Marketplace All-in-One No longer a nation of movers
Mar 30, 2026
William Fry, a Brookings demographer who studies migration and labor, and Julia Coronado, a macroeconomist and policy analyst, discuss why U.S. internal migration has plunged and who still relocates. They explore how jobs, family and housing shape moves. They also analyze whether high taxes push wealthy residents to leave and how global supply risks could affect inflation and policy.
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Red Sea Conflict Threatens Broader Supply Chains
- Escalation of the Iran war and Houthi attacks raise risk of broader supply-chain disruptions beyond oil, including aluminum, helium, and consumer goods via the Red Sea.
- Julia Coronado warns these disruptions are both inflationary and demand-destroying, posing recession risks for many countries.
High Taxes Prompt Some Rich People To Relocate
- Wealthy individuals can and do relocate in response to high taxes, but they are a small slice of overall population flows.
- Fry cautions policymakers not to overestimate the fiscal impact because very rich movers don't meaningfully change total population counts.
Jobs Still Drive Where People Move
- Job opportunities remain the primary driver when people move across metro areas or state lines, outweighing taxes for most movers.
- Fry notes movers are often young adults seeking employment, transfers, or better prospects rather than focusing on income tax rates.