Whalen Realty Capital

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For purposes of estimating the number recent migrants to Florida’s sunny shores, a useful proxy measure is the number of driver’s licenses from out of state that were changed to Florida licenses. The numbers are below and very impressive.

1. New York- 61,728 license swaps (up 12% over 2021 and 55% over 2019)
2. New Jersey- 10,580 license swaps (up 9% over2021)
3. Connecticut- 4,119 license swaps (up4% over 2021)
4. California- 9,645 license swaps (up over 18% over2021)
5. Pennsylvania – 8,412 license swaps
6. Illinois- 8,149 license swaps

Besides a state income tax, these states share another dubious distinction- massive unfunded liabilities in their State Employee Pension Funds. This will mean further tax increases/decline in infrastructure and social services, prompting further migration. The Florida Board of Administration enjoys a Moody’s AAA rating, the highest grade. Illinois and New Jersey are below investment grade.