Guess which state is number one for jobs? No, it’s not New York! It’s Florida.
According to the Bureau of Labor Statistics, Florida closed out 2022 with 9,578,500 non-farming jobs, beating out New York State, which had just 9,576,100 jobs. This is the very first time Florida has squeaked-by New York in this category. In Miami alone, the influx has been worth about $2 trillion in assets, according to Mayor Francis X. Suarez.
It appears that it’s not just the warm weather but actually Florida’s low tax structure that is drawing more and more businesses to the Sunshine State.
Back in the pre-COVID economy, Florida had approximately 9 million jobs, which was 900,000 jobs fewer than New York State. But with the pandemic impacting the way people did business, many companies began to allow employees to work virtually. In addition to that, issues such as inflation and crime drove people from the Empire State by the hundreds of thousands.
The number of people leaving New York State, according to some figures, hit 180,000 residents in 2022, falling to 19.6 million in population.
One of the shifts in terms of demographics and economic calibrations is the fact that New York City is no longer the world capital of finance. Once the New York Stock Exchange began to become a digital platform, many investment banking firms and brokerage companies found it less expensive to move their headquarters to low tax environments such as Florida and Texas. JP Morgan relocated many of its operations to Texas.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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