Americans flock to southern states by 2024, according to U-Haul's Growth Index, with South Carolina to raise the list of moving places for the first time.
Arrivals account for 51.7% of U-Haul's one-way traffic in and out of the country, according to report published on Thursday.
Texas, which reigned as U-Haul's top growth state for three years in a row, fell to second place last year. North Carolina is ranked third.
“The Carolinas is a great place to live,” said Jason Hardin, U-Haul's regional vice president for the Carolinas and Georgia. “We have southern charm. We have a lot of history here. We have beaches. We have mountains. We have a low cost of living.”
Coastal living without the high prices found in other countries, combined with the warm climate and southern beauty can motivate people to move to the Carolinas, U-Haul CEO Jason Hardin said. (American Visions/Joseph Sohm/UCG/Universal Images Group via Getty Images)
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Sentiment was less rosy in the Golden area, which ranked last on U-Haul's Growth Index for the fifth year in a row.
U-Haul calculates the per-country profit (or loss) of customers using one-way rentals. The company said it sees more than 2.5 million truckloads of one-way traffic each year across 50 states.
The deals from 2024 “reinforce long-standing customer trends,” U-Haul International president John “JT” Taylor said in a statement.
“Migration to the Southeast and Southwest continues as families weigh their cost of living, job opportunities, quality of life and other factors,” Taylor said in the statement. “Moving is still common in several markets across the Northeast, Midwest and West Coast – especially in California.”
Florida and Tennessee rank fourth and fifth, respectively, among the leading growth states. Arizona, Washington, Indiana, Utah and Idaho made the top 10.
Americans flocked to southern states by 2024, according to U-Haul's annual Growth Index. (Photo by Smith Collection/Gado/Getty Images)
AMERICANS ARE MOVED FROM THE BIG CONSULTANCY TO THESE 'EX BURBS' IN THE SOUTH.
U-Haul's position is not directly related to population growth or the economy — after three years of decline. California residents grew last year, according to US Census Bureau estimates.
However, the company says its Growth Index provides insight into how countries and cities attract and retain residents.
Hardin said many of the people he sees moving to the Carolinas are from the Northeast looking for warmer weather, and from California to look for a lower cost of living.
“There's no reason not to want to move here,” Hardin added in a video shared by U-Haul.
Hardin also highlighted the many opportunities for entertainment and sports in the Carolinas, as well as the increase in manufacturing, health care and technology jobs.
In August, Meta announced plans to build its first data center in South Carolina. Next month, Google announced a $3.3 billion plan to expand its existing data center and add two new companies, according to local news reports.
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The country is also trying to position itself as a global powerhouse electric car and battery production.