Every 10 years, the U.S. Census Bureau releases its final count of the U.S. population.
The new census numbers determine a state’s congressional representation in the U.S. House of Representatives for the next decade, along with the amount of money each state will receive from the federal government.
The 2020 Census was released in April 2021. Here are a few takeaways.
Six states had population increases that will allow them to gain at least one new seat in the
House of Representatives – all are in the South or West. North Carolina, Florida, Colorado,
Montana, and Oregon will each gain one seat and Texas will gain two seats. Two of these states – Florida and Texas – have no individual income tax.
On the other side, seven states had population decreases that will cause them to lose one seat each – New York, Pennsylvania, West Virginia, Ohio, Missouri, Illinois, and California.
Overall, the U.S. population grew to 331 million, a 7.4% increase from the last Census in 2010. This is the second slowest rate of population growth the census has ever recorded, just behind
the 7.3% growth rate in the 1930s.
Many demographers are forecasting slower U.S. population growth in the decades to come.
Slow population growth can lead to lower economic growth due to less people in the workforce
and fewer consumers to drive the purchase of goods and services.
The next Census will be in 2030.
Forecasts are based on current conditions, are subject to change, and may not come to pass.
This material was prepared by Broadridge Investor Communication Solutions, Inc., and does not necessarily represent the views of The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.
The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com, access.att.com, ING Retirement, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, GlaxoSmithKline, Merck, Pfizer, Verizon, Bank of America, Alcatel-Lucent or by your employer. We are an independent financial advisory group that focuses on transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.
The Retirement Group is a Registered Investment Advisor not affiliated with FSC Securities and may be reached at www.theretirementgroup.com.