NYC Taxpayer Migration to Capital Region Remains above Pre-Pandemic Levels
The wave of taxpayers moving from New York City’s three largest boroughs to the Capital Region subsided in 2022 but remained above pre-pandemic levels, according to a Center for Economic Growth (CEG) analysis of new IRS tax migration data.
Regional Inflow Migration
During the 2021-2022 tax year, 3,522 individuals covered under tax returns moved from New York City’s three largest boroughs (Kings, Queens, New York) to the Capital Region’s six lower counties (Albany, Columbia, Greene, Rensselaer, Saratoga, Schenectady). Complete tax migration data from those three New York City boroughs to the Capital Region’s two northernmost counties (Warren and Washington) is not available.
The number of individuals covered under tax returns moving from the three New York City boroughs to the six-county Capital Region was down -1,348 (-27.7 percent) from the 2020-2021 tax year’s peak inflow migration. However, inflow migration remained 968 (37.9 percent) above the pre-pandemic level in the 2018-2019 tax year.
County Inflow Migration
The top Capital Region destinations for these New York City movers were Albany (1,178), Schenectady (742) and Columbia (629) counties. Compared to before the pandemic, inflow migration from the three New York City boroughs was up 74.2 percent in Columbia County, 43.5 percent in Albany County and 39.7 percent in Greene County.
Net Migration
Outflow migration from the six Capital Region counties to the three New York City boroughs also picked up in the 2021-2022 tax year, totaling 1,813. That was 383 (26.8 percent) more than the previous tax year. In the 2021-2022, the six-county Capital Region still had a net migration from the three boroughs of 1,709, compared to 1,228 in the 2018-2019 tax year.
Adjusted Gross Income
The adjusted gross income (AGI) of the individuals who moved from the three boroughs to the six Capital Region counties was $273.5 million in the 2021-2022 tax year. That was down $197 million (-41.9 percent) from the previous year’s peak inflow AGI. At $95.7 million, Columbia County had the highest inflow AGI in the 2021-2022 tax year, followed by Albany ($67.8 million) and Greene ($43.1 million) counties.
Outside NYS Migration
In the 2021-2022 tax year, 13,448 taxpayers moved from other states into the eight-county Capital Region. But 19,322 Capital Region resident taxpayers moved to other states, resulting in a different state net migration loss of -5,874. Partly due to inflation, the region’s different-state inflow AGI surpassed the billion-dollar mark, totaling $1.02 billion in the 2021-2022 tax year. But the different-state outflow AGI was $1.32 billion, resulting in a different-state AGI net loss of -$291.8 million.
CEG INITIATIVES
In April 2021, CEG launched a talent attraction campaign using the CapNY brand, along with a website – GoCapNY.com – and its associated social media channels. To help attract even more young professionals to the Capital Region, CEG launched a CapNY Connectors initiative. The Connectors are local residents who love living in the Capital Region and who have volunteered to share that love to help connect prospective new residents to our community. They work in diverse industries, pursue unique interests, and come from all walks of life. The CapNY Connectors are available to answer questions and discuss first-hand experience of what it’s like to work and live in CapNY.
Young professionals can find a connector who shares their interests and ambitions by checking out the profiles on the GoCapNY website. Website visitors who are unsure of whom they should connect with, can fill out the form to provide some additional details, and the CapNY networking team will make a connection for them.
Visit CapNY Connectors at https://gocapny.com/capny-connectors.
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