Last week we posted a blog about the top 10 markets across the country for Millennials and Baby Boomers, which showed that Millennials are moving south and west across the country away from their Boomer parents, who are headed east.
It just so happens that a recently published article from Business Insider about the fastest-growing and fastest-shrinking cities in America, based on newly published Census data, confirms that trajectory.
Based on estimates of the 2013 population and recent population change for every city in the country with at least 50,000 residents, 12 cities that grew by at least 4% between 2012 and 2013 made the fastest-growing list. The fastest-growing cities are largely concentrated in the South and the West – with 5 of the 12 cities in Texas and Austin becoming the nation’s capital for population growth.
In contrast to the fastest-growing cities, the cities that shrank the most don’t share much in common.
The cities are geographically diverse – with the exception of a small pocket of cities in the Deep South – and also have vastly different economies.
While American cities are always in flux, with some markets flourishing and others declining, more and more local economies are expected to grow as U.S. economic growth is projected to pick up in the coming years – forecasted to increase 2.7% in 2014 and 3.2% in 2015.
That could mean big news for retailers and restaurants everywhere.