- A new report from the Bank of America Research Institute shows people are moving away from the West Coast.
- The report also shows that Americans are moving south, continuing a long-standing trend.
- Columbus, Ohio, and Austin, Texas had the largest year-over-year population increases.
Columbus, Ohio, and Austin, Texas recorded the largest population increases among major U.S. metropolitan areas in the second half of 2023. New report found.
According to a report by the Bank of America Research Institute, the population growth rate for both cities from 2022 to 2023 was just over 1% compared to the previous year.
Meanwhile, San Francisco and Los Angeles had the largest year-over-year population declines, according to the report.
The population of California cities decreased by about 1 percent and 0.75 percent, respectively.
The report’s findings are consistent with a pandemic-era trend of Americans fleeing cities on the West and East Coasts and moving south.
Since 2020, the population of the South has increased by 3.9 million people, according to U.S. Census data.
But cities in the South have been attracting new entrants for years, and rising housing costs are forcing Americans to move.
The Bank of America Research Institute’s survey results are anonymized data collected from customers who opened consumer checking, savings, credit, and other investment accounts between 2019 and 2013. Based on aggregated data.
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