Tennessee is the U-Haul No. 5 Growth State
Published 12:31 pm Wednesday, January 3, 2024
Tennessee is the No. 5 growth state in the U.S., rising one spot from its previous ranking, according to the U-Haul Growth Index analyzing one-way customer moves during 2023.
One-way U-Haul customers arriving in Tennessee fell 6% from 2022, but departures fell 7% as overall moving traffic slowed.
Do-it-yourself movers arriving in Tennessee accounted for 50.5% of all one-way U-Haul traffic in and out of Tennessee (49.5% departures) to keep it a leading growth state. The Volunteer State ranked first in growth in 2020, third in 2021 and sixth in 2022.
Tennessee’s top growth cities are Knoxville, Murfreesboro, Clarksville and Chattanooga. Other notable net-gain markets include Nashville, the Tri-Cities (Johnson City, Kingsport, Bristol), Cookeville, Crossville, Dickson, Maryville, Hendersonville, Cleveland and Old Hickory.
“I’m not surprised Tennessee remains a top-10 growth state,” stated Chris Hardin, U-Haul Company of South Nashville president. “It’s tax friendly, offers a low cost of living and has something for everyone.
“I see a lot of people from California and Florida moving here because they can sell their million-dollar homes and pocket a good chunk of that because of the housing affordability in Tennessee. I also notice a lot of people coming to Tennessee to retire. Again, it’s affordable so your money goes a long way. That’s huge for people living on a fixed income.”
The U-Haul Growth Index is compiled according to the net gain of one-way U-Haul trucks, trailers and U-Box moving containers arriving in a city or state, versus departing from that city or state, in a calendar year. Migration trends data is compiled from more than 2.5 million one-way U-Haul customer transactions that occur annually across the U.S. and Canada.
Texas, Florida, North Carolina and South Carolina top the growth state rankings. California ranks 50th for the fourth year in a row with the largest net loss of one-way U-Haul customers.