South and West are popular destinations while older urban cores also hold appeal
SANTA BARBARA, Calif., Sept. 19, 2019 – New research by Yardi® Matrix provides insight into the migration patterns that have reshaped the U.S.’s economy and demographic composition.
The South, Southwest and West accounted for more than 80% of the population growth in the country’s top 50 metros from 1970 to 2018. The research report describes how the costs of living and doing business, land availability, climate, and cultural and recreation attractions drive migration to metros in those regions.
Older core metros whose populations have declined due to domestic outmigration make up some of the loss with international immigration. New York City, Miami, Los Angeles, Washington, D.C., and Boston are top destinations for international migrants who fill jobs and fuel economic growth. “Immigration has been the ace in the hole for primary commercial real estate markets,” says the research report, which appeared in PREA Quarterly, a members-only publication for the real estate investment community.
The article by Paul Fiorilla, director of research for Yardi Matrix, connects migration patterns to metros’ economic health and trends in commercial and residential real estate. It is available for download.
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