Local Markets in Texas & Florida See Double-Digit Surges in Population from 2020 to 2024

One of the easiest way to forecast the economic prospects of local market areas is to track their annual popular growth data released each year by the U.S. Census Bureau. Big swings in population — either positively or negatively — can affect the housing market, specifically building permits; the amount of money spent on residential home improvements; retail sales, light commercial construction; and even the number of representatives a geographic area has in Congress.

In addition to the impact of population increases on a local market's overall economy, they also may impact distributors’ decisions about where to set up a new location, manufacturers’ sales goals or rep representation in a local level.

The tables below highlight the Metropolitan Statistical Areas (MSAs), counties and micropolitan areas with the largest increases in new residents from 2020 to 2024, the most recent data available. You can download the data for all local markets as well as states by clicking on the file below

While the U.S. population as a whole increased +2.6% over the past four years, the population in many of the fastest-growing markets grew at double-digit rates.

MSAs

The MSAs with the largest percent increases from 2020 to 2024 included Lakeland-Winter Haven, FL, MSA (+16.9%); Cape Coral-Fort Myers, FL, MSA (+12.5%); Austin-Round Rock-San Marco, TX, MSA (+10.9%); and Raleigh-Cary, NC, MSA (+10.2%).

COUNTIES

Standing out as some of the fastest-growing counties over the past four years were Collin (+16.6%) and Denton Counties (+14.3%) in the Dallas metro; Fort Bend (+15.6%) and Montgomery  (+19.9%) Counties in the Houston metro; Polk County (+16.8%) in the Lakeland, FL, metro; and the Austin metro’s Williamson County (+18.2%).

Small But Mighty in Their Own Way

You may also want to check out the U.S. Census data for smaller markets called Micropolitan areas.

These geographic market areas have what the government defines as an “urban cluster" with a population between 10,000 and 50,000, as well as some adjacent towns. They are particularly important for electrical distributors to watch in case they are looking for fast-growing markets outside of an urban core where they can set up a new branch.

These market areas are typically in more rural areas, but some of them still saw double-digit growth from 2020 to 2024. Some fast-growing micropolitan areas to watch include Seaford, DE (+13.6%); Jefferson, GA (+22.3%);  Clewiston, FL (+14.4%); Brigham City, UT/ID (+10.5%); and Sandpoint ID (+13.8%).