Americans (and corporations and businesses) have the freedom to move where the cost of living or the cost of doing business is favorable to their desired lifestyle or business. That has resulted in a migration from blue states to red states. The most popular destination in that migration seems to be Texas.
On Sunday, Fox News posted an article about that migration.
The article reports:
The race to become America’s next economic heavyweight may already have a frontrunner.
The latest Internal Revenue Service (IRS) migration data show billions of dollars in taxpayer wealth flowing into Texas, while Census figures show the state’s largest metropolitan areas continue to outpace much of the country in population growth, strengthening a decades-long shift in America’s economic center of gravity.
What’s more, Texas isn’t relying on a single boomtown. Dallas-Fort Worth added more residents than any metropolitan area in the country over the past year, while Houston, Austin and San Antonio also ranked among the nation’s fastest-growing metros.
…While Florida attracted the nation’s largest influx of taxpayer wealth and South Carolina posted the strongest inbound migration rate, Texas stood out by combining billions in new taxable income with rapid growth across Dallas-Fort Worth, Houston, Austin and San Antonio.
Economists say that combination matters because higher-income households bring spending, investment, entrepreneurship and tax revenue that can accelerate job creation, fuel commercial development and attract even more businesses. Over time, those forces can transform fast-growing metros into some of the nation’s most influential economic hubs.
The article concludes:
Supporters of Texas’ economic model argue its lack of a state income tax, relatively affordable cost of living and business-friendly climate continue attracting both employers and workers, reinforcing the state’s long-term growth.
California and New York remain among the nation’s largest and most influential economies.
But the latest Census, IRS and federal economic data suggest Texas continues gaining ground by attracting people, taxpayer wealth and economic output simultaneously, an uncommon combination that could reshape where businesses invest, jobs are created, and economic influence grows over the coming decade.
Elections have consequences and economic policies have consequences.