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U.S. population growth slowed in the 2010s, as millennials delayed marriage and having children, and immigration levels declined. The COVID pandemic punctuated these trends, while also increasing the death rate.

However, the situation has recently improved. Legal immigration increased to more than 1 million annually in 2022 and 2023, and the post-pandemic death rate has slowly moved back toward its long-term trendline. Still, overall population growth remains at just 38% of the 2010-2019 average and is unlikely to fully recover without higher birth rates.

Population growth varies across U.S. regions and cities, which we will discuss in a coming Chart of the Week. Looking at the national picture, we can make a few observations: increased immigration may account for the U.S.’s resilient job growth in a tight labor market, as well as the stronger-than-expected for-sale housing market. Additionally, multifamily leasing in key immigration destinations in California, Texas and Florida may also be benefiting as well.