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GROUP’S REPORT WARNS THAT NEW JERSEY IS IN MIDST OF MILLENNIAL OUTMIGRATION

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JOHN REITMEYER | FEBRUARY 16, 2016

Business-lobbying organization says brain drain makes it hard for state to attract cutting-edge companies that need younger, skilled employees

New Jersey loses a portion of its senior population every year to less-expensive — and less snowy — states like Florida and North Carolina. But a new study of outmigration trends issued by the New Jersey Business & Industry Association raises new alarms about the number of so-called millennials who have also been leaving the state.

Of all the age groups in New Jersey that experienced a net loss in population from 2007 to 2014, the highest rate was among people between the ages of 18 and 34, according to the business-lobbying organization.

That brain drain hurts the overall New Jersey economy and makes it harder for the state to attract the type of companies that rely on young, skilled workers, the association said.

The new data on millennials leaving New Jersey was included in NJBIA’s broader outmigration study, which concluded that the state had a net loss of 682,062 residents between 2005 and 2014. And from 2004 to 2013, New Jersey lost $18 billion in net adjusted gross income, the NJBIA said.

The organization blamed New Jersey’s high taxes and overregulation for that loss of wealth and residents, and it offered a list of recommendations that ranged from tax reform to better workforce development and making higher education more affordable as remedies.

https://www.njspotlight.com/stories/16/02/15/new-report-warns-that-new-jersey-is-in-midst-of-millennial-outmigration/#