One of the buzzwords since Trump became president is “growth.” He’s made ridiculous promises about economic growth that he can’t possibly make good on.
But let’s take a look at another type of growth that affects us all: population growth, specifically in the continental U.S.
It should be no surprise that very high-cost states like New York, Massachusetts, Connecticut, New Jersey, California, and Hawaii are NOT growing very fast.
Southern Florida isn’t growing as fast as the northern half due to higher costs of living.
And people generally tend to move away from colder Northeastern and Midwestern states to the warmer Southeast and Southwest.
But, that doesn’t mean that all warm states are growing like gangbusters… or that all cold states aren’t.
Here’s the map that summarizes growth by state for July 1, 2016 to July 1, 2017…
As you can see, Idaho is growing the fastest, at 2.20% annualized.
The other top 10 also include:
- Nevada, 2.00%;
- Utah, 1.89%;
- Washington State, 1.71%;
- Florida, 1.59%;
- Arizona, 1.56%;
- Texas, 1.43%;
- Colorado, 1.39%,
- Oregon, 1.39%; and
- South Carolina at 1.30%.
I would have thought Texas and North Carolina would have been higher. Washington State also surprised on the upside as Seattle is becoming Silicon Valley 2.0.
Nine states, ranging from Wyoming to Connecticut, have negative growth rates. Mississippi and Louisiana are negative, despite being in the South. New Mexico is also surprisingly low, being surrounded by four high-growth states.
Where you live will affect business growth and real estate values. So, consider that, especially if you’re retiring. Idaho, Nevada, Washington, Florida, and Arizona look like the best places to go to me.
Follow Me on Twitter @harrydentjr
P.S. We’ll continue this demographics discussion next week when we take a look births over deaths. Did you know that Utah leads natural population growth in the U.S. due to high births while sucks wind with so many retirees? And later in the month we’ll look at international immigration trends that are favoring states like Florida. Stay tuned.