The state of American wealth and entrepreneurship might reside in cool coastal cities, like New York, San Francisco, Boston, and Seattle. But the future of American growth is still the big hot suburbs.
It’s 2006 again in America, and families are moving to sunbelt suburbs, picking up where they left off before the economy came crashing down in 2007. Seven of the 10 fastest-growing U.S. metros—and seven of the 20 metros with the largest numerical growth—were in Florida and Texas last year, according to new data this morning from the U.S. Census.
Between 2010 and 2015, the five sunny metros of Houston, Dallas, Miami, Phoenix, and Atlanta added a combined 1.57 million people through domestic and international migration. That's more than the rest of the 20 largest U.S. metros combined. For every non-recession year this century, the fastest-growing metro has been one of three cities: Las Vegas (for three years), Austin (for four years), and Cape Coral-Ft. Myers, Florida (for another four years.)
Looking exclusively at immigration, the story is slightly different. Although about 700,000 people left New York City in the last five years, they were more than replaced by 770,000 immigrants. Los Angeles, too, bled domestic movers, but still grew through immigration. Indeed, this is a trend for some of America’s largest, richest cities, like Washington, D.C., Boston, Philadelphia, Minneapolis-St. Paul, and Baltimore. All five metros would have shrunk since 2010 if not for new international families.