The population landscape in America is undeniably changing. Once consistent population centers like California, Illinois, and New York are now shrinking. This means exponential growth for states like Texas, Florida, and Arizona. Throughout 2020-2021, Florida led the nation with a net positive migration of 220,890, and Texas came in second with a net positive migration of 170,307.
Along with this unprecedented population increase comes an obvious need for housing supply. Texas is following suit, as three of the top ten metro areas having the highest amount of new home construction in 2023 are Texas cities, with Houston sitting at the top. Despite this, Houston is still thousands of housing units short, showing that even this booming housing business cannot keep pace with the population growth in the area.
Paul Connor, Principal of Connor Investment Real Estate, states, “This migration pattern to Texas accelerated during COVID and is still going strong. The foreseeable increase in Texas jobs and Texas population will continue to provide strong tailwinds to support new residential development, real estate investment, and new home construction.”
Sources: U.S. Census Bureau, CultureMap Houston, Houston Business Journal