Getting a bigger piece of pie is always easier when the next pie is even larger than the prior. The same is true when it comes to growing demand for goods, services and real estate. More jobs and, to some extent also population (but not as important as jobs) are key metrics for economic growth. Most important are jobs since they supply the income for the effective purchasing power necessary to realize real estate transactions. To some extent population changes also indicate where growth is taking place and where sustained economic activity is more likely. Population change is a function of natural births and deaths, and also net migration.
To identify the top population growth markets across the U.S., 24/7 Wall Street included the following metrics among the 382 U.S. Metropolitan Statistical Areas (MSAs) across the U.S., ultimately ranking on the percentage change in population:
- Population changes July 201 July 2017
- Median Household income 2017
- Unemployment rate seasonally adjusted December 2018
The following MSAs were top 10 growing MSAs in the country from July 2010 to July 2017.
To give an idea how massive these growth rates are, the U.S. total population increased by 5.3 percent from 2010 to 2017, and by just 0.6 percent from 2017 to 2018 – the slowest growth rate recorded in 80 years.
To view the entire list of the 25-fastest growing metros in the U.S. click https://www.usatoday.com/story/money/economy/2019/03/22/population-growth-us-cities-experiencing-boost-resident/39199145/
In the top-10 metros is an overwhelming theme, first in destination locations and then technology. That is a blend of the young and old alike – portending stout economies for the future for these locales compared to others.