15 Fastest Growing Metro Areas in the US

In this article, we will take a look at the 15 fastest growing metro areas in the US. If you would like to skip our discussion on the expansion trends across the country, you can go to the 5 Fastest Growing Metro Areas in the US.

The latest population estimates for 2023 from the US Census Bureau suggest a shift towards pre-pandemic population trends. The data indicates a decrease in deaths compared to the previous year and a return to migration patterns similar to those before 2020. In 2023, a larger number of states saw an increase in population compared to any other year since the beginning of the pandemic, resulting in 0.5% or over 1.6 million individuals being added to the country’s total population. While national population growth didn’t reach historical highs in 2023, it’s gradually increasing compared to the 0.4% rise in 2022 and the 0.2% uptick in 2021.

Looking at population changes in regions, the South, the country’s most populous region with over 130 million residents, dominated national growth, adding a whopping 1.4 million people in 2023. This region’s warm weather and job opportunities continue to attract residents, with net domestic and international migration fueling its expansion. It also has some of the fastest growing cities in the US by population, such as College Station, Texas, and Sunrise, Florida.

As far as the Midwest region is concerned, it saw a moderate rebound of 0.2%, gaining just over 126,000 residents. This resurgence is due to several factors, including a lower rate of outmigration, increased international migration, and slower population loss in Illinois, offset by growth in Indiana, Minnesota, and Ohio. These states have most of the fastest growing cities in the Midwest.

The West also experienced expansion, adding 137,299 people – slightly lower than the 157,480 added in 2022. While this region saw a rise in international migration and fewer deaths, higher outmigration to other regions dampened its growth. However, the Northeast region remained in decline, with a population loss of 43,330 in 2023. Nonetheless, this was a significant improvement compared to the losses in 2022 (216,576) and 2021 (187,054). This suggests a potential slowdown in outmigration from the region, with New York and Pennsylvania showing considerably reduced population drops compared to prior years.

Implications for Food Service Demand

An increase in population can lead to an increase in demand for food services, especially in urban areas. According to Fortune Business Insights, the US foodservice market is expected to reach $1,767.54 billion in 2030. The market is expected to expand at a compound annual growth rate (CAGR) of 10.03% between 2022 and 2030. Factors fueling this growth include access to more food options, the introduction of new types of food service providers, such as cloud kitchens, and an increase in consumer spending on fast food.

On the other hand, with consumers becoming more health conscious and reports of adverse effects of processed foods, the food service market could be badly impacted. Some major players in this market include McDonald’s Corporation (NYSE:MCD), Starbucks Corporation (NASDAQ:SBUX), and Domino’s Pizza, Inc. (NYSE:DPZ).

McDonald’s Corporation (NYSE:MCD) is amongst the largest quick service restaurant (QSR) chains in the world. It announced an ambitious growth strategy last year. According to the leadership of the company, the burger chain is planning to open 10,000 more stores in the next 4 years.

Starbucks Corporation (NASDAQ:SBUX) is also a leading player in this market, with thousands of stores worldwide. Despite Starbucks Corporation (NASDAQ:SBUX) stock trading at an all-time low currently, experts on Wall Street anticipate a significant improvement in the next five years.

Domino’s Pizza (NYSE:DPZ) is also among the major players in the food service and QSR industry. It has consistently exceeded earnings estimates over the last couple of quarters. Here’s what the management shared in the company’s Q4 2023 earnings call:

“We’ve always been known as a premier value player, and we believe this can continue to be a differentiator for us in ’24 through our improved loyalty program, our national promotions, and our rollout on Uber. Domino’s rewards is off to a great start and was a key driver of our strong comp performance in the fourth quarter, when we saw positive sales and transactions in both our U.S. delivery and carryout businesses. We’ve also seen the following: an uptick in active members. We are up 3 million active members in 2023, with 2 million plus since our relaunch in September. Domino’s Rewards ended the year with approximately 33 million active members, a big driver of the increase in active members as well as the early success of the program was our Emergency Pizza promotion, which was an innovative marketing initiative that drove increased order counts and acquisition of customers into Domino’s rewards.”

Pixabay/Public Domain

Our Methodology

We’ve compiled a list of the 15 fastest growing metro areas in the US using population estimates from the US Census Bureau. These metro areas are ranked based on the percentage growth in population from 2022 to 2023. Simply put, a metropolitan statistical area, or metro area, is a region focused on a city with at least 50,000 residents. It includes neighboring areas that are economically and socially connected to the central city. Our list has been arranged in ascending order of the year-on-year (YoY) increase in population between 2022 and 2023.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

15 Fastest Growing Metro Areas in the US

15. Huntsville, AL Metro Area

YoY Population Increase: 2.5%

Huntsville, the most populous city in Alabama, sits on the state’s northern border. Spanning across Madison County, with its borders reaching into Limestone and Morgan Counties, Huntsville serves as a major part of the Huntsville Metropolitan Area. The 2023 US Census revealed a population of 527,254 within the metro area.

14. Homosassa Springs, FL Metro Area

YoY Population Increase: 2.6%

Homosassa Springs, Florida, is a charming community and the principal city of its very own metropolitan statistical area, the Homosassa Springs, Florida, MSA. This MSA is situated in Central West Florida, offering a unique blend of urban core and natural beauty. The Homosassa Springs, FL Metro Area is well-connected by public transportation, making it easy for people to commute. Bus services are provided by Citrus County Transit, which runs multiple routes throughout the city. Homosassa Springs, FL Metro Area’s population as of 2023 was estimated at 166,696, reflecting an increase of 2.6% from the previous year.

13. Sherman-Denison, TX Metro Area

YoY Population Increase: 2.6%

Sherman, Texas, is situated in Grayson County and falls among the two major cities located within the Sherman-Denison metropolitan area. As the largest city in Texoma, covering parts of North Texas and southern Oklahoma, Sherman is located 40 miles north of the booming Dallas-Fort Worth Metroplex.  Sherman serves as the economic and governmental hub of the Sherman-Denison area, with a population exceeding 146,907 as of 2023.  Sherman’s community benefits from a variety of businesses, trade, and professional services, making it attractive for residents and visitors alike.

12. Greeley, CO Metro Area

YoY Population Increase: 2.6%

Greeley, Colorado, is a thriving metro area. As the primary agricultural center and the largest municipality in Weld County by population, Greeley is attracting residents from all over the country at an impressive rate. The Greeley metro area’s population boomed by over 30% between 2010 and 2020. This growth trend has continued. Greeley recently emerged as the fastest-growing metro area in Colorado, with a population increase of nearly 3% or more than 9,000 people between the years 2022 and 2023.

11. Panama City-Panama City Beach, FL Metro Area

YoY Population Increase: 2.7%

Panama City, Florida, is the ideal vacation spot, especially for outdoor enthusiasts. This vibrant city has beautiful beaches and state parks. The metro area, including Panama City, is experiencing rapid growth, with its population increasing by over 2.7% to reach 253,507 in 2023. Panama City Beach is a highlight, bustling with activity during the summer months and attracting over 100,000 visitors daily. It’s no wonder that nearly 4.5 million people flock to the area each year. The area is at the eleventh position on our list of the 15 fastest growing metro areas in the US.

10. Daphne-Fairhope-Foley, AL Metro Area

YoY Population Increase: 2.8%

Alabama is home to four of the United States’ 100 fastest-growing metropolitan areas, and among them is Daphne-Fairhope-Foley. This metro area, situated in Baldwin County and renowned for Alabama’s stunning beaches, experienced a growth of 2.8%. Its population rose from 246,531 in 2022 to 253,507 in 2023. This growth secured its position as the 10th fastest growing metro area in the US.

9. Wilmington, NC Metro Area

YoY Population Increase: 2.8%

Wilmington, as the hub of a growing metropolitan area, is drawing in new residents at a remarkable pace. The Wilmington metro, which includes Pender, Brunswick, and New Hanover counties, reached a population of over 467,000 in 2023. According to data from the US Census Bureau, it secured the 9th spot amongst the fastest growing metro areas in the US, experiencing an increase of nearly 3% within just one year.

8. Spartanburg, SC Metro Area

YoY Population Increase: 2.9%

Spartanburg, South Carolina, is a bustling city in the Upstate region, ranking as the second-largest in the Greenville-Spartanburg-Anderson area. The city’s population surpassed 383,000 in 2023, marking an increase of over 10,000 residents within just one year. This significant growth is drawing retailers and driving new economic development in the area.

7. Midland, TX Metro Area

YoY Population Increase: 2.9%

The Midland Metropolitan Statistical Area, situated in West Texas, is designated as a single-county area by the United States Census Bureau. Between 2022 and 2023, the population of the Midland Area experienced growth from 177,247 to 182,324 individuals, representing an increase of 2.9%.

6. Hinesville, GA Metro Area

YoY Population Increase: 2.9%

Hinesville, situated on Georgia’s Atlantic coast, serves as the focal point of its expanding metropolitan area. This two-county region, encompassing Liberty and Long counties, is part of the larger Savannah-Hinesville-Statesboro Combined Statistical Area. As of 2023, the Hinesville metro area recorded a population of over 88,800, reflecting a healthy increase of nearly 3% since 2022.