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Building Material Prices Show Growth In July – Eye On Housing

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Residential building material prices, excluding energy, rose 0.4% in July and were up 5.0% from a year ago. Energy prices fell again in July but remained significantly higher than a year ago. Meanwhile, prices for services were down 0.3% over the month but were 6.2% higher than a year ago.

The Producer Price Index for final demand was unchanged in July, after falling 0.1% in June. Compared to a year ago, final demand prices were up 4.7%.  The index for final demand services rose 0.2% in July, while the index for final demand goods fell 0.7% over the month.

The price index for inputs to new residential construction fell 0.1% in July and was up 6.5% from last year. The price of goods used in new residential construction (including energy) was up 0.1% over the month and up 6.7% from last year, while the price of services was down 0.3% over the month and up 6.2% from last year.

Input Goods

The goods component has a larger importance to the inputs to residential construction price index, representing around 60% of the total. On a monthly basis, the price of input goods to new residential construction was up 0.1% in July after falling 0.7% in June.

The input goods to residential construction index can be further broken down into two separate components, one measuring energy inputs with the other measuring remaining goods. The latter of these two components simply represents building materials used in residential construction, which makes up around 93% of the goods index.

Energy input prices fell 2.4% in July but were 33.1% higher than a year ago. Building material prices were up 0.4% in July and up 5.0% compared to one year ago. The year-over-year percentage increase in building materials was the highest since December 2022.

Among building materials, softwood lumber prices rose significantly in July, as they were up 7.4% over the month. Softwood lumber prices were up 17.3% from one year ago. Ready-mix concrete prices were down 0.4% over the month and have only risen 2.2% from a year ago.

Input Services

Prices for service inputs to residential construction fell 0.3% in July. On a year-over-year basis, service input prices were up 6.2%. The price index for service inputs to residential construction can be broken out into three separate components: a trade services component, a transportation and warehousing services component, and a services excluding trade, transportation, and warehousing component (other services).

The most significant component is trade services (around 60%), followed by other services (around 29%), and finally transportation and warehousing services (around 11%). The largest component, trade services, was up 7.0% from a year ago. The price of transportation and warehousing services rose 10.9%, while prices for other services were up 2.5% over the year.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Wage Growth for Residential Building Workers Continues to Cool – Eye On Housing

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Wage growth for residential building workers continued to lose momentum in the second quarter of 2026, reflecting softer housing construction activity and weaker labor demand. According to the latest data from the U.S. Bureau of Labor Statistics, both nominal and inflation-adjusted wages have weakened further, extending the cooling trend that emerged after the strong wage gains of the post-pandemic period.

In nominal terms, average hourly earnings (AHE) for residential building workers increased 1.0% year-over-year in June 2026, reaching $39.74 per hour. This represents a notable slowdown from the 9.4% peak recorded in mid-2024 and continues the broader cooling trend observed throughout 2025 and into 2026.

After accounting for inflation, real wages declined 2.4% year-over-year in June 2026 to $11.95 per hour. Real wage growth strengthened temporarily during parts of 2024, reaching a peak of 6.2%, but has since weakened as nominal wage growth has slowed and inflationary pressures have remained elevated.

Meanwhile, the number of open, and unfilled construction sector jobs increased in June. Continued strength in construction-related activity, including data center construction, is supporting demand for construction workers.

Despite the slowdown in wage growth, residential building workers’ wages remain competitive relative to other industries:

8.2% higher than the manufacturing sector ($36.74 per hour)

22.1% higher than the transportation and warehousing sector ($32.55 per hour)

5.4% lower than the mining and logging sector ($42.01 per hour)

Note:

Data used in this post relates to all employees in the residential building industry. This group includes both new single-family housing construction (excluding for-sale builders) and residential remodelers but does not include specialty trade contractors.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Property Tax Revenue Leads State and Local Tax Growth in Q1 2026 – Eye On Housing

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Property tax revenue collected by state and local governments was higher in the first quarter of 2026 according to the Census Bureau’s quarterly summary of state and local tax revenue. Total tax revenue for state and local governments increased 1.5% over the quarter, with individual income tax revenue up 1.4%, sales tax revenue down 0.3%, and corporate income tax revenue up 2.1%. Property tax revenue rose the most over the quarter, up 2.7%.

Property tax collections totaled $214.6 billion in the first quarter, an increase from a revised $209.0 billion estimate in the fourth quarter. Property tax collections were up 4.6% from one year ago. The share of property tax revenue as a share of total revenue was 37.5% in the first quarter. This share has been relatively stagnant at 37% over the past three years.

Property taxes typically make up the largest share of the total tax revenue for state and local governments, with most property tax collected by local governments. The second largest revenue generator was shared between income tax and sales tax, totaling $154.8 billion (27.1%). Corporate income tax rounded out the remaining 8.2% at $47.1billion.



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State-Level Economic Growth Strengthened in the First Quarter of 2026 – Eye On Housing

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State economic growth strengthened in the first quarter of 2026, with real GDP increasing in 46 states and the District of Columbia. According to the Bureau of Economic Analysis (BEA), state-level growth rates ranged from a 4.5% annualized increase in Washington to a 1.6% decline in South Dakota, while Delaware’s economy was essentially unchanged during the quarter.

Nationally, real GDP, measured at a seasonally adjusted annual rate, increased by 2.1% in the first quarter of 2026, led by downward revisions to imports, which are a subtraction in the GDP equation and nonresidential investments. Consumer spending, which is the backbone of the U.S. economy, was revised lower in the third estimate.   

Regionally, real GDP increased in all eight regions between the last quarter of 2025 and the first quarter of 2026. Growth was comparatively higher compared to the previous quarter, with regional gains ranging from a 0.2% increase in the Plains region to a 3.6% increase in the Far West.           

The Pacific Northwest led state economic performance in the first quarter, with Washington (+4.5%) posting the strongest growth rate among all states. BEA reported that the information sector was the largest contributor to Washington’s economic expansion, reflecting continued strength in technology-related activity. California came in second with 3.7% real GDP growth, followed by North Carolina and South Carolina tied for third place with 3.2% real GDP growth. In contrast, South Dakota recorded the weakest performance, declining 1.6%, driven by the agriculture, forestry, fishing, and hunting sector. Nebraska and Iowa declined by 0.9% and 0.1% respectively, while Delaware was unchanged.

The broad-based nature of growth across states suggests that economic activity improved considerably from the slower pace recorded at the national level in late 2025. While growth was widespread geographically, state-level results continued to reflect differences in industrial composition. States with significant exposure to information and professional services industries generally outperformed, while states more dependent on agriculture faced greater headwinds during the quarter.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Inflation Outpaced Wage Growth in April – Eye On Housing

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Inflation accelerated to a nearly three-year high in April, driven by continued increases in energy costs from the Iran war. Energy costs drove more than 40% of the monthly increase, with national gasoline prices soaring above $4.50 in early May for the first time since July 2022. With energy costs straining household budgets and eroding purchasing power, this marks the first time inflation has outpaced wage growth since May 2023. As the ceasefire remains tenuous, energy prices are expected to remain elevated for months, continuing to put upward pressure on inflation and complicating the Fed’s path toward its 2% target.

Meanwhile, shelter inflation in April is likely elevated due to a statistical quirk from last October government shutdown. After missing normal collection in October, the Bureau of Labor Statistics (BLS) used a six-month panel carry-forward imputation method to calculate shelter inflation, resulting in lower readings from November through March. Shelter inflation should normalize in the coming months as the BLS has resumed regular collection.

On a non-seasonally adjusted basis, the Consumer Price Index (CPI) rose by 3.8% in April from a year ago, following a 3.3% increase last month, according to the BLS latest report. This was the largest annual increase since May 2023.

The “core” CPI, excluding the volatile food and energy components, increased by 2.8% over the past twelve months, following a 2.6% increase in March. The housing shelter index, which makes up a large portion of “core” CPI, rose 3.3% over the year, following a 3.0% increase last month. Meanwhile, the component index of food rose by 3.2%, and the energy component index increased by 17.9%, the largest annual increase since September 2022.

On a monthly basis, the CPI rose by 0.6% in April (seasonally adjusted), and the “core” CPI increased by 0.4%.

The price index for a broad set of energy sources rose by 3.8% in April, with increases in fuel oil (+5.8%), gasoline (+5.4%), and electricity (+2.1%), with a minor decline in natural gas (-0.1%). Meanwhile, the food at home index rose by 0.7%, while the food away from home index increased by 0.2% in April.

Outside of energy, other top contributors that rose in April included indexes for household furnishings and operations (+0.7%), airline fares (+2.8%), personal care (+0.7%), apparel (+0.6%), and education (+0.2%). Meanwhile, the index for new vehicles (-0.2%), communication (-0.2%) and medical care (-0.1%) were among the few major indexes that decreased over the month.

The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.6% in April. The index for owners’ equivalent rent (OER) rose by 0.5%, while the index for rent of primary residence (RPR) increased by 0.5% over the month.

NAHB constructs a “real” rent index to indicate whether inflation in rents is faster or slower than core inflation. It provides insight into the supply and demand conditions for rental housing. When inflation in rents is rising faster than core inflation, the real rent index rises and vice versa. The real rent index is calculated by dividing the price index for rent by the core CPI (to exclude the volatile food and energy components). In April, the Real Rent Index rose by 0.2%.



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Population Growth and Housing Supply Dynamics at the County Level in 2025 – Eye On Housing

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U.S. population growth slowed notably in the latest Vintage 2025 population estimates from the U.S. Census Bureau, with the nation expanding by just 0.5% in 20251, roughly half the pace of the prior year. The deceleration was primarily driven by a sharp decline in net international migration (NIM), which dropped from 2.7 million to 1.3 million, while natural change remained relatively stable.

As mentioned in a previous blog post, population gains remain concentrated in the South and parts of the West, while many areas in the Midwest and Northeast experienced slower growth or population declines.

Beyond national and state trends, this analysis aims to examine county-level dynamics, where these shifts are most visible. The 2025 data reveal a more fragmented demographic landscape, shaped by the diverging roles of domestic migration, international migration, and natural change. These forces are not only redefining where population growth occurs but also reshaping the geographic foundations of housing demand.

Part I: Country-Level Population Changes

At the county level, population growth slowed across much of the country. Among the nation’s 3,143 counties and the District of Columbia, the majority experienced decelerating population gains in 2025. Of the 2,066 counties that grew between 2023 and 2024, nearly 80% saw their growth slow or reverse. In many cases, counties already experiencing population loss saw those declines deepen further.

The county map of 2025 population change reveals a fragmented landscape where growth is no longer broad-based but driven by distinct demographic components that vary widely across regions and counties.

Net Domestic Migration has become the most visible driver of county-level divergence. Population flows continue to shift away from the largest and most expensive counties toward smaller and less densely populated areas. Collectively, the 50 counties with population exceeding one million recorded a net domestic migration loss of 637,634 in 2025. In contrast, large counties with populations between 50,000 and 999,999 posted a combined gain of 533,766 residents, while medium-sized counties with population between 15,000 and 49,999 gained 95,095. Even the smallest counties, with population below 15,000 residents, recorded a slight net gain of 8,773.

This redistribution is clearly reflected in the geographic pattern of growth. Counties across the West South Central, South Atlantic, and parts of the Mountain divisions continue to show relatively stronger gains, supported by inflows of residents seeking relative affordability, job opportunities, and fewer constraints on housing supply. Meanwhile, many counties in the Northeast, Midwest, and high-cost coastal regions are experiencing either muted growth or outright population loss, as domestic outmigration continues.

Net International Migration (NIM), while still a positive contributor overall, declined sharply in 2025 and remains highly concentrated geographically. Nine out of ten U.S. counties experienced lower NIM compared to the previous year.

The decline was especially pronounced in a small number of large urban counties. Ten counties (Los Angeles, CA; Queens, NY; Cook, IL; Kings, NY; Harris, TX; Bronx, NY; Dallas, TX; Miami-Dade, FL; New York County, NY; Maricopa, AZ) accounted for more than a quarter of the total national decline in NIM. These counties have historically relied on international inflows to offset domestic outmigration, but the sharp reduction in 2025 has significantly weakened that stabilizing effect, leaving many large urban cores with stagnant or declining population trajectories.

Natural Change, defined as the balance between births and deaths, continues to exert a structural influence on population growth, especially in smaller and rural counties. In 2025, approximately 65% of counties (2,055 in total) experienced a natural decrease, where deaths exceeded births.

Although this share is slightly below the peak seen during the pandemic period, it remains historically elevated. Regions such as the Midwest, Great Plains, and Appalachia continue to face persistent demographic headwinds driven by aging populations and low fertility rates. Even in counties with positive domestic migration, weak or negative natural change often limits overall population growth.

Overall, domestic migration, international migration, and natural change are producing a more selective and uneven pattern of population change. Growth has not disappeared, but it has become narrower in scope, increasingly dependent on migration flows, and less capable of supporting broad-based housing demand.

Part II: Linking Population Shifts to NAHB’s HBGI

Interestingly, these county-level population trends closely align with the latest fourth-quarter results from the NAHB Home Building Geography Index (HBGI), which tracks construction activity across counties with different population densities. The index shows that single-family construction has weakened across most geographies, with the exception of the least dense markets, while multifamily construction has increasingly shifted toward smaller and lower-density areas.

This pattern underscores a strengthening link between population dynamics and housing market outcomes. In large metro core areas, weaker construction conditions are associated with slower population growth, with 86% of counties also experiencing deceleration. In these higher-density markets, both single-family and multifamily development have moderated, reflecting softer demand and persistent affordability challenges.

Additionally, the HBGI indicates that market share has shifted toward smaller and lower-density areas in both single-family and multifamily construction, consistent with the continued domestic migration inflows. Small metro core and outlying counties recorded a net domestic migration gain of 327,598 in 2025, reinforcing this geographic shift in demand and building activity.

Conversely, counties with stagnant or declining populations are contributing to a softer national housing outlook. Builders in these markets are facing slower absorption, rising inventories, and a more cautious development environment, all of which are reflected in softer HBGI readings.

Part III: Population Growth and Housing Supply Across Metro Areas

To further quantify the relationship between population dynamics and housing supply, a metro-level comparison highlights how closely construction activity aligns with demographic change. Across metropolitan areas, the relationship between population growth and single-family building permits is both positive and statistically strong. With an R² of 0.6248, population change alone explains roughly 62% of the variation in permit activity, reinforcing the role of demographic growth as a primary driver of housing supply.

In general, faster-growing metros tend to issue more permits on a per 1,000 residents basis. This relationship is particularly evident in high-growth markets such as Myrtle Beach–Conway–North Myrtle Beach, SC-NC, and Ocala, FL, where rapid population gains are accompanied by elevated levels of single-family permits.

Both the NAHB Home Building Geography Index and metro-level permitting data point to the same conclusion: population growth remains a fundamental driver of housing supply; however, the strength of that relationship varies widely depending on local conditions, including land availability, regulatory constraints, and affordability.

Note:

The vintage population estimates are released annually and represent the change in the U.S. population between July 1, 2024, and July 1, 2025.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Job Growth Rebounds in March – Eye On Housing

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The U.S. labor market showed signs of a modest rebound in March following a weak February, as payroll employment increased and the unemployment rate edged down to 4.3%. Job growth was led by healthcare, construction, and transportation and warehousing. However, signs of cooling are emerging. Job openings posted their largest decline in nearly a year and a half in February, pointing to a potential easing in labor demand. Meanwhile, growing geopolitical uncertainty adds further downside risk to the labor market outlook.

Wage growth slowed in March, with average hourly earnings rising 3.5% year-over-year. This pace is 0.7 percentage points lower than a year ago. Importantly, wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases.

National Employment

According to the Employment Situation Summary reported by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment increased by 178,000 in March, following a downwardly revised decline of 133,000 jobs in February. Revisions to prior months were modest overall. The monthly change in total nonfarm payroll employment for January was revised up by 34,000 from +126,000 to +160,000, while the change for February was revised down by 41,000 from -92,000 to -133,000. Combined, these revisions reduced previously reported employment by 7,000 jobs.

Despite March’s rebound, job growth in early 2026 remains well below 2024 levels but better than the 2025 pace. Through March, monthly payroll gains have averaged 68,000, compared with 10,000 per month in 2025 and 122,000 in 2024.

The unemployment rate edged down to 4.3% in March from 4.4% in February. Over the month, the number of persons unemployed decreased by 332,000, while the number of persons employed declined by 64,000.

Meanwhile, the labor force participation rate—the proportion of the population either looking for a job or already holding a job—declined 0.2 percentage points to 61.9%. This marks the lowest level since December 2021 and remains below its pre-pandemic level of 63.3% recorded at the beginning of 2020. Among prime working-age individuals (aged 25 to 54), the participation rate also edged down to 83.8%.

In March, job gains were led by health care (+76,000), construction (+26,000), and transportation and warehousing (+21,000), while federal government employment continued to decline. Since reaching a peak in October 2024, federal government employment has fallen by 355,000, or 11.8%.

Construction Employment

Employment in the overall construction sector rose by 26,000 jobs in March, following a downwardly revised loss of 13,000 in February. Within the industry, residential construction added 14,300 jobs, while non-residential construction increased 12,200.

Residential construction employment now stands at 3.3 million in March, including 932,000 workers employed by builders and remodelers and nearly 2.4 million residential specialty trade contractors.

The six-month moving average of job gains for residential construction turned positive at 800 per month, ending a 14-month stretch of negative readings. However, over the last 12 months, residential construction has shed a net 29,300 jobs, marking the thirteenth consecutive annual decline and the longest stretch of annual losses since the Great Recession. Despite these declines, residential construction has gained 1,318,200 positions from its post-Great Recession low.

Meanwhile, the unemployment rate for construction workers rose to 5.6% in March on a seasonally adjusted basis, though it remains relatively low compared with historical norms.



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Building Material Price Growth Remains Entrenched Above 3% – Eye On Housing

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Residential building material price growth accelerated in February after slowing a month prior, according to the latest Producer Price Index release from the Bureau of Labor Statistics. Since the BLS collects pricing data during the week of the 13th, these figures were finalized before the onset of the conflict in Iran.

The Producer Price Index for final demand increased 0.7% in February, after rising 0.5% in January. The index for final demand services rose 0.5% in February, while the index for final demand goods rose 1.1% over the month. The monthly increase in the index for final demand goods was the largest since it rose 1.6% back in August of 2023.

The price index for inputs to new residential construction rose 0.7% in February and was up 3.4% from last year. The price of goods used in new residential construction was up 1.1% over the month and 3.0% from last year, while the price of services was up 0.1% over the month and up 4.2% from last year.

Input Goods

The goods component has a larger importance to the inputs to residential construction price index, representing around 60%. On a monthly basis, the price of input goods to new residential construction was up 1.1% in February. The last time this index increased over 1.0% on a monthly basis was January of 2025.

The input goods to residential construction index can be further broken down into two separate components, one measuring energy inputs with the other measuring remaining goods. The latter of these two components simply represents building materials used in residential construction, which makes up around 93% of the goods index.

Energy input prices rose 9.3% in February but were 3.5% lower than one year ago. Building material prices were up 0.6% in February and up 3.5% compared to one year ago.

The largest year-over-year price increases continue to show in metal products with the largest being for metal molding and trim, as prices are now up 61.7% from a year ago. Metal windows price growth has continued to accelerate with prices up 20.2% from last year. Across all metals and metal products, prices are up 16.6% from last year. Yearly price declines were prevalent among energy products, due to the timing of the survey. For building materials, particleboard and fiberboard prices were down 17.4%, while softwood veneer and plywood prices were down 4.0%.

Input Services

Prices for service inputs to residential construction reported an increase of 0.1% in February. On a year-over-year basis, service input prices were up 4.2%. The price index for service inputs to residential construction can be broken out into three separate components: a trade services component, a transportation and warehousing services component, and a services excluding trade, transportation, and warehousing component (other services).

The most significant component is trade services (around 60%), followed by other services (around 29%), and finally transportation and warehousing services (around 11%). The largest component, trade services, was up 5.8% from a year ago. The transportation and warehousing services rose 3.0%, while prices for other services were up 1.3% over the year.

Expanded Inputs to New Construction Data

Within the PPI that BLS publishes, new experimental data was recently published regarding inputs to new construction. The data expands existing inputs to industry indexes by incorporating import prices with prices for domestically produced goods and services. With this additional data, users can track how industry input costs are changing among domestically produced products and imported products. This data focuses on new construction, but the complete dataset includes indices across numerous industries that can be found here on BLS website.

New construction input prices are primarily influenced by domestically produced goods and services, with domestic products accounting for 90% of the weight of the industry index for new construction. Imported goods make up the remaining 10% of the index.

The latest available data, for December 2025, showed that domestically produced goods continue to show price growth compared to imported goods used in new construction. On a year-over-year basis, the index for domestic goods increased 3.0%, while prices for imported goods have fallen 3.2%.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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Price Growth for Building Materials Slows to Start the Year – Eye On Housing

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Residential building material prices rose at a slower rate in January, according to the latest Producer Price Index release from the Bureau of Labor Statistics. This was the first decline in the rate of price growth since April of last year. Metal products continue to experience price increases, while specific wood products are showing declines in prices.

The Producer Price Index for final demand increased 0.5% in January, after rising 0.4% in December. The January increase in final demand is linked directly to final demand services, which saw prices rise 0.8% in January. The index for final demand goods decreased 0.3% in January.

The price index for inputs to new residential construction rose 0.7% in January and was up 3.3% from last year. The price of goods used in new residential construction was up 0.9% over the month and 2.4% from last year. Meanwhile, the price for services was up 0.3% over the month and up 4.7% from last year.

Input Goods

The goods component has a larger importance to the inputs to residential construction price index, representing around 60%. On a monthly basis, the price of input goods to new residential construction was up 0.9% in January.

The input goods to residential construction index can be further broken down into two separate components, one measuring energy inputs with the other measuring remaining goods. The latter of these two components simply represents building materials used in residential construction, which makes up around 93% of the goods index.

Energy input prices fell 0.9% in January and were 10.3% lower than one year ago. Building material prices were up 1.0% in January and up 3.3% compared to one year ago, marking the lowest year-over-year price change since July of last year.

The largest year-over-year price increases continue to show in metal products. Topping the list in January was metal molding and trim, with prices up 48.3% from last year. One product that has seen rapid price growth acceleration over the past few months has been nonferrous metal and cable with prices up 19.7%. Price declines for materials over the year are concentrated among wood products with prices for particleboard and fiberboard down 24.4%, treated wood products down 5.0%, and softwood lumber down 3.3%.

Input Services

Prices for service inputs to residential construction reported an increase of 0.3% in January. On a year-over-year basis, service input prices were up 4.7%. The price index for service inputs to residential construction can be broken out into three separate components: a trade services component, a transportation and warehousing services component, and a services excluding trade, transportation, and warehousing component (other services).

The most significant component is trade services (around 60%), followed by other services (around 29%), and finally transportation and warehousing services (around 11%). The largest component, trade services, was up 7.1% from a year ago. The transportation and warehousing services rose 2.0%, while prices for other services were up 1.1% over the year.

Expanded Inputs to New Construction

Within the PPI that BLS publishes, new experimental data was recently published regarding inputs to new construction. The data expands existing inputs to industry indexes by incorporating import prices with prices for domestically produced goods and services. With this additional data, users can track how industry input costs are changing among domestically produced products and imported products. This data focuses on new construction, but the complete dataset includes indices across numerous industries that can be found here on BLS website. 

New construction input prices are primarily influenced by domestically produced goods and services, with domestic products accounting for 90% of the weight of the industry index for new construction. Imported goods make up the remaining 10% of the index.  

The latest available data, for November 2025, showed that domestically produced goods continue to have faster price growth compared to imported goods used in new construction. On a year-over-year basis, the index for domestic goods increased 3.0%, while prices for imported goods have fallen 3.0%.



This article was originally published by a eyeonhousing.org . Read the Original article here. .

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U.S. Population Growth Slows in 2025 – Eye On Housing

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According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,781,060 to a total population of 341,784,857. The population grew at a rate of 0.5%, a sharp decline from the near 1.0% growth in 2024. The growth rate was the lowest since 2021 when it grew at 0.2%. The vintage population estimates are released annually and represent the change in the U.S. population between July 1st of 2024 and 2025.

The primary source of population growth continued to be net international migration. For 2025, the level of net international migration was less than half of its level in 2024, falling from 2.7 million to 1.3 million. Natural change, represented as births minus deaths, was up marginally from 514,277 to 518,858 in 2025. The decline in net international migration and stable natural change led to lower population growth nationally between 2024 and 2025.

Each region in the U.S. experienced population growth over the period. The South led in population growth at 0.9%, followed by the Midwest at 0.4%. Meanwhile, the West grew 0.3%, while the Northeast grew the least at 0.2%.

At the state level, 45 States and the District of Columbia saw a population increase over the year. South Carolina had the highest population percentage growth, at 1.5%. This was followed by Idaho (1.4%) and North Carolina (1.3%). Numerically, Texas experienced the largest population increase, gaining 391,243. This was followed by Florida at 196,980 and North Carolina at 145,907.

Five states and Puerto Rico experienced population declines. The population of Puerto Rico fell by 0.6%, followed by Vermont at 0.3% and Hawaii at 0.1%. The other states that experienced population declines were West Virgina, New Mexico and California

California remained the most populous state with a population of 39,355,309. The next most populous state was Texas at 31,709,821. To round out the top five states by total population, the proceeding highest were Florida (23,462,518), New York (20,002,427), and Pennsylvania (13,059,432).



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