Recently released Census data revealed that the fastest growing cities in terms of population growth have been driven by the oil industry and retirees. The Census report documented population growth from July 2017 to July 2018, identifying ten of the fastest growing cities nationwide. Half of the fastest growing cities are being driven by retirees migrating in and the other half attributable to new oil industry jobs.
Midland and Odessa Texas were among the fastest growing cities, with numerous oil industry jobs attracting people from all over the country. Midland saw a 4.2% population gain for the annual period ending July 2018, as the region’s rich petroleum and natural gas deposits boosted the economy and drew workers in seeking new jobs.
Retirement communities including Myrtle Beach, St. George and The Villages, all saw an influx of retirees. These communities have become attractive for seniors providing essential services and amenities all within a single location.
Various factors have historically affected population growth throughout the United States including demographics, local industry and the economy. An aging baby boom generation along with job development in the oil sector has been the primary driver of growth for the nation’s fastest growing cities.
Source: Census Bureau
Disclaimer: The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation or recommendation to sell or an offer to buy securities, investment products or investment advisory services. All information, views, opinions and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. Please consult your Advisor about what is best for you.