Florida Is Top U-Haul Destination in Sign of Surging Migration

(Bloomberg) -- Florida topped the nation in net arrivals of U-Haul trucks in 2019, providing more evidence of the rapid migration that’s fueling economic gains there.

The Sunshine State, previously No. 2 in the ranking, overtook Texas, the leader from 2016 through 2018, according to the Phoenix-based moving-equipment company. Florida’s arrivals rose 1% from a year earlier, while departures fell 1%.

For a story on migration of income to Florida, click here.

U-Haul said its data -- compiled from more than 2 million truck transactions -- gauges a region’s ability to lure residents, but isn’t directly correlated with population or economic growth.

Florida, like Texas, has been booming thanks to its combination of warm weather, developing cities and lack of state income tax.

The state netted $16 billion in adjusted gross income from movers in 2018, according to Internal Revenue Service figures released last week. That also led the nation, but was short of the $17.2 billion record in 2016.

©2020 Bloomberg L.P.