Texas & Florida Attract More than 2 Million New Residents from 2020-2023
You can learn quite a bit about the local markets with the most potential growth in electrical sales potential by looking at population data available from the U.S. Census Bureau at the county, Metropolitan Statistical Area (MSA) or state level. Updated annually, this data digs into the areas of the country gaining or losing the most residents.
Population growth is an important leading economic indicator because each person or family represents a certain amount of economic potential for a local market. New residents buy or rent new homes, buy goods and services at local businesses, spend tax dollars and may attend local schools or universities. If enough new residents move into a city or town more homes and apartments, shopping centers, schools and other places of businesses will need to be built — and wired with electrical products.
It’s not a big secret that the population shift in the United States is bringing hundreds of thousands of new residents to the Sunbelt and Intermountain states. According to EM’s analysis of the latest 2023 population data from 2020 to 2023, 3,994,876 people moved to the 10 states attracting the most new residents: Texas (+1,268,940); Florida (+1,019,427); North Carolina (+381,679); Georgia (+296,837); Arizona (+244,661); South Carolina (+241,404); Tennessee (+200,398); Utah (+133,752); Idaho (+115,387); and Colorado (+92,381).
It follows that 36 out of the 50 MSAs came from these states, with Florida alone accounting for 13 of the metros and Texas accounting for six local markets. Leading the list in population growth from 2020-2023 were Dallas-Fort Worth-Arlington, TX MSA (+433,619); Houston-Pasadena-The Woodlands, TX (+341,530); Phoenix-Mesa-Chandler, AZ (+194,864); Atlanta-Sandy Springs-Roswell, GA (+186,412); and Austin-Round Rock-San Marcos, TX (+173,140). Seven out of the top 10 markets were in Florida or Texas.
On the other side of the population ledger were the regions of the country losing the most residents. market losing the most residents from 2020-2023. Four MSAs combined to lose more than 1.2 million during this time period: New York-Newark-Jersey City, NY-NJ (-492,298); Los Angeles-Long Beach-Anaheim, CA (- 379,447); Chicago-Naperville-Elgin, IL-IN (-172,392); and San Francisco-Oakland-Fremont, CA -(173,877). California lost -538,007 residents from 2020 through 2023, followed by New York at -533,494.
