Migration out of Massachusetts has seen an alarming increase over the last decade, putting the state in danger of losing billions of dollars in annual revenue as residents flee to Florida and other destinations.
A recent study from Boston University’s Questrom School of Business found that net outmigration from Massachusetts has increased by a whopping 1,100 percent to more than 39,000 people since 2013.
The researchers now predict that net outmigration could top 96,000 people per year by 2030, with the current top destinations for former residents being Florida, New Hampshire, Maine, North Carolina, and Texas.
In 2021, Massachusetts lost $4.27 billion in adjusted gross income (AGI) due to net outmigration, the study found.
The largest chunk of lost AGI was transferred to Florida, $1.77 billion, or about 42 percent. New Hampshire gained $1.12 billion (26 percent), and Maine gained $393 million (nine percent).
“By 2030, net outmigration could cost MA $19.2 billion in adjusted gross income and $961 million in lost income taxes per year,” Questrom graduate students Yuhan Liu and Linglan Xu found.
The populations of more conservative states, such as Florida, South Carolina, and Texas, are growing at rates three times higher than the national average. The states receiving the mass influx of people are likely to gain more congressional seats, the study noted.
Florida notably requires no income tax.
“Migration patterns are driven by citizens voting with their feet, a report card on how well a state is doing to meet their needs,” the report stated.
It continued, “Each year, millions of Americans move from one state to another. Movement can happen for numerous economic and non-economic reasons. Growing costs in a state can make it unattractive to individuals, families, and businesses.”
“Move-to states ranked significantly better in three drivers; lower income taxes, cost of housing, and cost of healthcare,” the researchers explained.