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
Jul 22, 2025
2026 IBS Sustainability & Green Building Scholarship Application Now OpenThe NAHB IBS Sustainability and Green Building Scholarship aims to provide emerging green builders exposure to the world of high-performance homes and help them jump-start their professional journey by attending the International Builders’ Show (IBS).
Jul 21, 2025
House Bill Restores Funding for Several Housing Programs from Trump BudgetThe House Appropriations Committee has voted to restore funding for key housing programs that President Trump eliminated in his “skinny budget,” such as housing choice vouchers, project-based rental assistance and the Community Development Block Grant (CDBG) program.
Latest Economic News
Jul 22, 2025
Top 10 Builder Market Share Across MetrosAn earlier post described how the top 10 builders in the country captured a record 44.7% of new single-family closings in 2024. BUILDER Magazine has now released additional data on the top ten builders within each of the 50 largest new home markets in the U.S., ranked by single-family permits.
Jul 21, 2025
Use of Private Water and Sewer Systems in New Single-Family HomesThe share of new single-family homes built with individual septic systems declined slightly in 2024 compared to the previous year, while the share of homes served by private wells remained steady.
Jul 21, 2025
Sales of Lower-Priced New Single-Family Homes Declined Over the Past Five YearsFrom 2020 to 2024, sales of lower-priced new homes declined significantly as the market moved toward higher-priced segments. Rising construction costs—driven by inflation, supply chain disruptions, and labor shortages—as well as higher regulatory costs, made it increasingly difficult for builders to construct affordable homes.