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Some 2.2 million people moved to the southeast in a little over 2 years.
The Atlantic coast from Charleston, South Carolina, southward is basking in a pandemic-induced $100 billion wealth migration that Bloomberg calls "one of the most profound economic shifts in the U.S. today."
It notes that the wealth transfer pushes west to Texas, though not all areas are benefitting equally. During COVID, the Southeast also became a jobs-generating hub, accounting for two-thirds of job growth since early 2020. The Northeast, in the meantime, has suffered about $60 billion in losses, based on Internal Revenue Service data.
The overall effect is historic: For the first time in government data dating back to the 1990s, a group of six southern states — Florida, Texas, Georgia, North and South Carolina and Tennessee — has become a bigger influence on the national GDP than the Northeast bloc.
Interesting. I haven't seen the data in a while but don't those states have higher poverty rates especially compared to the NE? Either way, interesting.
And we're talking 2 years, so $50B a year translates to $151 per capita, per year.
Agreed. It's more or less the equivalent of the economy of metro Milwaukee moving to North Carolina and south. Considering the amount of people that have shifted south is much greater than metro Milwaukee it seems less impressive. As population shifts, wealth will shift with them. Seems like a bit of a non-story given how big the economies are of the places it's shifting from. If anything it would appear that the wealth per capita in the south is actually getting diluted at that rate.
And we're talking 2 years, so $50B a year translates to $151 per capita, per year.
Yep. Totally agree that it's misleading at best. $100B sounds like a lot of money to people except that, well, it's not.
Also, the part about how GDP of the six states is higher than Northeast...well...
Population of "Northeast" (Basically Maine down to DC, no VA): 64,895,265
Population of TX, FL, TN, SC, NC, GA: 86,220,217
With 22M more people (~1/3 more than the Northeast combined) its GDP total SHOULD be WAY higher.
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