Florida Gained $20.6B in Income From Other States, the Most
IRS data: Florida took in a net $20.6B of adjusted gross income from other states in 2022-23, first in the country.
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Florida took in a net $20.6 billion of adjusted gross income from other states in 2022-23, the largest gain of any state, according to our analysis of Internal Revenue Service (IRS) state-to-state migration files. South Carolina was next at $4.1 billion, North Carolina third at $3.9 billion.
Why it matters
Income that follows people is the demand side of every housing, retail and office decision in a market. For South Florida developers, lenders and brokers, a $20.6 billion statewide net inflow is the clearest dollar measure of who is arriving with money, and it is roughly five times the second-ranked state. It also separates two things that are easy to blur: a state gaining income is not the same as every metro inside it gaining people, and the region’s own net people count was negative.
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The numbers
The IRS counts the adjusted gross income (AGI) on tax returns that changed state between filing years. Florida’s inflow minus its outflow was a net $20.6 billion. The next largest gains were South Carolina ($4.1 billion), North Carolina ($3.9 billion), Arizona and Tennessee (each $2.8 billion). The three-county South Florida region (Miami-Dade, Broward, Palm Beach) is a smaller piece: 105,221 people moved in from other states and 111,159 moved out, a net loss of 5,938 people, covered in our companion migration story. The IRS files give the $20.6 billion for the whole state, so we do not attribute any share of it to South Florida.
What’s next
The IRS has not published 2023-24 files, so 2022-23 is the latest year. We will update when the next file is released. More local coverage is on the South Florida market page.
Method note: net income is the IRS state inflow file minus the state outflow file for 2022-23, adjusted gross income in billions of dollars, domestic moves only. The IRS counts tax filers and their claimed dependents, so it does not cover every mover. The data is public: IRS Statistics of Income migration data.
On the record
Net adjusted gross income moved between states in 2022-23, computed by subtracting IRS state outflow from state inflow ('Total Migration-US' rows), Florida +$20.6B in billions
Our data · irs.gov
Primary record
- Internal Revenue Service, Statistics of Income migration dataState-to-state and county-to-county migration data, 2022-23