Midwest banks are migrating as fast as they can in the same direction that people have been moving in the past year, to the Southeast.
According to a report released last month by the U.S. Census Bureau, the South accounted for 87% of the population growth in the United States in 2023, with the region adding 1.4M residents last year. That includes Texas, which added another 470K residents, but nearly 1M people moved to the Southeast.
Florida, with almost 23M people, is now the third-largest state by population. Georgia (11M) and North Carolina (10.8M) have joined the top 10, surpassing Michigan and New Jersey. Virginia (8.7M) and Tennessee (7.1M) are now in the top 15.
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