Meet the Decision Makers: The Governor’s Key Advisors - December 13, 2021 REGISTER

An analysis of census data by Pew Research shows that growth in U.S. households during the last decade slowed to its lowest pace in history.

According to the study, there was only a 9% growth in occupied households during the 2010s, or about 10 million more. This marks the lowest rate in recorded U.S. history and the lowest number of new households since the 1950s.

Only 15 states and the District of Columbia had double-digit growth in the number of households in the past decade. New Jersey had 7% percent household growth during the span, according to Pew.

The lack of growth in households over the past decade is significant because household formation impacts the broader economy in terms of demand for housing and spending on construction and durable goods.

To see the full report, click here.