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Contrary to common assumptions, outmigration from Massachusetts has been mostly concentrated among those in higher income brackets. To learn more, read Boston University’s new report. #Outmigration #Massachusetts #BostonUniversity
1:40 PM · Apr 24, 2024
Annual Massachusetts Outmigration Hits 39,000, Up 1,100% Over The Last Decade: BU Study
Could rise to 96,000 per year by 2030, costing Massachusetts $19.2 billion in adjusted gross income & $961 million in income tax revenue
April 24, 2024
by Editorial Staff
BOSTON (April 24, 2024) – Annual net outmigration from Massachusetts has soared by a stunning 1,100 percent to 39,000 people since 2013, according to a new Boston University Questrom School of Business study. If the trend continues, the researchers found, the state’s net outmigration could reach 96,000 by 2030.
Outmigration cost Massachusetts $4.3 billion in adjusted gross income (AGI) and $213.7 million in tax revenue during the 2020-21 tax year. The majority of that money went to Florida ($1.77 billion), New Hampshire ($1.1 billion), and Maine ($393 million.) Those numbers could rise to $19.2 billion in AGI and $961 million in lost tax revenue by 2030.
“To make matters worse, those who are leaving tend to be younger and earn more than state averages,” said Boston University Questrom School of Business primary researcher and lecturer Mark Williams. “These are the people the Commonwealth needs to bolster its future workforce.”
The age group leaving in the largest numbers is 26-34, although most of the lost AGI comes from the departures of those aged 55-64. More than half of people who exited Massachusetts earn well over the state average.
Income tax, housing costs, and costs of health care are the largest drivers of outmigration, according to the study. ...
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