With California Gov. Gavin Newsom having run ads urging Floridians to move to California, state CFO Jimmy Patronis pushed back this week.
Patronis showcased a report from the Department of Financial Services (DFS) that shows “how Florida’s Gross Domestic Product (GDP) outpaced the nation and that total inflows to the Sunshine State contributed more than $23 billion in Adjusted Gross Income to Florida’s economy.”
The CFO also contrasted Florida with California.
“In looking at the numbers, it’s clear why poorly managed states like California are having to resort to marketing gimmicks in an attempt to rein in Florida’s growth. It won’t work. Florida’s GDP outpaced the nation by nearly a full percentage point, and much of Florida’s wage growth is being driven by people leaving their home states to move to Florida. In a single year, inflows to Florida added $23 billion in wage income to the Sunshine State’s economy. In contrast, California lost nearly $18 billion during the same period. That’s over a $41 billion difference. That’s a staggering figure that demonstrates Florida’s economic strength. Florida has zero income tax, supports the police, doesn’t like lockdowns, and has Governor Ron DeSantis at the helm. So, Gavin Newsom can run all the commercials he wants to, but none of it will change the math. People are moving to the Sunshine State in droves and they’re bringing a lot of money with them,” Patronis said.
Patronis pointed to the following findings in the report.
• Florida outpaced the nation in economic growth. In the second quarter of 2020, the United States experienced 5.4 percent in GDP growth as compared to Florida’s rate of 6.3 percent.
• Migration to Florida is contributing tens of billions of dollars to Florida’s economy. Net migration to Florida added $23.7 billion to Florida’s Adjusted Gross Income during 2019 to 2020.
• California lost nearly $18 billion worth of income from people leaving the state. Over the 2019-2020 period, net outflows from California cost the Golden State $17.8 billion in Adjusted Gross Income, while Florida gained $23.7 billion from net inflows, resulting in a $41.5 billion difference between the two states.
• Families moving to Florida are high-wage earners. The total family income of families moving to Florida, is $120,832 on average. The total family income of families leaving California for Florida bring with them an average household income of $159,924.
Newsom ran an ad over the Independence Day weekend taking aim at the policies of former President Donald Trump and Gov. Ron DeSantis.
“Freedom, it’s under attack in your state. Republican leaders, they’re banning books, making it harder to vote, restricting speech in classrooms, even criminalizing women and doctors,” Newsom said in the ad.
“I urge all of you living in Florida to join the fight or join us in California, where we still believe in freedom — freedom of speech, freedom to choose, freedom from hate and the freedom to love,” he added.
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