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58 sats \ 4 replies \ @Undisciplined 5 Jun \ on: The Real GDP Growth of U.S. Regions in 2023 econ
The exodus from California is causing quite a boom in the Southwest.
I've looked at the report and most of the growth in this area comes from mining, quarrying, and oil and gas extraction (1.73) and real estate and rental and leasing (0.72)
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Sure, but the people who do those jobs and buy that real estate have to come from somewhere. In the case of the Southwest, they're largely coming from CA.
A better way to say it, is that the change from normal migration patterns is the influx of Californians. Until fairly recently, people tended to move to California, rather than away from it.
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Is the exodus so great as to cause this growth at Southwest? Do you have any data to back this up?
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The migration data I use professionally isn't updated to the current year, so I'm largely going off of a combination of articles I've read in passing and anecdotal evidence from house hunting in that region.
The state reports at Cato's Freedom in the 50 States have their recent migration trends. CA lost 2.2% of it's population to migration from 2020-2022, while AZ gained 2.5% and TX gained 1.6%.
The Sunbelt, which includes the Southwest, has basically been the recipient of high migration since air-conditioning was invented, so this is building on a long-term trend.
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