Net Migration Trends
March 21, 2022
Each month LinkedIn releases a Workforce Report that highlights inward and outward migration trends from 20 of the largest metro areas in the United States.
Here are some key conclusions on what the recent report says about strong demand for the Miami-Fort Lauderdale region as a destination of choice.
Strong Migration from NYC
New York City is the leading point of origin for new residents to South Florida at a rate 7 to 8 times higher than from the next ranked regions: Boston, San Francisco, and Washington D.C.
Of all the residents leaving New York City to other regions, South Florida is the top destination of choice. Residents relocating from New York City are choosing South Florida at a rate nearly double that of Los Angeles and triple that of Austin and Charlotte.
Within Florida, 3 times as many relocating New York City residents are choosing South Florida compared to the Tampa Bay and Orlando regions.
South Florida Is A Top 3 Market For Residents Leaving Washington D.C.
The Miami-Fort Lauderdale region is towards the top of the pack of destinations for residents leaving Washington D.C., just behind Denver and Austin.
More relocating residents from the nation's capital are choosing South Florida than Charlotte, Dallas, Raleigh, and Seattle.
What Could This Mean For The Region?
Residents seeking to move away from New York City and Washington D.C. have South Florida top of mind as a place to live, work, play, and invest. With respect to NYC, this will continue to strengthen the pipeline of financial services companies to South Florida.
With respect to Washington D.C., this trend may speak to large consulting firms and federal contractors moving towards a remote first work environment. A continuation of this trend could further increase professional services employment. Over the long haul this could potentially lead to an increase in South Florida based policy think tanks and public sector oriented start-ups.