The U.S. Census Bureau has released its population statistics for the year 2022 to 2023. All I can say is the heat is on in the South.
The takeaway here is that Texas and Florida’s population grew by a much larger number than any other state in the country. By now, it’s commonly accepted that the COVID-19 pandemic changed the way people live and do their jobs. Remote work has allowed many in the home labor force to relocate to more affordable living with better weather and a sense of security and freedom. This defined the state of Florida before incoming COVID escapees pushed up property values, which are only now starting to stabilize.
So, let’s dig into the actual numbers of the top three on the U.S. Census Bureau’s list of states with the highest growth.
The population of Texas on July 1, 2022 was 30,029,848. The population on July 1, 2023, was 30,503,301, an increase of 473,453 or 1.6%.
Florida, coming in second, had a population on July 1, 2022 of 22,245,521, increasing to 22,610,726 on July 1, 2023, an increase of 365,205 or 1.6%, same as Texas.
Third on the list is North Carolina, which on July 1, 2022 had a population of 10,695,965 and on July 1, 2023 had a population of 10,835,491, a growth of 139,526 or 1.3%.
The five states with the highest populations are California, Texas, Florida, New York and Pennsylvania. However, only Texas and Florida are in the top 10 of growth between 2022 and 2023. The other three all lost population during the same timeframe, with California being the biggest loser of 2023. Remember that population growth or decline has everything to do with real estate values.
Another survey by Bankrate.com analyzes the hottest metro areas in the country. Here they are in order: Gainesville, Georgia; Knoxville, Tennessee; Cape Coral-Fort Myers, Florida; Northport-Sarasota-Bradenton, Florida and Charlotte, North Carolina.
The Sarasota metro area, which also appears on the Best Places to Live list, ranks second nationally in price appreciation and 12th in population growth, but 206th in active listings.
The Fort Myers metro area ranked fifth in price appreciation and eighth in population growth, also with a lack of available listings. They too appear on one of the best places to live lists. These two South Florida regions are closely linked, sharing the same quality of life appealing to people relocating to the Sunshine State.
Bankrate also analyzed the five hottest large metro areas, placing Tampa at number three and Orlando at number five. This, among other area studies, will explain why the South added 1.4 million residents, accounting for 87% of the nation’s growth this year according to the Census Bureau.
The Census Bureau’s numbers aren’t perfect. They include everyone living within the U.S. except short-term visitors, but the number of immigrants without legal status is difficult to accurately count. The estimates are based on birth and death certificates, IRS and Medicare records and the American Community Survey. In addition, the Census Bureau released projections showing that the population is expected to continue growing slowly to approximately 2080.
You may have a love/hate feeling about our increase in population. You love the influx because they keep the property values moving up, expand the tax base and are responsible for the many new shops and restaurants in the area. But it comes with the price of increased traffic, especially getting to our outstanding beaches.
If you’re still worried about property values, remember housing density increases the price of homes, and we’ve got the density, good or bad. What we don’t have is the snow.
