Demographic analysis is the study of a population-based on factors such as age, race, and sex.[i] Demographic measures can be a major driver for corporate site location projects. States with growing, wealthier and better educated populations are attractive to companies seeking a bigger, more skilled workforce prepared for the 21st-century marketplace. The growth of Southern and Southwestern states is dramatic as their demographic numbers below illustrate.
As the table above illustrates, population growth in Florida, North Carolina, Texas and Arizona and other demographic measures illustrates the state’s success- particularly in comparison to competitors in the Industrial Midwest. These Southern and Southwestern states remain an economic hotspot heading into 2022 as population growth is a critical factor for companies deciding on economic investments—people create more customers and larger workforce pool.
Measuring the growth of Metropolitan Statistical Areas (MSAs) illustrates an even more important story for companies seeking a corporate site location. Companies are generally not searching for a state but rather a market within a 45-minute drive time of a facility—that is where they will get workers and connect to a supply chain. A comparison of the major metro markets in Ohio, Michigan, Missouri, Florida, North Carolina, Arizona, and Texas illustrates again the strong market growth of the southern states compared to the Industrial Midwest.
As the table above illustrates, Florida, North Carolina, Texas and Arizona’s metro centers are growing dramatically with the Raleigh, North Carolina’s growth almost flowing off the chart. Florida’s population growth driven by its metropolitan centers is a critical factor in the state’s overall economic success and guarantees a bright future in the days to come.
Corporate site location projects in 2022 are likely to continue to follow growing population centers as they promise a large customer, supply chain and workforce base.