Population migration patterns have significant implications for building and construction players, and COVID-19 has both driven new patterns of migration and reinforced prior trends. As the pandemic unfolded, L.E.K. Consulting identified six new or existing U.S. migration patterns, from slower population growth to falling immigration rates. Some of these contradict popular beliefs: For example, the perceived shift from cities has been mitigated — and despite the headlines, fewer people moved in 2020 compared to prior years.
Building and construction players need to understand these and other changes and determine how to adapt to new and continuing shifts in population. At a time of high asset prices and material shortages, a precision-based understanding of where growth is coming from is particularly important. In this Special Report, we examine several topics, including pre-pandemic migration trends, the trend toward work from home and suburbanization, the growth of secondary urban markets, continued migration to Southern and Western states, and immigration uncertainty.