In December of last year, the U.S. Census Bureau released its population predictions with some surprising and not so surprising results. According to a Bloomberg article, examination of the findings reveal which states are growing, and which states are losing residents for other destinations. North Carolina’s population count passed 10 million, and Florida saw an increase of people that surpassed California in nearly 10 years.
The states that had the largest population number from 2010 to 2015 were coastal ones, but the Southern regions, saw the most influx of people moving in, especially Texas. NYC made the top 10 list, even with rising real estate prices, but this may not signal a moving back to New York. Instead, those people may be newborns of current residents, and international travelers.
In general, the reasons people are shifting from big cities to ‘medium-sized’ cities is simple: rent is cheaper, opportunities are greater, and a generation of Baby Boomers are moving to warmer pastures. In other words, New Yorkers and Californians are losing people to their smaller neighbors.
Reports Justin Fox for Bloomberg:
University of Chicago Chang-Tai Hsieh and University of California, Berkeley Enrico Moretti the estimated that Americans’ tendency to move from high-productivity regions to low-productivity ones had reduced U.S. gross domestic product by 13.5 percent. They figured that regulatory constraints on housing alone depressed GDP by 9.5 percent.
What is interesting to note is that Americans are moving less than usual, but when they do move, they’re choosing states that have affordable housing and high productivity value.