U.S. Resident Population Declines for Fifth Consecutive Year – Housing Demand Continues to Change

The Annual Resident Population of the United States, according to the U.S. Census Bureau, as of July 1st, 2020 was an estimated 329.5 million. A year-over-year increase of 1.2 million, giving the U.S., on a national level, a growth rate of 0.35%. The fifth consecutive year of declining population growth. In 2020, 15 states experienced a population decline. While five states experiencing population growth, by count, were Texas, Florida, Arizona, North Carolina and Georgia. The exact same five states that had growth in 2019 as well. As pointed out in the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), as resident population increases, housing demand in single and multifamily dwelling increase proportionally. Looking forward, NAHB’s HBGI indicates that builders of single-family and multifamily homes expanded faster in low density, low-cost markets.