New York named worst state in terms of economic outlook

New York has been named the worst US state for its economic prospects. It received this status due to the fact that residents of America's largest metropolis are massively moving to the suburbs and other cities. This is reported on the website syracuse.com.

American Legislative Exchange Council August 12 опубликовал its annual Wealthy States Poor States ranking. It ranks states based on competitiveness and economic prospects.

The conservative non-profit organization ranked New York State 50th in the ranking for seven consecutive years. She ranked low on corporate and personal income tax rates, property tax burdens, property / inheritance taxes, average employee compensation costs, and "recent tax changes."

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“The data in the 13th edition of Rich States Poor States shows how economically competitive states thrive and those that do not implement aggressive growth reforms. These include Connecticut and Illinois, which remain in the shadows, ”said economist and study author Dr. Arthur B. Laffer. A rational tax policy and the elimination of excessive government regulation help improve competitiveness, he said. “We hope that the stories of these states will serve as a guide for us in the process of economic recovery after the pandemic,” he added.

The list of "worst" also includes Vermont, New Jersey, Illinois and California.

While the top 5 "best" states in terms of economic prospects ranked Utah, Wyoming, Idaho, Indiana and North Caroliwa.

In addition, ALEC, an organization of conservative state legislators with private sector advisers, ranked the Empire State last in absolute internal migration. Nearly 200 people have left the state in the past three years, and this year could be even worse, according to a new report from the New York Post.

Trucking companies said 90% of their customers left New York City for the suburbs, New York State or other states due to the pandemic. With the outbreak of coronavirus infection, many New Yorkers have moved to their country homes. The flow of people leaving the city does not stop today. “People are fleeing the city in droves,” says Moon Salahie, owner of Elite Moving & Storing. These are mainly families with children, but there are also those who move because of the inability to live their usual life - to visit parks, entertainment events and more.

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From March to June, more than 16 thousand New Yorkers moved to Connecticut permanently, writes the Hartford Courant.

Overall, the population of New York has declined over the past decade. Since 2010, the state has lost 1,4 million residents compared to other states (according to the US Census and migration data recorded in the IRS records).

You can read about why New York is now the worst place to do business in the United States at this publication.