One of the most telling sets of macroeconomic data for electrical marketers is the local population data released annually by the U.S. Census Bureau. When new residents move into a market, it has a direct impact on the demand for construction of new homes, and the retail and light-commercial and institutional businesses that support them.
These businesses include new strip malls, schools, hospitals and medical buildings, churches and other places of worship, big-box stores and other national retailers. These construction projects require a ton of electrical equipment, and a fast-growing local market keeps electrical distributors, reps and contractors quite busy in the sale, supply and installation of these products.
The 2020 county-level population data released in May highlights the local markets attracting the most new residents, as well as the areas of the country consistently losing population. The chart below includes population data for the 50 counties with the biggest population increases from 2019 to 2020, as well as the data for population change from 2015 to 2020 and 2010 to 2020.
The fastest-growing counties have enjoyed some astounding growth. Take Maricopa County, which covers most of the Phoenix-Mesa-Scottsdale, AZ metropolitan statistical area (MSA). According to the U.S. Census Bureau, its population increased by 86,820 in the 2019-2020 time frame, and by 404,658 from 2015 to 2020. Since 2010, the Valley of the Sun has gained 761,964 new residents.
Dallas, Houston, Austin and San Antonio also continue to attract huge numbers of new residents and from 2019 to 2020 saw their combined population increase by 222,940 residents.
