24, July 2013
For over twenty years, more money has been entering the Florida economy than any other state. Florida's gain of $95.6 billion dwarfs runner-up Arizona's $28 billion. According to the study, How Money Walks by Travis Brown, nearly half of the influx of wealth came from New York, New Jersey, and Illinois.
Many economic factors came into play regarding the migration of wealth into Florida. Florida's low tax and regulation are attractive to those looking to keep more of their personal income. Also, the rising job rate in Florida in recent years has attracted individuals from all over the nation who are looking for work.
Below is an excerpt from the Florida Watchdog's article on the study:
One reason, according to Brown, is Florida’s personal state income tax rate. New York and New Jersey share a top rate of 9 percent while Illinois charges 3 percent of an individual’s gross federal income. But the Florida rate is zero across-the-board.
Similarly, Florida’s 5.5 percent corporate income tax rate is almost half of Illinois’s and well beneath New York and Jersey – an attractive lure for employers willing to relocate.
When adding in lower costs of living and sunny weather, it’s no wonder the Sunshine State’s population grew 23.5 percent since 1990, according to the Office of Economic and Demographic Research. The U.S. Census Bureau estimates Florida’s population to be only 200,000 residents behind New York.
“For a state like Florida, you’re seeing a massive amount of people and their income coming in,” said Brown in an interview with Fox Business host John Stossel.
TRIMARK PROPERTIES | STAFF | 24-JUL-2013