Florida Attracted More New Residents than Texas Last Year, What’s Next

Florida Attracted More New Residents than Texas Last Year, What’s Next?

In 2019, states such as Florida, Texas, and Arizona saw a record number of new residents move from places such as California, New York, and New Jersey. Although the Lone Star State was a popular destination for out-of-state moves, Florida saw a higher number of new residents relocate inside its borders. With all of these new citizens calling the Sunshine State home, it raises the question: What’s next for Florida?

Changes to Florida Highways                                     

In 2019, the Florida legislature passed laws that approved the addition of three new highways in the state. The new statutes reportedly represented the most significant road expansion in Florida since the 1950s. Recently, task force meetings began to discuss the exact location of the routes these new roads will cover. It’s anticipated that the new highways, the Suncoast Connector, Northern Turnpike Connector, and Southwest-Central Florida Connector, will run mainly through rural areas. Highway advocates say the roads will revitalize rural communities. However, opponents claim that the new thoroughfares will destroy natural landscapes and wildlife habitats. State Senate President Bill Galvano advocated in favor of the legislation. Senator Galvano has argued that Florida is seeing 900 new residents a day, and the highways are necessary to prepare for and manage the state’s growth. Construction is expected to begin on the new motorways in 2022.

Salt Tax Migration 2020

According to a recent article, Florida and Texas ranked first and second in the U-Haul migration index for 2019. The index reflects the number and destination of one-way U-Haul trips taken in a given year. This data is consistent with others reflecting moves into Florida after the federal tax code changes were implemented last year.  After the passage of the Tax Cut and Jobs Act of 2017, which limited the deduction for state and local taxes (SALT) to $10,000 per household, many citizens in high tax states like California, New York, New Jersey, and Connecticut relocated in record numbers to Florida. Some predict that the SALT tax migration into Florida will continue as long as the new tax law is in effect. According to one article, it’s estimated the state’s population will grow by 324,025 people between 2020 and 2021, and that it will grow by 314,977 the following year.

The State of the State Address

Governor DeSantis recently gave a State of the State address during which he remarked that “low taxes and a healthy business climate are important in attracting investment in Florida, but so too is our ability to produce top-flight talent – through our colleges and universities, through workforce education opportunities and through strong K-12 schools.” The governor also announced a nearly $1 billion proposal to increase salaries for teachers. As the legislative session gets underway, it remains to be seen how this and other initiatives will impact the state’s growing population in 2020.

At Rabideau Klein, we have extensive experience handling real estate matters in the Town of Palm Beach. Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys with the experience you need to evaluate your Palm Beach County real estate matter.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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