Job Growth, Lower Housing Costs Drive Charlotte's Largest Population Increase Since 2017
The Charlotte, North Carolina, metropolitan area is now home to more than 2.8 million people after the market added more than 50,000 residents in 2023, according to new U.S. Census Bureau data, its largest increase since 2017.
The 1.8% year-over-year growth rate was the seventh-fastest among metropolitan areas larger than 1 million people and significantly faster than the United States’ 0.5% increase in 2023. Charlotte also retained its position as the 22nd-largest metropolitan area in the U.S., according to the bureau.
Higher-than-average job growth and lower housing costs drove many people to relocate from more expensive markets in the Northeast and Florida, leading to a bump in residents. Apartment developers have followed this growth, breaking ground on more than 29,000 units, a record multifamily construction pipeline that leads the nation as a percentage of existing apartment inventory.