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
Economics
Sep 17, 2026
‘Elevated Uncertainty’ Prompts Fed to Hike Rates
Facing persistent inflationary pressures, the Federal Reserve unanimously decided at its September policy meeting to raise the federal funds rate to a target range of 3.75% to 4%.
Economics
Sep 17, 2026
Single-Family Starts Rebound but Market Challenges Persist
Overall housing starts decreased 2.6% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Latest Economic News
Economics
Sep 17, 2026
Single-Family Starts Rebound but Market Challenges Persist
Single-family housing starts rebounded in August, but production remains down 4.7% year to date as builders contend with rising construction costs, lot and labor shortages, and economic uncertainty.
Economics
Sep 16, 2026
With Inflation Uptick, Fed Hikes and Signals More to Come
The Federal Reserve raised the federal funds rate by 25 basis points at the conclusion of its September policy meeting, bringing the target range to 3.75% to 4%.
Economics
Sep 16, 2026
Builder Sentiment Falls on Higher Interest Rates and Costs
Higher mortgage rates, worsening labor shortages and rising material costs are weighing on builder sentiment.