Due to high taxes, burdensome regulations, lack of public sector reforms, and a lackluster job climate, more people have left California than come to the state since 2005, according to a comprehensive study by the Manhattan Institute released on Tuesday, suggesting California is no longer “perceived by most Americans as the land where dreams come true.”

In the report, titled “The Great California Exodus: A Closer Look,” Tom Gray and Robert Scardamalia found Californians have fled to states like Texas, Arizona, Nevada, Colorado, Idaho, South Carolina, and Georgia because those states have a better economic climate with less taxes and regulation.

The report found that between 1960 and 1990, 4.2 million Americans moved to California and helped accelerate California’s booming economy. Since 1990, though, California has lost nearly all of that gain, with net domestic out-migration averaging 225,00 residents a year. Between 2000 and 2010, out-migration has resulted in lost income of 5.67 billion to Nevada, $4.96 billion to Arizona, $4.07 to Texas, and $3.85 billion to Oregon.

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