People moving out of New Jersey are having a significant economic impact, according to a report released by NJBIA. Outmigration by the Numbers: How Do We Stop the Exodus? concludes that New Jersey lost $18 billion in net income over nine years thanks to a net outmigration of 2 million residents.
The exodus leads to $8.4 billion in lost household spending; $11.4 billion in lost economic output; 75,000 lost jobs and $4 billion in total lost labor income
“The $18 billion we lost during the years we studied had a significant economic impact on the state. During that period we lost $8.4 billion in household spending; $11.4 billion in economic output, 75,000 jobs and $4 billion in total lost labor income,” said NJBIA President and CEO Michele Siekerka.
To stop the exodus, the report recommends reforming the state’s tax structure in general, with changes to the estate and inheritance taxes and the tax on pension income in particular.
Read the full report