Strongest Storage Demand Growth States

Zachary Urow January 5, 2024

Storage Demand Growth States

U-Haul’s 2023 annual top growth states report highlighted shifts in migration patterns across the United States. Texas, for the third consecutive year, maintained its position as the #1 growth state. The Southeast had a very strong 2023 performance. Florida, North Carolina, South Carolina and Tennessee rounded out the top 5 states, emphasizing migration into these territories due to factors such as affordability and weather.

Biggest Year Over-year Shifts

The report sheds light on states that have experienced the most significant shifts in year over year growth patterns. Arkansas emerged as the biggest climber, rising 26 spots up in the rankings. Wyoming (+19), Vermont (+18), and Washington (+16) also demonstrated substantial growth. Conversely, Oregon, Connecticut, and Pennsylvania experienced notable drops of (-15), (-14), and (-14) spots, respectively.

Key Takeaways

The shifts in state-to-state migration patterns outlined in U-Haul’s report has a direct correlation to the self-storage industry. As migration patterns change, so does demand for self-storage. States witnessing significant growth may experience an upswing in the need for storage facilities to meet evolving demands because displacement is a key driver of demand.

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