In this article, we will reveal the fastest-growing state in 2024. If you wish to look at our detailed rankings, you can go to the 20 Fastest Growing States in 2024.
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.
Photo by Product School on Unsplash
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.
At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
The Fastest Growing State in 2024
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.
Discover which state secured the second spot. You can visit the 20 Fastest Growing States in 2024 here.
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.
READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.
Disclosure: None. This article is originally published on Insider Monkey.
