It seems the exodus will not slow down any time soon.
According to a survey by Fairleigh Dickinson University and the Garden State Initiative, 44% of New Jersey residents are planning to leave the state in the not so distant future with more than 1 in 4 (28%) planning to depart the Garden State within five years.
Unsurprisingly, property taxes and the overall cost of living were cited as the main reasons.
“These results should alarm every elected official and policymaker in New Jersey,” said Regina Egea, president of the Garden State Initiative (GSI).
NJBIA is concerned about outmigration because when people leave the state, they often take their wealth with them. NJBIA sounded the alarm over outmigration of wealth several years ago. Using the latest available data on federal tax returns, NJBIA has calculated that nearly $25 billion in wealth has left New Jersey along with the individuals and businesses that have relocated between 2004 and 2016.
According to the FDU-GSI survey, young adults expressed the strongest desire to leave. Nearly 40% of 18 to 29 year olds plan to leave the state within the next five years, with 13% planning to leave within the next 12 months.
NJBIA is particularly concerned about this demographic because it represents the future workers that businesses will need to replace their aging employees.
The second group most likely to want to move are those ages 50-64, with one-third saying they plan to leave within five years. They were followed by ages 30-49 and then by those 65 and older.
The survey was conducted by phone Sept. 26 through Oct. 2 with a scientifically selected random sample of 801 New Jersey adults 18 or older.