(NEW YORK POST) – Tens of thousands of professionals left California last year while fewer moved in to the state as the exorbitant cost of living as well as high taxes make it harder to retain talent.
California lost nearly 87,000 professionals last year while just 69,000 relocated to the state, according to a report published by the National Association of Realtors.
The data comes on the heels of a fresh Bureau of Labor Statistics report which found that California’s unemployment rate ticked up to 5.4% last month, the second highest in the nation.
Unemployment in California stood at 5.3% in September and 5.1% in October of last year. Nevada was the only state that had a higher unemployment rate — 5.7%.
The NAR report, which relied on data from the US Census Bureau, found that workers once based in California opted to move to more affordable locales including Texas and Arizona.
Texas was the biggest beneficiary of the California exodus. According to the report, 14% of professionals who left California in 2023 took up residence in the Lone Star State.
Texas also took in a total of 7,036 professionals. Of those, 12% came from California.
