Houston, Atlanta and the Washington D.C. metropolitan areas are projected to add the most households in absolute terms over the next five years, according to new data released today as part of Pitney Bowes Software’s inaugural Metro Magnets Index. Houston will add 141,000 new households between 2012 and 2017, with Atlanta adding 106,000 and D.C. adding 84,000.
In relative terms, the major metropolitan areas (defined for these purposes as having an excess of 100,000 households) projected to see the highest percentage growth rate through 2017 are Provo/Orem (UT), Austin (TX) and Killeen/Fort Hood (TX).
Detroit (MI) and Charleston (WV) are the only major metropolitan areas that can expect to see a decline in the number of households over the next five years, with Cleveland, OH, expecting just a 0.2% increase.
Growth Across the U.S.The number of households is projected to grow between 2012 and 2017 in 98% of U.S. metropolitan areas, according to the new data. Of the 384 U.S. metropolitan areas analyzed as part of Pitney Bowes Software’s inaugural Metro Magnets Index, just eight are set to see a decrease in the number of households. While growth remains, to some degree, almost across the board, the average annual growth rate for the next five years is projected to slow in 78 percent of American metropolitan areas when compared to the average annual growth rate for the years between 2000 and 2010. “Projected household growth is a critical indicator for the economic prospects of a specific geographic area, and this data can help real estate, retail and a range of other businesses, plan their growth strategy scientifically,” said John O’Hara, President of Pitney Bowes Software. “It is no longer acceptable to make strategic business decisions on gut feel alone. Given the plethora of data, and the advanced tools for analyzing it, business leaders can stay ahead of real estate trends for planning.”