While jobs are everything to an economy, changes in population can and do have an impact. Just because the population grows, however, does not necessarily equate to an increased demand for housing or commercial real estate as people must also have the cash to pay rent, a mortgage or purchase a home. That is known as effective purchasing power, which essentially says no matter how much an item or service is desired, no transaction takes place without the ability to buy.
Once a year, the U.S. Census Bureau completes an update of the U.S. and individual states populations as of July 1. The following table shows the top-10 states with the greatest percentage increase from July 1, 2016 to July 1, 2017. Eight of the top-10 percentage growth states are West of Mississippi, with Florida and the District of Columbia being the exceptions. Idaho, with the top 12-month growth rate of 2.20 percent, essentially grew at double the 1.11 percent rate of the U.S. Seven of the top-10 population growth states were also in the top-10 job growth states for the 12-months ending October 2017. The exceptions were the District of Columbia, Arizona and Colorado. See the Jones on Real Estate Blog on State Job Growth at http://blog.stewart.com/stewart/2017/11/22/state-employment-changes-october-2017/
The next table shows the most populous states in 2017. More than one-half (54.2 percent) of all Americans reside in the 10 most populous states.
The last table details the net population gain from 2016 to 2017. The 10 states increasing most in net population accounted for almost one-half of the total population gain (45.7 percent). Texas topped the list of the largest population increase, adding just at 400,000 people and accounted for 11.1 percent of the U.S. population gain but had just 8.7 percent of the total U.S. population. Florida came in second and California third.
To see these data for each state click here.
To read the release from the U.S. Census Bureau click https://www.census.gov/newsroom/press-releases/2017/estimates-idaho.html?intcmp=s1-popest-state
As always, if you have any questions, email back.