Central Indiana suburbs continue to boom
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Central Indiana is the fastest-growing part of the Hoosier state, but new residents are opting to flock to the 'burbs instead of the Circle City, per an Axios analysis of the latest census data.
Why it matters: As Americans once again settle down following a shifting of the population spurred by the pandemic, there are major economic implications for cities experiencing growth or decline.
- A swelling population means more economic activity, increased tax revenue, a larger workforce and a general boost to an area's desirability.
- Those who relocated during the pandemic also disproportionately had high incomes, meaning the hit to local economies was larger than migration numbers alone would imply.
By the numbers: Marion County continued to grow, with 2.4% more people in 2019-2023 than in 2014-2018.
- But neighboring counties saw more significant increases, with Boone County experiencing the largest population growth rate in Indiana over the past five years (+13.2%).
- Hamilton (13%), Hendricks (11.5%), Hancock (11.1%) and Johnson (8.2%) counties round out the state's top five.
- Switzerland County on the southeastern border saw the biggest decline at -6.7%, followed by Greene (-4.2%), Monroe (-3.8%), Parke (-3.8%) and Martin (-3.5%) counties.
- The growth rate was 2.6% statewide.
Zoom out: Between 2023 and 2024, the population in the Midwest increased by more than 410,000 (0.6%) to 69,596,584 people, according to a separate Census Bureau release.
- Within the region, Illinois (67,899) and Ohio (59,270) had the largest overall population gains, while North Dakota (1.0%) and Nebraska (0.9%) were the fastest-growing states.
- Indiana added nearly 44,000 people year-over-year.
Zoom in: A U-Haul analysis of the nation's biggest growth states of 2024 ranks Indiana No. 8.
- U-Haul ranks growth states according to each state's net gain (or loss) of one-way equipment from customer transactions in a calendar year.
- Indiana's top growth cities include Anderson, Carmel, Columbus, Elkhart, Fishers, Gary, Greenfield, Greenwood, Indianapolis, Jeffersonville, Muncie, Noblesville, South Bend, Terre Haute and Valparaiso.
- "We've seen significant growth around the college towns. But there are a lot of employment opportunities in Indianapolis, and the suburbs are thriving because families move there and commute," Jeff Steffani, U-Haul area district vice president, said in a statement. "Westfield, Fishers, Noblesville and Carmel have all been hotspots with housing going up across those cities."
Between the lines: Although Americans sometimes relocate domestically in search of better jobs, lower costs and so on, international migration is the main driver behind population growth at the national level.
- Migration "accounted for 84% of the nation's 3.3 million increase in population between 2023 and 2024," the Census Bureau said in a recent write-up of separate data.
- "This reflects a continued trend of rising international migration, with a net increase of 1.7 million in 2022 and 2.3 million in 2023."
What's next: Population trends could be notably affected by President-elect Trump's plan to deport millions of people.