Six states in the south are seeing rapid growth in the share of national gross domestic product (GDP) as people flock to the region, while states in the northeast are faltering, Bloomberg reported.
Florida, North Carolina, South Carolina, Texas, Georgia and Tennessee are in the middle of a $100 billion wealth migration that started during the COVID-19 pandemic as businesses and people moved south, according to Bloomberg. States in the northeast lost approximately $60 billion in 2020 and 2021, falling behind the six southern states in collective GDP for the first time. (RELATED: Expecting a Package? One Of America’s Shipping Giants Could Grind To A Halt In Just Days)
Southeastern states were responsible for more than two-thirds of all job growth across the U.S. since early 2020 and are home to 10 of the 15 fastest-growing American large cities, according to Bloomberg. Around 2.2 million people have moved to the region in over two years.
Bidenomics means working Americans pay more for the necessities of life while people in and around Washington, DC live high on the hog. Biden’s insistence on kneecapping domestic energy production will increasingly pinch individuals and families while making America more… pic.twitter.com/KILFz4ucoO
— Ron DeSantis (@RonDeSantis) June 28, 2023
Previous job data has shown a greater post-pandemic recovery for red states compared to blue states after the economy was stunted due to pandemic-related closures.
Red states have seen these gains despite the overall uncertain health of the U.S. economy, with several indicators showing negative signs. Employees are working fewer hours, and other indicators, like gross domestic income, gross domestic product and unemployment, also show that the economy is slowing down.
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