Six Southern States are for the first time contributing more to the National gross domestic product (GDP) than the Northeast, according to m the Bureau of Economic Analysis and IRS data.
Six Southern States Add More To The National GDP
The sis southern states are Georgia, Florida, Georgia, Texas, Tennessee, and North and South Carolina are now contributing more to the national GDP than the Northeast, with its Washington-New York-Boston corridor.
Over the past years, it initially had action in 2021, but the gap between these states and the Northeast has expanded.
Currently, those top six Southern states contribute a total of 1.4 percentage points added more to the GDP than the entire Northeast.
The reason why those six Southern states had added more to National GDP is the massive migration from major cities in the Northeast, such as New York and Washington, D.C., to the South.
Moreover, Internal Revenue Service data show reported by Washington Examiner that interstate migration assisted steer about $100 billion in new income to the Southeast in 2020 and 2021 alone, while the Northeast bled out about $60 billion.
Since 2022 New York Is Loosing Almost 300,000 People
This is consistent with data from the National Association of Realtors shows that 5 out of the 10 states with the most out-migration in 2022 were in the Northeast, with New York losing almost 300,000 people last year. Moreover, the top six states with the greatest in-migration were all in the South: Texas, Florida, the Carolinas, Tennessee, and Georgia.
But it’s not just individuals who are fleeing for red states in the South, also corporations are also flocking there, with a record number of firms moving south after the pandemic.
The Center Square Texas Gov. Greg Abbott had tweeted stated that Texas and five other states in the South added more to the national GDP than the Northeast for the FIRST time in history! With the most talented workforce and the best business climate in America, Texas is where people prosper and businesses thrive.