This Is The Fastest Shrinking Place In North Carolina

Charlotte NC

14 July, 2021

11:47 AM

Description

24/7 Wall St. Charlotte 2021-07-14 The U.S. population grew by just 0.35% between July 2019 and July 2020, the smallest annual growth rate in well over a century. Driven in part by restrictions on immigration and a declining birth rate, stagnant population growth may have profound and far reaching consequences — including reduced economic growth, stagnanting home values, and fewer workers to support an aging population. This trend is by no means unique to last year. Over the past decade, cities and towns across the country have reported rapid population decline. The unincorporated community of James City has the fastest shrinking population in North Carolina, according to the U.S. Census Bureau. Currently home to an estimated 5,350 people, James City's population declined by 14.1% from 2010 to 2019. Meanwhile, North Carolina's population expanded by 10.7% over the same period. While declining immigration and falling birth rates largely explain the national slowdown in population growth, at the local level, these factors are compounded by residents moving out. An estimated 40 million Americans move each year, and one of the most common reasons is for improved economic opportunity. Outbound migration from James City may be due in part to relatively limited job opportunities. The area's average unemployment rate stands at 9.1%, above the statewide average of 5.6%. All data in this story are five-year estimates from the U.S. Census Bureau's American Community Survey. All cities, towns, villages, boroughs, and census designated places with populations of at least 1,000 and where the margin of error for the population was less than 10% were considered. This is the fastest shrinking place in every state.     concat("Can't see the rest of the article? Click here to view the original story.This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country. ")