Declining Population Signals More Trouble for Economy
New data released Wednesday by the California Department of Finance shows the nine-county Bay Area total population stagnating between July 2019 and July 2020. Notably, net domestic migration (movement between states) continued its growing negative trend, with a loss of 63,000 residents over the 12-month period. Immigration flows into the region slowed, while the natural increase in population also slowed, with deaths increasing and births falling.
The region’s population growth is generally a good barometer of its economic health. Heading into the COVID-19 recession, the region was already losing people to other states, a trend that will weigh on economic recovery going forward. The Bay Area Council Economic Institute will continue to highlight indicators of the region’s recovery at www.bayareaprofile.com. Please contact Bay Area Council Economic Institute Executive Director Jeff Bellisario to support the work.