New York now has massive departures as residents leave the state according to the latest data from the U.S. Census Bureau.
A whopping 545,498 New Yorkers left for other states, including Florida and New Jersey in 2022, according to US Census data.
More New Yorkers moved to Florida in 2022 than any other state, with 91,000 people making the swap.
75,000 moved to New Jersey, 50,670 to Connecticut, and 44,000 to Pennsylvania.
California attracted 31,000 New Yorkers last year.
The least popular choices were Wyoming, Montana, Iowa, Mississippi and South Dakota which all saw less than 500 people move from New York in 2022.
“The exodus was partly offset by more people moving to the Empire State in 2022 than any year over the last decade, with 301,000 new residents making the transition,” reports NYP.
“Despite that uptick, New York still suffered a net population loss of 244,000.”
The primary reason why New Yorkers are departing the state?
High taxes and high costs of living.
Unfortunately, the departures have yet to impact New York City housing costs, with median rents still hovering near all-time post COVID-19 highs.
According to a recent report from real estate company Elliman, Manhattan median rents stood at $4,350 in September — up from $4,022 during the same period last year.
Median rents in Brooklyn and Queens — $3,700 and $3,528 respectively — are also near record highs.
“Compared to 2012, the number of exits in 2022 was up a startling 34%.
That year, 405,00 people left the state, while 270,000 moved in — a less marked loss of 135,000 residents,” reports NYP.
Other Economy News Today
According to the OCC’s current weekly bulletin listing, the following Texas bank branches are permanently closing in 2024:
Wells Fargo 11152 S. Gessner Drive, Houston.
Bank of America 2601 Preston Road, Frisco; 13350 Dallas Pkwy, Dallas.
Capital One 2301 E. Riverside Drive, Austin; 2910 S. Lakeline Blvd., Cedar Park.
“No specific dates of closure have yet been listed, and it should be noted more Texas branch closures are expected to be announced in upcoming OCC bulletins,” reports Joel Eisenberg.
“The popularity of digital banking, inclusive of electronic payments and direct deposits, continues to be widely acknowledged by industry analysts as the primary factor in this regard.”
Wells Fargo CEO Charlie Scharf recently rose attention during the company’s earnings call stating: “This company is not efficient – like, period. End of story.
Even with all of the reductions that we’ve made, it’s not surprising because as you peel the onion back, other things present themselves.”
Banks have stated that job cuts have also played an important role to weather strong recession conditions in 2024.
But Texas is not the only state facing mass bank closures.
Wells Fargo revealed last Friday that several branches would be closing in Arizona, Georgia, Iowa, Florida, Texas, and Alabama.
California also continues to be heavily affected, with both large and regional bank branches permanently shuttering this year.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
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