In this article, we will talk about the 20 fastest-growing states in 2024. You can also take a look at the 15 Fastest-Declining States in the US.
The US Census Bureau’s 2023 population estimates, released in December, hint at a possible return to pre-pandemic trends. The data shows a decrease in deaths compared to 2022, along with migration patterns resembling those seen before 2020.
The year 2023 witnessed an increase in population growth across more states than any year since the pandemic began. This resulted in a national increase of over 1.6 million people (0.5%). While not reaching historic highs, this growth marks a steady climb compared to 2022’s 0.4% and 2021’s 0.2% upticks.
The South, with the largest population (over 130 million), dominated national growth. This region’s warm climate and job opportunities continue to be a magnet for residents, with net migration driving its expansion by a staggering 1.4 million people in 2023. Cities in Southern states like College Station in Texas, and Sunrise in Florida are among the fastest growing cities in the US.
TXSE: A New Era for US Capital Markets
Texas, a standout among the fastest-growing Southern states, shows immense economic strength. With a GDP reaching $2.4 trillion as of Q1 2024, Texas surpasses economic giants like Russia, Canada, and Italy to rank as the world’s eighth-largest economy. This economic strength has led to a significant wave of migration in recent years.
Moreover, a group of investors are all set to launch a Texas-based stock exchange (TXSE). Backed by heavyweights like BlackRock and Citadel Securities, TXSE aims to compete with established exchanges like the New York Stock Exchange (NYSE) and NASDAQ.
Headquartered in Dallas, TXSE will operate as a fully electronic national securities exchange. The main aim of the exchange is to expand access to US capital markets for a wider range of investors while offering public companies and those seeking public funding more options and alignment. With $120 million in funding and over two dozen investors on board, TXSE seems determined to make its mark.
Texas also has the most Fortune 500 companies in the country, along with over 5,000 private equity-backed businesses and more than 1,500 publicly traded companies. One of the notable companies is AT&T (NYSE:T), founded in 1983. Headquartered in Dallas, AT&T (NYSE:T) is a holding company that’s a major player in the world of telecommunications, media, and technology.
A couple of years ago, AT&T (NYSE:T) decided to spin off DirecTV, Time Warner, and other smaller media assets, signaling a shift away from its previous ambition of becoming a dominant force in the media industry. This allowed AT&T (NYSE:T) to streamline its operations and generate additional funds to reduce its debt. Following this fresh start, AT&T (NYSE:T) experienced significant growth in its wireless postpaid subscribers, adding 2.9 million in 2022 and another 1.7 million in 2023.
In 2023, AT&T’s (NYSE:T) revenue increased by 1%, although its adjusted EPS from continuing operations declined by 6%. This was due to increased investments in 5G and fiber infrastructure. Nevertheless, the company generated $16.8 billion in free cash flow, more than enough to cover its $8.1 billion dividend payments.
Our Methodology
We shortlisted the 20 fastest-growing states in 2024 using population estimates from the US Census Bureau. We have ranked the states in ascending order of the percentage growth in population between 2022 and 2023. Furthermore, we have also shared the absolute increase in population for each state.
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20 Fastest Growing States in 2024
20. Maine
Percentage Change in Population: 0.5%
Population Growth: 6,384
Maine holds the title of northeasternmost US state. According to recent data, Maine has been the fastest-growing state in New England between 2020 and 2023, with a population increase of 2.4% (around 32,500 residents). Meanwhile, the state has recorded a 0.5% increase in population between 2022 and 2023.
19. Nebraska
Percentage Change in Population: 0.5%
Population Growth: 10,319
Nebraska is a Midwestern US state. It ranks as the 16th largest state by area, covering more than 77,220 square miles. The fastest-growing city in Nebraska is Omaha, which has recorded a population growth of over 15% in the last 8 years. This growth is attributed to Omaha’s prominence in the finance and insurance sector, which surpassed national averages in 2022. From 2022 to 2023, Nebraska’s annual population increased by 10,319 people, reflecting a growth of 0.5%.
18. Nevada
Percentage Change in Population: 0.5%
Population Growth: 16,755
Nevada, located in the Western region of the United States, is a landlocked state. Las Vegas-Henderson-Paradise was one of the fastest-growing metropolitan areas in the state, with a 7.2% increase in population in 2022. Southern Nevada has maintained its growth trajectory for decades, mainly due to people relocating from other areas. The decision to move to Nevada is largely influenced by familial ties, accounting for 31% of relocations, followed by job opportunities, which contribute to 25.6% of migrations.
17. Colorado
Percentage Change in Population: 0.6%
Population Growth: 36,571
Colorado is a western US state. Colorado’s Rocky Mountain charm and high quality of life have drawn many newcomers. The population of Colorado increased to 5,877,610 individuals in 2023 from 5,841,039 people in 2022. This reflected a 0.63% increase, making Colorado one of the fastest-growing states in 2024.
16. North Dakota
Percentage Change in Population: 0.6%
Population Growth: 5,014
North Dakota is a US state located in the Upper Midwest region of the country. North Dakota has consistently been among the country’s fastest-growing states, estimated to have grown by more than 16% within a decade. North Dakota recorded an increase of just over 5,000 people (0.6% growth) between 2022 and 2023. This growth in population has partly been credited to the state’s energy industry, which has experienced major growth in the past decade and provided many job opportunities.
15. Alabama
Percentage Change in Population: 0.7%
Population Growth: 34,565
Alabama is a southeastern US state. The state’s population grew by 34,565 individuals, reaching over 5.1 million in 2023. Factors such as low accommodation prices, decent cost of living, and lower electricity rates attract people to move to the state. Another reason encouraging people to move to Yellowhammer State is the climate, with many people moving from the Midwest and the Northeast to enjoy the favorable weather.
14. Arkansas
Percentage Change in Population: 0.7%
Population Growth: 21,328
Arkansas is located in the South-Central region of the US. The state recorded a 0.7% increase in population between 2022 and 2023. Meanwhile, Centerton became the fastest-growing city in Arkansas by welcoming 2,413 new residents during the same period. Factors like job opportunities and the desire to be near family contributed to this rise in population.
13. Oklahoma
Percentage Change in Population: 0.9%
Population Growth: 34, 553
Oklahoma, a landlocked state in the South-Central region of the US, has been experiencing high population growth since 2013. This increase is driven by domestic movers from the western US and a reduction in the outflow of educated residents. Oklahoma’s appeal includes affordability, friendly communities, and natural beauty, making it an attractive place to live in.
12. Montana
Percentage Change in Population: 0.9%
Population Growth: 9,934
Over 9,000 people moved to Montana between 2022 and 2023, resulting in a 0.9% increase in population. Nearly all of Montana’s population growth comes from people moving into the state.
11. Arizona
Percentage Change in Population: 0.9%
Population Growth: 65,660
Arizona lies at the heart of the Southwestern US. Arizona is among the top 20 fastest-growing states in 2024, with a population increase of over 65,000 people between 2022 and 2023. The state consistently ranks highly in national migration studies, with Phoenix being one of the top relocation destinations for Arizona settlers.
10. South Dakota
Percentage Change in Population: 1.0%
Population Growth: 9,449
South Dakota, a large and sparsely populated Midwestern state, has seen significant population growth in Sioux Falls, with an increase of over 11% between 2017 and 2022. Meanwhile, the state’s overall population grew by 1% between 2022 and 2023, rising from 909,869 people to 919,318.
Furthermore, Lincoln County has experienced a 12.4% population increase since 2020, making it the fastest-growing county in South Dakota. The state’s low cost of living, which is 6% below the national average, and a business-friendly economic strategy have attracted many new residents seeking a fresh start in the upper Midwest.
9. Georgia
Percentage Change in Population: 1.1%
Population Growth: 116,077
Georgia, a southeastern state, is experiencing a boom in population, ranking 9th among the fastest-growing states in the US. Surpassing 11 million residents for the first time, Georgia’s population grew by 1.1% (or 116,077 people) to reach 11,029,227 in 2023. This growth is likely driven by Georgia’s attractive features, including affordable housing, low taxes, and a relatively low cost of living compared to other parts of the country.
8. Utah
Percentage Change in Population: 1.1%
Population Growth: 36,498
Utah ranks eighth amongst the fastest-growing states in the US in 2024. The state recorded a population growth rate of 1.1% and gained over 36,000 people between 2022 and 2023.
7. Tennessee
Percentage Change in Population: 1.1%
Population Growth: 77,513
Tennessee, located in the southeastern US, has a welcoming atmosphere. People are attracted to Tennessee because of its low cost of living, low property taxes, and no state income tax, which has helped increase the state’s population and economic growth.
6. Delaware
Percentage Change in Population: 1.2%
Population Growth: 12,431
Delaware, a small Mid-Atlantic state, is one of the fastest-growing in the US. Its population increased by 12,431 people, reaching 1,031,890 in 2023, a 1.2% rise. Since 2020, Delaware’s population has grown by 4.2%. Neighboring states saw population declines as people moved to Delaware, particularly to Southern and Central Delaware, attracted by low property taxes and no sales tax. Delaware also offers lower tax rates for retirees compared to some other states.
5. North Carolina
Percentage Change in Population: 1.3%
Population Growth: 139,526
North Carolina is experiencing rapid population growth, ranking as the fifth fastest-growing state in the US. The population increased by an estimated 139,526 people in 2022, reaching a new high of 10.8 million residents in 2023. This marked an increase of 1.3%. Most of this growth is due to net positive migration, with more people moving into the state than leaving.
4. Idaho
Percentage Change in Population: 1.3%
Population Growth: 25,730
Idaho, a northwestern US state, has experienced significant population growth. In recent years, domestic migration has been the main driver, accounting for roughly 78% of the increase. The remaining 22% of growth is attributed to natural change, where births outnumber deaths within the state. Idaho ranks as the fourth-fastest growing state in terms of population growth percentage.
3. Texas
Percentage Change in Population: 1.6%
Population Growth: 473,453
Texas continues holding the title of most populous state in the South-Central US. The state’s population has outpaced most others in the country by welcoming nearly half a million newcomers in 2022. This increase is driven by a domestic migration wave, with US residents flocking to Texas counties in large numbers. Texas offers a powerful combination of economic opportunities, thriving tech hubs, a strong manufacturing sector, and a reputation for affordable living.
2. Florida
Percentage Change in Population: 1.6%
Population Growth: 365,205
Florida spans a peninsula in the southeastern US, with beautiful beaches along the Atlantic Ocean and the Gulf of Mexico. It attracts hundreds of thousands of new residents each year, resulting in the second-highest population growth in the country. Florida is home to four of the five fastest-growing metro areas in the US. In January 2024, the state’s private sector added 0.4% (or 37,900 jobs), double the national growth rate of 0.2%.
1. South Carolina
Percentage Change in Population: 1.7%
Population Growth: 90,600
South Carolina is situated along the southeastern Atlantic coast. The state’s population grew by over 90,000 individuals to reach a total population of 5,373,555 in 2023. This marked the highest percentage population increase in the country at 1.7%.
More and more people are moving to Palmetto State, attracted by its appealing features. South Carolina draws retirees seeking a peaceful lifestyle and decent weather, while the younger generation is attracted by its job market and low cost of living. The cost of living in South Carolina is over 5% lower than the US average.
According to a survey conducted by ABC15, a majority of respondents cited weather (54%) as the primary reason for relocating to the Palmetto State. Taxes (14%) and cost of living (21%) were also significant factors influencing their decision to move.
At Insider Monkey, we delve into a variety of topics, ranging from the fastest-growing states in 2024 to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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