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Washington State's Population Surpasses 8 Million: In-Migration Fuels Growth


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Washington State's population has reached a new milestone, surpassing 8 million residents. The state's growth of approximately 85,000 people over the past year underscores the ongoing demand for multifamily housing in the region.


Growth Dynamics

According to the latest data from the Office of Financial Management, the state's annual growth rate has decelerated slightly compared to the previous decade's average. Between 2010 and 2020, Washington's population increased by an average of 98,000 residents per year. Despite the slowdown, the state has still experienced substantial growth this decade, with a total increase of about 329,000 people since April 2020, representing a 4.3% rise.


In-Migration: The Primary Growth Driver

Net migration continues to be the dominant factor behind Washington's population increase, accounting for 82% of the growth. This translates to roughly 69,000 new residents, although this is a slight decrease from the previous year. The remaining 18% of the growth, approximately 16,000 people, is attributed to natural change, which includes births minus deaths. It's noteworthy that birth rates have been on a decline since 2017, while death rates have been rising.


Housing Development

Over the past year, developers have added 51,000 new housing units across the state, marking a slight increase from the previous year's figures. Condos and apartment units made up more than two-thirds of these new residences, reflecting the ongoing demand for multifamily housing options.


Regional Highlights

Washington's five largest counties are pivotal to the state's population and housing growth. These counties account for two-thirds of the state's population and 71% of the housing growth over the past year. King County led the way with 20,000 new housing units, representing 38% of the state's total housing growth.


Smaller counties also showed significant population increases, particularly on a percentage basis. Kittitas County grew by 2.7%, Grant County by 1.9%, and Clark County by 1.7%.


Leading Cities for Population Growth

The top 10 cities contributing to population growth in Washington include Seattle, Vancouver, Tacoma, Redmond, Spokane Valley, Bellingham, Kent, Arlington, Bothell, and SeaTac. Seattle alone saw its population increase by 19,000, bringing the city's total to 798,000.


Sustained Demand for Apartments

The steady population growth, especially in metropolitan areas, along with robust housing development, points to a continued high demand for apartments. As more people flock to urban centers like Seattle, where activity is rebounding post-pandemic, the demand for multifamily units is likely to remain strong.


Conclusion

Washington State's population milestone of 8 million residents highlights the significant role of in-migration in driving growth. With developers continuing to add housing units and metropolitan areas attracting more residents, the demand for multifamily housing is expected to stay robust. This trend underscores the importance of understanding demographic shifts and housing needs to meet the evolving demands of Washington's growing population.


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