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
May 21, 2025
New Resources on the Safe Use of Mobile Elevated Work Platforms (MEWP)Mobile Elevated Work Platforms (MEWPs) are vehicle-mounted machine lifts used to help workers complete tasks more efficiently in an elevated position. They are commonly used across the construction industry because of their ability to reach and maneuver around elevated areas.
May 20, 2025
Podcast: One Big, Beautiful Podcast – NAHB Talks Tax BillOn the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by AVP of Government Affairs J.P. Delmore to dive into the “big, beautiful” tax bill that’s been introduced.
Latest Economic News
May 21, 2025
Gains for Multifamily Missing Middle over Last YearThe missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties.
May 20, 2025
Single-Family Home Size Trending HigherAn expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower.
May 20, 2025
Slight Gains for Townhouse ConstructionTownhouse construction expanded more than 2 percent on a year-over-year basis per data from the first quarter of 2025.