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.
Latest from NAHBNow
Advocacy
Aug 07, 2026
Key Codes Bill Clears Senate Panel
On Aug. 6, the Senate Committee on Homeland Security and Governmental Affairs advanced the NAHB-supported Promoting Resilient Buildings Act, legislation that would help communities maintain local control over building code adoption while encouraging stronger preparation for and recovery from extreme events.
Advocacy
Aug 07, 2026
NAHB’s Monthly Update Features Tariff and Economic Updates
Stay informed on the issues shaping the residential construction industry by reviewing the monthly update talking points. The latest edition features messages related to tariffs and the economy.
Latest Economic News
Economics
Aug 07, 2026
U.S. Labor Market Softens in July
The U.S. labor market weakened in July, with nonfarm payrolls down 23,000 and downward revisions cutting another 103,000 jobs from May and June.
Economics
Aug 06, 2026
Multifamily Developer Confidence Weakens in Second Quarter
Confidence in the market for new multifamily housing weakened year-over-year in the second quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices.
Economics
Aug 06, 2026
Mortgage Rates Climb Again as Iran Conflict Re-escalates
Re-escalation of the conflict in Iran pushed mortgage rates higher in July. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.54% in July, up 5 basis points (bps) over June. Since the conflict in the Middle East began, the 30-year mortgage rate has climbed by almost 50 bps.