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Economy at a Glance - April 2024

This month’s issue of Glance examines recent population gains in the region, last year’s wave of relocations and expansions, local housing affordability, and the better-than-expected job growth in ’23.
Published on 4/2/24

POPULATION GROWTH

Houston added nearly 140,000 residents in ’23, second among U.S. metros in population growth. The increase equates to a new resident every 3.8 minutes. Since ’20 when COVID-19 constrained population growth, the region has added over 340,000 residents. Population in the 10-county region now exceeds that of 37 states and the District of Columbia.

Houston ranked second in numeric gains behind Dallas-Fort Worth and tied the metroplex in percent growth. The nation’s three most populous metros, New York, Los Angeles, and Chicago, saw their populations shrink. Only six of the nation’s major metros—Atlanta, Dallas-Fort Worth, Houston, Miami, Phoenix, and Tampa—registered significant gains. 

Rankings Shift

Atlanta overtook Philadelphia and Washington, DC, becoming the nation’s sixth most populous metro area. Houston has a lock on fifth place. Its population is growing faster than Atlanta’s but not as fast as Dallas-Fort Worth’s.

Houston’s gains came from two sources—the natural increase and net inmigration. The natural increase reflects births minus deaths in the region. Net inmigration includes people who moved into Houston minus those who moved out. Two-thirds of Houston’s gains came from net inmigration and one-third from the natural increase. The ratio frequently shifts, with inmigration accounting for a larger share of population growth when the region’s economy booms (like last year) and a smaller share when it struggles (like ’17 and ’18).

Net Inmigration

Metro Houston ranked second in net inmigration among all metros in ’23. Nine of the nation’s 20 largest had negative inmigration, i.e., more residents moved out than moved into those regions. New York, Los Angeles, and Chicago, the worst performers, lost a combined 270,000 residents to outmigration. Gains from the natural increase weren’t enough to offset these losses and all three saw their populations shrink in ’23.

Net migration has two components, domestic and international. Domestic reflects the population moving from within the United States; international reflects the residents arriving from abroad. International migration includes ex-pat workers called home from overseas, foreign workers assigned to multinational companies here, military personnel redeployed stateside, international students enrolling at local universities, temporary workers on H1-B and H2-B visas, refugees placed in the city by relief agencies, and immigrants (documented and undocumented) who left their homelands for better lives in America. 
 
Only five major metros gained population via domestic migration. The remainder saw more residents move out than move in from elsewhere in the U.S. Metro Houston performed well, however, ranking second for positive domestic migration.

Houston ranked third for international migration, behind New York and Miami. All 20 of the nation’s major metros benefitted from international migration.

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Note: The geographic area referred to in this publication as “Houston,” "Houston Area” and “Metro Houston” is the ten-county Census designated metropolitan statistical area of Houston-Pasadena-The Woodlands-Sugar Land, TX. The ten counties are: Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto, and Waller.

Key March Takeaways

Here are the facts to know about the Houston region this month
1
April Takeaway #1
Houston added nearly 140,000 residents in ’23, second among U.S. metros in population growth.
2
April Takeaway #2
The metro area ranked third in the nation for new and expanded facilities in ’23.
3
April Takeaway #3
Recent revisions show Houston created 102,900 jobs in ’23, much better than the 70,100 originally reported.

Want to learn more? Contact our Research Team:

Patrick Jankowski, CERP
Senior Vice President, Research
713-844-3616

Previous Issues of Economy at a Glance

MAR
2024
The pandemic’s impact on Houston
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FEB
2024
Local and U.S. economic trends
Read Report
JAN
2024
Employment Forecast Summary, Houston GDP, and Job Growth
Read Report
DEC
2023
Houston exports, employment, the business climate in Texas, and a peek into Partnership’s forecast for 2024
Read Report
NOV
2023
Houston’s population compared to other major U.S. metros
Read Report
OCT
2023
Shifts in Houston’s Demography
Read Report
SEPT
2023
The Houston Ship Channel, the outlook for business in Texas, and local employment trends
Read Report
AUG
2023
The Pivot from Recession to Resilience
Read Report
JUL
2023
Mid-Year Report
Read Report
JUN
2023
The Global Economy, Home Sales, and Construction
Read Report
MAY
2023
U.S. Economic Outlook and Houston's Energy Industry
Read Report
APR
2023
Houston's population growth and employment revisions
Read Report
MAR
2023
U.S. Recession and Houston's Key Indicators
Read Report
FEB
2023
The Year in Review
Read Report
JAN
2023
The U.S. Economy and Houston's GDP Estimates
Read Report
DEC
2022
Recovery in the Oil and Gas Industry
Read Report
NOV
2022
Metro Houston's Job Growth and the Apartment Market
Read Report
OCT
2022
Exploring Population Changes Through the ACS
Read Report
SEPT
2022
Recession? Maybe, Maybe Not
Read Report
AUG
2022
Houston at Mid-Year
Read Report
JUL
2022
The Houston Housing Market, Affordability, and Recent Shifts
Read Report
JUN
2022
Economic Recovery, Population Growth & Global Houston recap
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MAY
2022
Economic recovery, rising costs & labor force
Read Report
APR
2022
Population growth and employment data
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MAR
2022
Local Impact of a Global Event
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FEB
2022
Post-Analysis of 2021 Houston Economy
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JAN
2022
Omicron, GDP, Employment
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DEC
2021
2022 Employment Forecast
Read Report
NOV
2021
Job Gains, Real Estate, Exports
Read Report
OCT
2021
Inflation, Employment & Global Innovation
Read Report
SEP
2021
Employment, Oil & Gas, Containerized Exports, and Housing
Read Report
AUG
2021
Delta Variant, Rebounding Travel, Economic Growth and Population Gains
Read Report
JUL
2021
Energy Transition, Recovery Bottlenecks, & the Worker Shortage
Read Report
JUN
2021
Economic Recovery, Multifamily, Population & More
Read Report
May
2021
Housing Boom and Robust Recovery
Read Report
APR
2021
Pandemic Recovery, Tech Workforce
Read Report
MAR
2021
Pandemic Employment Data
Read Report
FEB
2021
Coronavirus Impact and 2021 Outlook
Read Report
JAN
2021
Racial Demographics and Population Shifts
Read Report
NOV
2020
U.S. Recovery, 2021 Outlook
Read Report
OCT
2020
U.S. Recovery, Houston Update
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SEP
2020
COVID-19 Impact on Economy
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AUG
2020
Energy Change Over Time
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JUL
2020
COVID-19 Update, Houston Unemployment
Read Report
JUN
2020
COVID-19 Update, Affected Sectors, Energy
Read Report
MAY
2020
U.S. & Texas Outlook, GDP
Read Report
APR
2020
COVID-19 Update, PMI, Industry Outlook
Read Report
MAR
2020
Economic Impact, Global Outlook, Recession Probability
Read Report
FEB
2020
U.S.-China Trade Deal, USMCA
Read Report
JAN
2020
Houston GDP, Energy, Jobs
Read Report
DEC
2019
Sector by Sector Forecast for 2020
Read Report
NOV
2019
Houston Region Demographic Update 2
Read Report
OCT
2019
Houston Region Demographic Update 1
Read Report
SEP
2019
Houston's Growth Engines
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AUG
2019
PMI, Commercial Real Estate & Housing
Read Report

More Insight & Analysis

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