Florida is experiencing a historic economic migration as wealth flows into the state at more than $4 million per hour, a trend Florida Chamber of Commerce CEO Mark Wilson says underscores a stark contrast with high-tax states losing income and residents. Wilson says the surge highlights Florida’s low-tax, business-friendly climate and positions the Sunshine State for continued growth.
Florida has long promoted its lack of a state income tax and competitive regulatory environment as key attractions for businesses and individuals. According to Wilson, this fiscal approach is driving substantial income and population migration from states like California, New York, and Illinois, which he says are caught in a “death spiral” of rising taxes and declining prospects.
The Chamber leader highlighted that while population growth has moderated from peak pandemic levels, the income migration figure—just over $4 million per hour—has remained remarkably steady. These flows of wealth reflect individuals moving their financial and professional lives to Florida, attracted by economic opportunity and a more favorable tax environment.
Wilson noted Florida’s tax revenue continues to grow even as tax rates decline, attributing this to the influx of businesses and high-earning residents. This dynamic has helped Florida leap ahead in national economic rankings; the state recently surpassed Spain to rank as the 15th-largest economy in the world, and officials aim to reach a top-10 global economy by 2030.
Wilson said the state’s strategy centers on private-sector growth and limited government expansion, a philosophy he argues fosters sustainable job creation. He emphasized cooperation between the business community and state leadership in attracting new ventures and creating jobs across sectors.
Critics of high-tax states point to fiscal pressures such as proposals to raise income and property taxes as factors accelerating outbound migration. Wilson specifically referenced measures under consideration in New York and elsewhere as contributing to Americans relocating to Florida for financial freedom.
Wilson also highlighted recent reports of notable business leaders and billionaires relocating to Florida amid tax concerns, underscoring the broader trend of wealth mobility toward low-tax states. He described Florida as a “land of opportunity” where families and companies seeking to grow are choosing to locate.
The Chamber’s blueprint for future growth focuses on maintaining the state’s competitive edge, improving education, and sustaining infrastructure to support continued migration and economic expansion. With daily migration figures still robust, Florida’s economic trajectory stands in sharp contrast to states struggling with fiscal challenges.
