Phoenix is the fastest-growing city in the country, according to newly released estimates from the U.S. Census Bureau
Excerpts from the Phoenix Business Journal
Phoenix welcomed 25,288 new residents between 2017 and 2018 — more than any other American city. Phoenix remains the fifth most-populous city with a population of 1,660,272, according to Census data.
San Antonio, Texas (20,824 new residents); Fort Worth, Texas (19,552); Seattle (15,254); and Charlotte, North Carolina (13,151) rounded out the top five fastest-growing cities by raw population numbers.
Looking back, Phoenix was the fastest-growing city in 2016 and tied with San Antonio in 2017, according to Census data.
Last year was a big year for population growth in Arizona. The state itself was the fourth fastest-growing among all U.S. states and Maricopa County — which is home to metropolitan Phoenix — was the fastest-growing county.
Arizona and Phoenix long have been top locations for people relocating from other, often colder, parts of the country. Much of the recent surge in population can be attributed to the Valley and state's booming economy. Government data revealed Arizona saw gross domestic product output climb by 4% in 2018. Only three states saw faster GDP growth than Arizona.
Much of that economic activity is happening in the Phoenix area. The Valley continues to add jobs from the likes of big tech firms and other industries such as manufacturing.
With the influx of new people, the residential real estate market around Phoenix also has seen healthy activity, though apartment rents and home prices have surged, putting a strain on the area's longstanding reputation as an affordable place to live. Some homebuilders, however, are starting to pivot toward more affordable options.
