For the next couple of weeks Weekly Industry News is going to be looking at the movement of people in the U.S. This week we’ll look at states where people are leaving. Next week our focus will be where they’re going and what states are growing.
The following week the focus will be on the top 10 states where people are going to find jobs and the week after we’re going to look at where they’re retiring.
Every year United Van Lines does an analysis of who is moving and where. They move 110,000 families a year and with each move a survey is handed out with questions about why they are moving.
The results are fascinating and these are the state people are leaving in from the state seeing the biggest outflow to the state seeing the 10th biggest outflow.
1. Illinois — Population: 12,802,000
Total Moves: 8,157
Percentage Moving Out: 63.4%
Median Household Income: $62,881
Job Growth: 0.9%
The projected population growth of Illinois is negative. This is odd because 69 of the 1,000 biggest companies in the country are in Illinois. They bring the state the fourth highest revenue in the nation. Those companies are firms like Boeing, Caterpillar and Kraft Foods.
So it’s somewhat of a surprise that Illinois is the top state for people leaving and going elsewhere.
2. New Jersey
Total Moves: 4,723
Percentage Moving Out: 62.9%
Median Household Income: $79,488
Job Growth: 1.5%
New Jersey’s economy is centered on pharmaceuticals, financial services, telecommunications, food processing and tourism. It also benefits as bedroom communities for both Philadelphia and New York. Though business and living costs are among the nation’s highest, New Jersey compensates by having one of the most educated labor forces. New Jersey scores poorly for its regulatory climate and fiscal health.
3. New York
Total Moves: 8,381
Percentage Moving Out: 60.6%
Median Household Income: $64,888
Job Growth: 1.1%
New York City dominates the economy of the state as the leading center of advertising, banking, finance, media and publishing in the U.S. If New York were a country, the state’s $1.7 trillion-dollar economy would be the 11th largest in the world after Canada. The business climate of the state, however, is one of extremes. New York’s taxes, union workforce and red tape are among the highest in the country. On the plus side: the Empire State is an economic force comprised of an educated labor pool, huge VC investment, significant cultural and recreation resources and the headquarters of 10% of the 1000 largest companies in the U.S.
Total Moves: 2,866
Percentage Moving Out: 57.1%
Median Household Income: $75,923
Job Growth: 0.9%
Income inequality is huge in Connecticut, with the disparity most pronounced when comparing southern towns like New Canaan and Greenwich with Hartford, the state’s capital. Business costs are 10% higher than the national average, due in part to energy costs that are 62% higher. The Nutmeg State rates fifth overall in quality of life thanks to low crime and poverty rates, a healthy populous and strong schools. But the regulatory climate and fiscal health rank among the worst in the nation.
Total Moves: 2,370
Percentage Moving Out: 56.7%
Median Household Income: $56,823
Job Growth: 1.4%
Kansas’ place on the Best States ranking has been dropping in recent years, due to higher than average business costs and lower than average growth prospects. With several large aircraft corporations operating out of Kansas—including Boeing, Cessna, Learjet and Spirit AeroSystems—the state’s economy is heavily influenced by the aerospace industry. However, the state scores points for its pro-business regulatory climate, which is tops in the nation, according to the Cato Institute.
Source link: Forbes