In this article, we will be covering the population trends and demographics in New York while taking a look at the 10 fastest-growing cities in the state. If you wish to skip our detailed analysis, you can move directly to the 5 Fastest Growing Cities in New York State.
Population Dynamics in the US
As reported by the US Census Bureau, 42 US states and the District of Columbia experienced a rise in their populations in 2023 as compared to 31 states and the District of Columbia in 2022. While net international migration going back to pre-pandemic levels contributed to this trend, a decrease in net domestic outmigration for some states was another contributing factor. Based on numeric population growth, Texas, Florida, and North Carolina ranked as the top states. These numeric growths were recorded at 473,453 for Texas, 365,205 for Florida, and 139,526 for North Carolina in 2023.
An analysis of the metropolitan and the micropolitan statistical areas in the country indicated that population growth was witnessed in 73% of the 387 metro areas between 2022 and 2023. During the same period, the population increased in 58% of the U.S. micro areas. In terms of annual numeric growth, Dallas-Fort Worth-Arlington and Houston-Pasadena-The Woodlands ranked at the top with their respective growths of 152,598 and 139,789. Some of the most prominent percentage gains in population were recorded in Florida metros, in Wildwood-The Villages by 4.7%, in Lakeland-Winter Haven by 3.8%, in Ocala by 3.4%, and in Port St. Lucie by 3.1%. Myrtle Beach-Conway-North Myrtle Beach also recorded a growth of 3.7% and ranked third among the fastest-growing US metro areas.
New York City’s Current Population
As reported by the NYC Department of City Planning, the population of New York City was estimated to be 8.26 million in July 2023. This represents a decrease of 546,000 since the April 1, 2020 Census and a decline of 78,000 since July 1, 2022. Therefore, population losses have been recorded in the state from 2020 to 2023.
On March 14, The New York Times reported that the aforementioned NYC population losses of 78,000 residents in 2023 and more than 126,000 residents in 2022 do not take into account the migrants and those living in shelters and dorms. Since the spring of 2022, the city welcomed 180,000 migrants. It has been projected that population growth in the city will resume in the years to come and has stabilized since the pandemic.
Population Trends and Demographics in New York
Net domestic migration tends to significantly impact population change. Net domestic migration in NYC has been negative which implies that more people tend to leave the city than move into the city. Large net domestic outflows following 2020 have also led to population losses in NYC. On November 21, 2023, The US Census Bureau reported that people who moved between the states increased from almost 7.9 million people in 2021 to nearly 8.2 million people in 2022. Movers left highly populated states for their neighboring states for example people moving from New York to New Jersey. New York and California were the two top states that had the highest share of people who moved out of them out of the total number of movers. Many New Yorkers migrated to cheaper states such as New Jersey where they could easily commute to work. Some of them resorted to a warmer state such as Florida.
Demographic data demonstrates that those struggling have been leaving the most. In 2023, 4 out of the 5 boroughs saw a decline in their populations. Affordability and housing issues tend to force lower- and middle-income residents to move out. This is evident from the fact that families earning between $32,000 and $65,000 left the city at the fastest rate in 2022. You can also take a look at the 16 best places to live in Upstate New York for families. The poorest borough, The Bronx, lost more than 25,000 residents while Brooklyn saw a loss of more than 28,000 residents. More than 26,000 left Queens as well. Commuter areas around New York City also recorded a loss in residents. On the other hand, the population grew in Manhattan, the richest borough, by nearly 3,000 residents in 2023.
A recent survey from The Citizens Budget Commission reveals that New Yorkers have rated the quality of life and quality of city services as low. Only 30% of New Yorkers rate the quality of life as excellent or good while one-third rate the quality of life as poor. The residents have also rated the city’s neighborhoods better. Simultaneously, just 24% rated the quality of government services as good or excellent as compared to 44% in 2017. Wealthier households with incomes over $200,000 were also found to be more satisfied with the quality of life in their neighborhoods.
The State’s Business Potential
Despite the population dynamics showing underprivileged people moving out of New York, the state has long been regarded as a dominant business and economic hub. The state is home to leading multinationals including PepsiCo, Inc. (NYSE:PEP), JPMorgan Chase & Co. (NYSE:JPM), and Verizon Communications Inc. (NYSE:VZ).
The multinational PepsiCo, Inc. (NYSE:PEP) is headquartered in Harrison, New York. The company’s products are consumed more than one billion times daily in more than 200 countries and territories. PepsiCo, Inc. (NYSE:PEP) was capable of generating more than $91 billion in net revenue in 2023. Simultaneously, PepsiCo Beverages North America (PBNA) made more than $27 billion in net revenue during the year. It offers more than 300 beverage choices and renowned brands such as Pepsi, Gatorade, bubbly, and Mountain Dew.
JPMorgan Chase & Co. (NYSE:JPM) is an American multinational finance company. The company operates as one of the largest employers in New York. While the firm contributes $29.8 billion annually to New York City’s economy, it plans to further commit to the city. JPMorgan Chase & Co. (NYSE:JPM) reported the construction of its new state-of-the-art global headquarters in Midtown Manhattan. During the project building, more than 8,000 construction jobs will be created thereby driving additional economic activity of $3.6 billion for New York State. The project will serve as New York City’s largest all-electric tower and is set to be completed by the end of 2025.
Verizon Communications Inc. (NYSE:VZ) is a leading American telecommunications conglomerate with its official headquarters in New York City. The company has nearly 1,500 retail locations and serves in more than 150 countries. The firm offers 5G, 4G LTE, Fiber Optic, and Multi Edge Compute (MEC) services, with 99% of the US population covered by 4G LTE. The Consumer segment of Verizon Communications Inc. (NYSE:VZ) offers consumer-focused wireless and wireline communications services and products while the Business segment engages in the provision of wireless and wireline communications services and products for Enterprise and Public Sector as well as Business Markets.
Now that we have taken a look at the population trends and the respective businesses in New York, let’s move to the fastest-growing cities in the state. You can also consider looking at the fastest-growing cities in Florida and the fastest-growing cities in Kentucky.
10 Fastest Growing Cities in New York State
Our Methodology:
In order to compile a list of the 10 fastest-growing cities in New York State, we sourced data from the US Census Bureau. We have used the percentage change in population from 2020 to 2022 for all the cities in New York State, as our metric. Hence, the top 10 cities that experienced the highest population growth in these years have been included. The cities in our list are ranked in ascending order of their percentage growth in population between 2020 and 2022.
10 Fastest Growing Cities in New York State
10. Schenectady, New York
Population (2020): 68,361
Population (2022): 68,809
Percentage Change in Population (2020-2022): 0.7%
Schenectady is situated in eastern New York. The city was founded on the Mohawk River’s south side by Dutch colonists in the seventeenth century. The city’s population rose from 68,361 in 2020 to 68,809 in 2022 thereby ranking it as one of the fastest growing cities in New York.
9. Peekskill, New York
Population (2020): 25,324
Population (2022): 25,514
Percentage Change in Population (2020-2022): 0.8%
The northwestern Westchester County in New York hosts the city of Peekskill. The city ranks among the 10 fastest-growing cities in the state since its population grew between 2020 and 2022.
8. Corning, New York
Population (2020): 10,581
Population (2022): 10,683
Percentage Change in Population (2020-2022): 1.0%
The fastest-growing cities in New York rank Corning which is in Steuben County, New York. The city is located at the western edge of the town of Corning. The city’s population increased from 10,581 in 2020 to 10,683 in 2022.
7. Oswego, New York
Population (2020): 16,928
Population (2022): 17,150
Percentage Change in Population (2020-2022): 1.3%
As reported by the US Census Bureau, the population of Oswego climbed by 1.3% between 2020 and 2022. The city is positioned on Lake Ontario in Upstate New York. Oswego is bordered by Lake Ontario to the north and by the towns of Oswego, Minetto, and Scriba to the west, south, and east respectively.
6. Poughkeepsie, New York
Population (2020): 31,580
Population (2022): 32,010
Percentage Change in Population (2020-2022): 1.4%
Poughkeepsie ranks as another rapidly growing city in New York. The city is situated in the Hudson River Valley region. The population in the city rose from 31,580 in 2020 to 32,010 in 2022.
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Disclosure: None. 10 Fastest Growing Cities in New York State is originally published on Insider Monkey.
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