New York Lost a Net $9.9B in Income to Other States
IRS data: New York lost a net $9.9B of adjusted gross income to other states in 2022-23, second worst of any state.
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New York lost a net $9.9 billion of adjusted gross income to other states in 2022-23, the second-largest loss of any state, according to our analysis of Internal Revenue Service (IRS) state-to-state migration files. Only California, at $11.9 billion, lost more.
Why it matters
For developers, lenders and brokers underwriting New York City demand, the income leaving the state is the buying power that does not show up in rent rolls, condo closings or retail sales. The number is statewide, so it measures the upstate and downstate economy together, and New York City’s own movers are shown below.
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The numbers
The IRS counts the adjusted gross income (AGI) on tax returns that changed state between filing years. New York’s outflow exceeded its inflow by a net $9.9 billion. Only California (-$11.9 billion) was worse; Illinois (-$6.0 billion) and Massachusetts (-$4.0 billion) followed among the states we track. Inside New York, our companion migration story shows 224,844 people moved from New York City to other states in 2022-23 while 147,093 moved in, a net loss of 77,751 people. Florida was the second-biggest destination, after New Jersey. The IRS series covers domestic moves only, so international arrivals are not in these totals.
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 New York 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), New York -$9.9B 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