More people moving to NC than ever before, report says
When it came to moving in 2019, North Carolina had its fair share of new tenants.
The influx of people is credited in-part to the state’s capital: Raleigh. U-Haul announced that Raleigh-Durham was #1 on the list of top Growth Cities in America last year.
What exactly is a Growth City you ask?
According to U-Haul, Growth Cities are calculated by the annual net gain of one-way U-Haul trucks entering a state versus leaving that state. In simpler terms, the more U-Hauls and movers coming into the city, the more the city gains in “growth.”
In order to calculate this data, migration trends are compiled annually from more than 2 million one-way U-Haul truck transactions.
Kris Smith, U-Haul Company president in Raleigh, attributes this large influx of movers to what North Carolina natives refer to as the “Research Triangle.”
“North Carolina State University, Duke University, and University of North Carolina at Chapel Hill serve as a major anchor in this region and attract an educated workforce," Smith said.
According to the most current U-Haul report, arrivals of one-way U-Haul trucks in the Raleigh-Durham market were up more than 3% while departures dropped more than 2% compared to the market’s 2018 numbers. Durham locations alone saw a 7% spike in arrivals. Arrivals accounted for nearly 51.4% of all one-way U-Haul traffic in the Raleigh-Durham area.
“We have tons of businesses coming here, bringing new residents in U-Haul trucks,” Smith added. “Raleigh-Durham is rivaling Austin (Texas) for attracting tech businesses and young professionals. We’re seeing Silicon Valley talent and companies flock to the area."
While Raleigh-Durham may be experiencing a boom in population, they are not alone.
North Carolina as a whole jumped up to #3 in the nation for Growth States.
In 2019, North Carolina moved 21 spots from it’s previous ranking at #24 in 2018.
This past year, North Carolina even outgrew South Carolina, successfully pushing the Palmetto State out of it’s former, third place position.
According to U-Haul, Growth States are calculated by the net gain of one-way U-Haul trucks entering a state versus leaving that state during a calendar year. This is very similar to how they calculate Growth Cities, just on a larger, state-wide scale.