Recently released county and metro-level population growth data by the U.S. Census Bureau shows that the fastest growing areas are found in exurbs and emerging suburbs.
Analysis of the data by Cushman & Wakefield shows population growth in all areas since the 2020 census, with the exception of urban cores that have had declining numbers. In 2022, however, the rate of decline in urban counties slowed significantly, buoyed by the resumption of international migration following the Covid pandemic.
The Dallas–Fort Worth metroplex grew by roughly 170,000 residents, outpacing the metro area with the second largest population gains, Houston, by nearly 50,000 people. The New York metro region saw its population shrink by about 139,000.
Since the 2020 Census, Austin, Texas and Raleigh, N.C., rank as the two fastest growing metros on a percentage basis among major markets.
Here are Cushman & Wakefield's five takeaways from its recent analysis of the census, as authored by Sam Tenenbaum, Head of Multifamily Insights:
- Further-flung counties, those in Exurbs and Emerging suburbs, saw their population grow the fastest, with the former growing by 1.9% and the latter by 1.5%. These areas continue to accelerate population gains.
- All districts saw population gains with the exception of Urban Cores. However, with international migration making a big rebound in 2022, those counties saw the biggest change in population, stemming the tide of major population declines experienced from 2020-2021.
- Urban cores saw 70% of international migration among major U.S. counties in 2022 but high costs pushed more residents out, with domestic migration outflows of more than 1.1 million people.
- Mirroring the urban core rebound, Gateway markets largely saw the largest turnaround in population growth with New York, San Francisco, King County (Seattle) and Miami representing the biggest change in population growth from 2021 to 2022. New York and San Francisco still saw net population losses, but they were much limited than 2021.
- The Dallas–Fort Worth metroplex grew by roughly 170,000 residents, dwarfing No. 2 Houston by nearly 50,000 people. On the other hand, the New York metro division saw its population shrink by about 139,000. Since the 2020 Census, Austin, TX and Raleigh, NC rank as the two fastest growing metros on a percentage basis among major markets.