Massachusetts and Rhode Island are among the top 15 states for outmigration. That means folks are heading for the exits, and in most cases, taking their money with them.

According to Yahoo Finance, the population of Massachusetts declined by 0.1 percent between 2021 and 2022, ranking the state at 13th in the top 15 "fastest declining" states in the U.S. Rhode Island ranked ninth as the Ocean State's population dropped from 1,096,958 in 2021 to 1,093,734 in 2022, a 0.3 percent decline.

Fox Business says, "Massachusetts is in danger of losing nearly $1 billion in annual revenue over the coming years as high state taxes trigger an exodus of wealthy residents."

The network reports, "Since 2013, migration out of Massachusetts has seen an 'alarming' 1,100% increase to more than 39,000 people, according to new findings published by Boston University's Questrom School of Business."

Massachusetts Outmigration Up By 1,100 Percent Since 2013
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BU's study summarizes that "Massachusetts' competitive advantage to attract, retain, and grow its population and workforce is slipping." The report says, "Outmigration from the Commonwealth is accelerating at an alarming rate" and that "the decision by individuals and families to move from one state to another is multifactional."

The university's study attributes the sharp increase in outmigration to such factors as "level of income tax, housing and healthcare cost." It says, "Increased mobility, choice, and remote work are adding to outbound migration."

"The financial impact in lost adjusted gross income and income tax revenue is in the billions of dollars," according to the report.

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Fox Business says, "The Bay State has already lost $821 million in income tax revenue since 2011."

Florida and New Hampshire are the top destinations for people fleeing Massachusetts. Other popular destinations include Maine, North Carolina, and Texas. Fox says, "About half of the residents who left Massachusetts remained in New England."

Read the Boston University's Questrom School of Business report on the impacts of outmigration on the Commonwealth here.

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