Section 3 • Economics & Demographics


Table 3.4 – Observed and Total Population for the U.S. and the States, 2010-2040 (Updated August 2013*) Total Population


Geography Name United States


2010


Alabama 4,779,736 Alaska 710,231 Arizona 6,392,017 Arkansas 2,915,918 California 37,253,956 Colorado 5,029,196 Connecticut 3,574,097 Delaware 897,934 District of Columbia


601,723


Florida 18,801,310 Georgia 9,687,653 Hawaii 1,360,301 Idaho 1,567,582 Illinois 12,830,632 Indiana 6,483,802 Iowa 3,046,355 Kansas 2,853,118 Kentucky 4,339,367 Louisiana 4,533,372 Maine 1,328,361 Maryland 5,773,552 Massachusetts 6,547,629 Michigan 9,883,640 Minnesota 5,303,925 Mississippi 2,967,297 Missouri 5,988,927 Montana 989,415 Nebraska 1,826,341 Nevada 2,700,551 New Hampshire New Jersey New Mexico New York


North Carolina North Dakota


2020 2030


5,332,383 909,351


2040


308,745,538 335,605,444 360,978,449 382,152,234 5,066,866 811,718


5,538,155 995,701


7,604,382 3,120,724 41,715,522 5,733,049 3,723,612 997,528 588,573


1,316,470 8,791,894 2,059,179 19,378,102 9,535,483 672,591


Ohio 11,536,504 Oklahoma 3,751,351 Oregon 3,831,074 Pennsylvania 12,702,379 Rhode Island South Carolina South Dakota


1,052,567 4,625,364 814,180


Tennessee 6,346,105 Texas 25,145,561 Utah 2,763,885 Vermont 625,741 Virginia 8,001,024 Washington 6,724,540 West Virginia


1,852,994


Wisconsin 5,686,986 Wyoming 563,626


21,784,582 11,078,010 1,489,774 1,772,613 13,277,307 6,804,046 3,085,572 3,011,419 4,558,229 4,635,071 1,394,018 6,282,303 6,806,874 10,074,617 5,704,065 3,111,177 6,336,145 1,055,292 1,908,775 3,328,548 1,446,097 9,252,696 2,307,561


11,763,865 3,986,956 4,223,601 12,961,019 1,085,957 5,118,310 853,943


6,919,966 28,738,112 3,193,030 662,770


8,871,484 7,576,478 1,817,852 6,004,398 594,027


Subgroups may not sum to total due to rounding. Source: Weldon Cooper Center for Public Service, Demographics & Workforce Group, www.coopercenter.org/demographics


40 Self-Storage Almanac 2016


8,778,792 3,312,022 45,984,332 6,409,771 3,857,679 1,092,562 573,240


24,662,590 12,415,730 1,612,574 1,969,343 13,669,506 7,095,730 3,112,586 3,156,962 4,757,927 4,718,136 1,453,823 6,763,178 7,037,976 10,225,304 6,079,331 3,242,016 6,656,421 1,116,625 1,983,249 3,939,244 1,569,218 9,674,480 2,545,270


680,998


11,944,153 4,205,487 4,597,030 13,167,735 1,114,914 5,587,991 890,125


7,463,025 32,194,206 3,606,802 696,975


9,701,508 8,393,113 1,775,932 6,296,359 621,916


9,839,421 3,465,659 49,696,524 7,007,198 3,949,738 1,174,505 552,403


27,229,758 13,599,292 1,716,417 2,141,944 13,914,581 7,309,203 3,107,403 3,267,377 4,905,095 4,751,515 1,497,603 7,165,262 7,192,723 10,268,921 6,384,967 3,337,170 6,902,351 1,165,327 2,036,010 4,497,133 1,673,817 9,989,124 2,752,139


19,952,674 20,446,062 20,721,349 10,736,114 11,886,768 678,125


12,892,553 676,890


11,999,283 4,376,707 4,915,931 13,236,307 1,131,935 5,991,060 916,504


7,918,882 35,250,832 3,975,265 723,382


10,415,575 9,107,371 1,716,841 6,518,226 642,902


A stronger job market should also help young


homebuyers qualify for mortgages. Unemployment among Americans in their 20s and 30s—who make up the bulk of first-time buyers—has fallen consid- erably. After reaching a high of 10.6 percent, the unemployment rate for 25 to 34-year-olds fell to 5.9 percent in 2014, according to Realtor.com. This posi- tions many to finally buy a starter home.


As prospective buyers have been shut out of


home ownership, demand for rentals is growing, leading to a surge in multifamily construction. The number of renter-occupied units increased by about 2 million in the second quarter from a year earlier, according to the Census Bureau. The rental vacancy rate was the lowest rate since the 1980s, falling to 6.8 percent from 7.1 percent in the first quarter and 7.5 percent one year earlier.


Despite the lower rate of home ownership, a


growing group of renters should be good news for self-storage as apartments and other small dwell- ings typically lack the space required to house extra belongings.


Self-Storage Sector Leads REITs When the recession ended in June 2009, the general economy was stubbornly slow to recover. Around the same time, however, the stock market began a turnaround that turned into a bull market lasting over six years—the third longest in U.S. history.


Along the way, the self-storage REITs enjoyed


robust performances. As a real estate sector, long- term returns for self-storage exceed all other com- mercial real estate sectors, according to MJ Partners Real Estate Services. The five-year average return for self-storage is 24.4 percent, while the 10-year average is 17.8 percent, and the 15-year average is 20.3 percent.


The self-storage sector has consistently outper-


formed some 180 other REITs for the past two de- cades. Industry statistics provided by CubeSmart, a Pennsylvania-based self-storage REIT, show that during a 12-month period between 2014 and 2015, Extra Space Storage ranked fourth among all REITs, CubeSmart was Number 5, Sovran ranked Number 14, and Public Storage was Number 17. Over a three- year period, Extra Space and CubeSmart appeared in the top five, and both REITs ranked in the top 10 over five years. Extra Space was the top performing REIT over a 10-year span while Public Storage came in at Number 9. Over 20 years, Public Storage ranks Number 2 and Sovran is Number 12 among all REITs.


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