U.S. Population Growth Rate Reaches 23-Year High

Economics
Published

According to the U.S. Census Bureau, the number of U.S. residents grew by 3,304,757 in 2024, raising the total population to 340,110,988. The population grew at a rate of 0.98% — the highest rate since 2001.

The rise in 2024 marked the growth rate’s third straight increase, following six consecutive years of declines and reversing an overall downward trend dating back to the early 1990s.

The largest source of population growth was net immigration, which totaled 2,786,119 in 2024. The other component was natural growth (births minus deaths), which equaled a gain of 518,638.

US population growth rates 1990-2024
Source: U.S. Census Bureau Vintage 2024; NAHB Analysis

Population Growth by U.S. State

At the state level, 47 states and the District of Columbia experienced population growth in 2024. Texas recorded the largest population increase with a gain of 562,941, followed by Florida (467,347) and California (232,570).

The upward trend in population growth is a welcome statistic for the housing market. However, even if immigration levels remained similar to those in recent years, household formations are projected to decline in the coming decades, according to a recent study from the Harvard Joint Center for Housing Studies. A slowdown in household growth would ultimately put a damper on housing demand.

NAHB economist Jesse Wade provides further details on the population growth rate in this recent Eye On Housing article.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Economics
Aug 25, 2026
Economic Uncertainty, Affordability Challenges Weigh on New Home Sales

Sales of newly built single-family homes declined 10.5% in July to a seasonally adjusted annual rate of 607,000, following a sharply upwardly revised June estimate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales was 6.3% lower than a year earlier.

Material Costs
Aug 24, 2026
U.S.-Canada Trade Tensions Add to Market Uncertainty

The escalating U.S.-Canada trade dispute is a setback for residential construction. Talks between the two countries collapsed last Friday, and President Trump proceeded with his threat to impose 50% tariffs on about $20 billion in Canadian goods.

View all

Latest Economic News

Economics
Aug 25, 2026
Economic Uncertainty, Affordability Challenges Weigh on New Home Sales

Elevated borrowing costs, rising inflation and broad economic uncertainty continue to curb buyer demand and hold back new home sales.

Economics
Aug 24, 2026
Second Quarter 2026 Multifamily Construction Data

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the second quarter of 2026.

Economics
Aug 24, 2026
Cost of Materials Rises, Especially for Smaller Builders

Material costs increased by 6.7% over the previous year, according to results from the survey for the July 2026 NAHB/Wells Fargo Housing Market Index (HMI).