My last post on the Twin Cities Population decline raised some interest and questions.
I took the Metropolitan Council’s data and charted the population loss by County. We know the 7 County area is losing population, but where is the majority of the loss coming from?
Population Change 2009-2010 by County
The Population loss by the numbers: Hennepin and Ramsey County are by far leading the 7 County Metro area in population loss in numbers. These 2 counties also hold the largest population.
Broken down by percent of population lost between 2009 and 2010 should show a more fair comparison.
Ramsey is leading the percentage loss, while Hennepin and Anoka are a close 2nd and 3rd.
Look at Wright County bucking the trend by gaining population!
Population is an important factor, but from a real estate market perspective we are more interested in Households. How many housing units are going to be needed to supply the household growth.
Below shows us the loss of Households by County. Again Ramsey and Hennepin County lead in the Household loss.
- Household Change 2009 – 2010
Judging by Washington County’s population growth and households shrinking, it appears as if people are moving in together during these economic times.
I would assume this is true in the other counties too.
What can be done to get the population and household to head in the right direction?
I know we have a fabulous climate that everyone is wanting to move to… but what else do we have to offer?
is why I suspect we lost the population. Look at the balloon of unemployment insurance claims during the same period.
We need a healthy population and household growth to sustain a healthy real estate market.