Source: Fortune
Summary
The Census Bureau released data showing that the five fastest-growing cities in the US are in Texas, with Celina, a city of 64,427, growing by 24.6% between July 2024 and July 2025. The growth is attributed to the state’s permission to build, with no state-level restrictions on development, and a permitting regime that allows for quick construction. In contrast, cities in California are restricted by environmental review, local opposition, and union labor costs, leading to a decline in population. The data also shows that the national housing stock grew by 1.4 million units, but the existing homes market has effectively seized due to the Federal Reserve’s decision to backstop the mortgage market with ultra-low rates during the pandemic.
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The announcement sounds familiar.
Celina, Texas, is the fastest-growing city in the US, with a 24.6% growth rate. Fulshear, Princeton, Melissa, and Anna are also among the top five fastest-growing cities. These cities are growing due to Texas’s permission to build, with no state-level restrictions on development. The growth is driven by the suburbs, with cities like Fort Mill, South Carolina, growing at 6.8%. The housing market is following the people, but the Fed’s decision to backstop the mortgage market has locked tens of millions of homeowners into mortgages they have no financial incentive to surrender.
The American Dream has migrated from the skylines to the subdivisions.
Author: Evan Null
