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

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.

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.