More Americans are moving to Texas

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, January 5th.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Stocks were in the green to close out today's session. The Dow closed up 25 points, the Nasdaq closed up fractionally, and the S&P also closed fractionally higher. 

This comes as investors continue to react to the December jobs report, which showed stronger than expected growth. The U.S. economy added 216,000 jobs last month, and the unemployment rate held steady at 3.7 percent, capping off a year of solid job gains. Throughout 2023, the U.S. economy recorded a net gain of 2.7 million jobs.

In other news, as the saying goes, everything is bigger in Texas, and that includes its population growth. According to U-Haul’s 2023 Growth Index Report, more Americans are moving to Texas than any other state. Texas has taken the top spot six times since 2016. In 2023, more than half of all one-way U-Haul rentals were slated for the Lone Star State.

There are several reasons why Texas has become such a hot landing spot for Americans. First off, there are no income taxes collected on both the state and local levels. And it has become popular for work, with 53 Fortune 500 companies having their corporate headquarters in the state.

Rounding out the top five most-moved-to states in 2023 are Florida, North Carolina, South Carolina, and Tennessee.

On the other end of the spectrum is California, which for the fourth straight year saw the most people moving out of the state. According to the Los Angeles Times, more than 700,000 people moved out of California between April 2020 and July 2022.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.