Texas marked its third year (and sixth time in 8 years) as the top destination for one-way U-Haul truck users in 2023, according to the annual U-Haul Growth Index.
The list is calculated by taking the net gain or loss of one-way U-Haul rentals entering each state in a calendar year. Last year, the calculation was based on more than 2.5 million one-way rentals of trucks, trailers, and U-Box moving containers.
Texas is the No. 1 growth state for the sixth time in eight years (2016-18 and 2021-23) and has ranked no lower than second on the U-Haul Growth Index throughout that stretch. DIY movers arriving in Texas accounted for 50.4% of all one-way U-Haul traffic in and out of Texas (49.6% departures) to keep it the leading growth state.
Florida remains equally appealing to new residents, netting almost as many one-way U-Haul customers as Texas in 2023. The Sunshine State has been a top-four growth state for nine years in a row. Florida topped the U-Haul Growth Index in 2019. -UHaul
"While one-way transactions in 2023 remained below the record-breaking levels we witnessed immediately following the pandemic, we continued to see many of the same geographical trends from U-Haul customers moving between states," said John Taylor, U-Haul International president.
Here are the top-10 growth states:
"Migration to states in the Southeast and Southwest is still very pronounced," Taylor added. "Demand for one-way equipment out of certain markets in the Northeast, Midwest, and West Coast mirrors what we have seen during recent moving cycles. Wherever DIY customers go, and whatever mobility and self-storage needs they have in 2024, U-Haul will be there with solutions."
"Our job ... is to KEEP Texas, Texas!" wrote Gov. Greg Abbott in a post on X. "People are flocking to Texas because of our low taxes, reasonable regulations, & world-class workforce. The Lone Star State is a beacon of freedom & opportunity where ALL Texans can thrive," he said in a subsequent post.
As the Epoch Times notes; A U.S. Census release last month showed Texas adding more new residents than any other state in 2023, or 473,453 people. In terms of population growth rate, Texas was third with 1.6 percent, behind South Carolina and Florida.
A Wells Fargo analysis published last month said Texas “continues to stand out as one of the star state economies in the United States.” The state had a 7.7 percent GDP growth in the third quarter, higher than the nation’s 4.9 percent GDP growth.
“The Lone Star State has now outpaced the national average in terms of real GDP growth for five consecutive quarters, a streak which is emblematic of Texas’ rapid recovery from the pandemic recession in 2020. The state’s real GDP is now 12% above the level registered in Q4-2019, outpacing all but six other states,” the analysis said.
Wells Fargo predicted that the Texas economy will slow this year but remain strong in the long run.
“Growth looks set to slow in the near term as the macroeconomic backdrop deteriorates and the U.S. economy likely enters a mild recession in 2024. Over the longer run, however, evidence continues to mount that the Lone Star State is quickly becoming a superstar economy,” the analysis said.