California now has massive departures as hundreds of thousands of residents leave according to new data from the U.S. Census Bureau.
The report shows that 343,000 people left California and moved to another state in 2022, the highest number of any state in the country.
Of those leaving California, 102,000 moved to Texas, 74,000 to Arizona, 50,000 to Florida, and 48,000 to Nevada.
Experts have weighed in stating that Californians are moving out of the state primarily due to the increasingly high costs of living.
“We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower.
There are good jobs in California, but housing is incredibly expensive. It hurts young families, and it hurts immigrant families.” Manuel Pastor, a professor of sociology and American Studies & Ethnicity at the University of Southern California.
“A recent poll showed four in ten Californians are considering moving out of state, with the majority saying it’s too expensive to live there”, reports Ash Jurberg.
“The state’s culture and diversity have proved to be a very powerful magnet to keep a lot of people here, even despite the affordability challenges.
But as the cost of living continues to be a greater challenge, it’s logical to assume that the allure of moving to a more affordable location is going to continue to grow”, says Dan Schnur, a communications professor at the University of Southern California and the University of California, Berkeley
And according to a 2022 report conducted by the Hoover Institution, approximately 352 businesses also left the state of California between 2018 and 2022.
California also continues to be the #1 state with the highest layoffs rate this year.
Other Economy News Today
A popular beer brand has now filed for an unexpected bankruptcy in efforts to reorganize the business and stay afloat, the company said.
Metropolitan Brewing, one of Chicago’s oldest craft breweries has filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders,” reports TheStreet.
“Yeah, it’s true. Earlier this week, we filed for Chapter 11 bankruptcy protection.
This is the ‘reorganization’ type of bankruptcy, meant to help us right our ship.
The details are super boring. Importantly…
We are still open, and we have no current plans to change that status,” the company’s owners shared.
The company’s Chapter 11 filing blames its struggles on its rent.
The brewer moved to a new, more expensive, location in 2017 and is now unable to fulfill its obligations.
“The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking,” the Chicago Tribune reported the company shared in its filing.
“We still have plenty of fight in us. And we still believe in the beer we brew. We’ll get through this. It will just be easier — and way more fun — if you join us,” the company shared in a post reminding customers that it’s open year-round.
However, industry leaders say breweries in general are facing challenges nationwide.
“Honestly, it’s not just Portland, brewery sales are down nationwide,” said Larry Clouser who has owned multiple breweries in Oregon in an interview with KGW8.
“Within the last month, seven breweries and taprooms in Portland have closed or announced their upcoming closure.
Rising costs of operation, changes in consumer drinking habits, and the lingering effects of the pandemic have all affected the market,” reported an Oregon Public Radio.
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