Impact Growth Capital Newsletter

U-Haul’s Net Migration Data and Core CPI Rises

Impact Growth Capital
January 15, 2025

_{This week at Halo Communities: U-Haul’s Net Migration Data and Core CPI Rises.}

_{Migration Trends}

_{U-Haul’s 2024 data on U.S. net migration continues to underscore significant population shifts, with the southeastern United States leading the pack. South Carolina claimed the top spot for net migration, displacing Texas, the previous leader, now ranked second. North Carolina rounded out the top three states. Notably, U-Haul’s newly introduced metro-level migration data revealed that Dallas, TX, Charlotte, NC, and Phoenix, AZ saw the highest inflow of movers among metropolitan areas.}

_{Conversely, California, Massachusetts, and Illinois experienced the largest net migration outflows, with New York posting its lowest growth rate in a decade. In a surprising shift, Oklahoma saw the most dramatic improvement, climbing 30 spots to secure the #11 position, while Indiana moved up 19 positions to rank #8.}

_{These findings align with broader trends identified by CoreLogic, highlighting growth along the Interstate 85 corridor from Raleigh to Atlanta, central Florida, and the Interstate 35 corridor spanning Dallas, Austin, and San Antonio. Maricopa County, AZ, which includes Phoenix, also remains a top destination.}

_Economics

_{In December, the U.S. Consumer Price Index (CPI) rose by 0.4%, marking the largest increase in nine months, primarily driven by higher energy costs, especially gasoline.}

_{Despite this uptick, underlying inflation pressures showed signs of easing. The core CPI, which excludes volatile food and energy prices, increased by 0.2% in December, slightly below forecasts.}

_{On an annual basis, the overall CPI climbed 2.9%, up from November's 2.7%, while the core CPI rose 3.2%, a slight decline from the previous month's 3.3%.}

_{In response to the data, U.S. stocks and bonds rallied, with the S&P 500 rising by 1.7% and the Nasdaq Composite by 2.3%. Treasury yields fell, indicating rising prices, as investors adjusted their expectations for future monetary policy.}

_{While the recent data suggests a cooling of inflationary pressures, the Federal Reserve remains cautious, emphasizing the need for sustained evidence of inflation moderation before considering policy changes.}

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