus those moving in, but there are a multitude of reasons why New Yorkers move out. Here are the top 6 according to United Van Lines.
Gallery Credit: Matty Jeff
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