The red states racing ahead in America’s powerful wealth boom — and the states falling behind

Everything may be bigger in Texas — including the state’s growing economic influence, according to new federal migration data.(Jakub Porzycki/Anadolu/Getty Images)

North Carolina, South Carolina, Tennessee and Arizona also ranked among the top destinations for interstate movers, underscoring the broader population boom across the South and Sun Belt.

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Adjusted for population size, South Carolina posted the nation’s largest gain from domestic migration at 1.12%, fueled by more than 29,000 incoming households carrying roughly $4.1 billion in taxable income.

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Meanwhile, California recorded the nation’s largest outbound losses, with more than 100,000 income tax filers and nearly $12 billion in taxable income leaving the state between 2022 and 2023.

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New Yorkfollowed, losing roughly 72,000 households and nearly $10 billion in taxable income, while Illinois and New Jersey shed about $6 billion and $2.6 billion, respectively.

AMERICANS KEEP MOVING TO TEXAS AND FLORIDA — BUT ONE OTHER RED STATE IS GROWING EVEN FASTER

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Experts say the migration boom reflects broader affordability pressures pushing households toward lower-cost, lower-tax states across the South.

“While tax friendliness is not the sole determinant of where one chooses to live or start a business, states experiencing net in-migration tend to have more competitivetax structuresand lower overall costs of living,�

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PODS moving truck and employee outside residential home, Queens, New York.(Lindsey Nicholson/UCG/Universal Images Group via Getty Images)

The migration trends are also reshaping state economies, labor markets and housing demand as fast-growing Sun Belt states absorb new residents, businesses and taxable income, while states with sustained outbound migration face shrinking tax bases and slower population growth.