The 2020 census data was released by the United States Census Bureau in November 2021, reflecting the population from 2010 – 2020. The census is conducted every 10 years and counts the United States’ population, including statistics based on race, gender and how many people live or stay in each home. Data from the census informs a wide range of government, business, and nonprofit decision-making, and tells us who we are and where we are going as a nation.
This data is important for your business as it can give you insight into your market’s demographics, with an understanding of who you’re serving, population distribution’s impact on fuel volume and even business expansion opportunities. Population fluctuations can also have an effect on local, regional and national legislature that could impact small businesses as well as industry regulations.
What was the general consensus of the 2020 census and how does this affect my site(s)?
Metropolitans (and their suburbs) are expanding while micropolitan areas are declining.
The 2020 census showed that large counties and their core suburbs are experiencing steady growth, while smaller counties in micropolitan areas are becoming smaller, showing a rural-to-urban trend.
As people move closer in towards these metropolitans, they are potentially looking to be closer to job opportunities and housing accessibility, reducing their commute times and opening themselves up to a larger market. This could affect commute times in and out of metropolitan areas, which could impact consumer traffic to your site(s) with an increase in population density.
Growth by state.
The census data also shows how each state’s population has grown, reporting that Utah was the fastest growing state from 2010 – 2020, while Texas, California and Washington had the largest numerical growth in this time period.
As these states continue to grow, this could affect commute times as population densities affect road traffic, and therefore fuel volume, as these new residents find homes. California and Texas also consume the most energy (including fuel) on an absolute basis, and this should continue to trend upward as populations increase.
However, states with lower population densities such as Wyoming and the Dakotas saw higher fuel per capita for transportation, which matches their high number of traveled miles per capita.
What can I do with this information moving forward?
If you are looking to expand your business with Phillips 66, the census is a great tool to use along with Kalibrate to help strategize where your next site should be. Looking at this rural-to-urban trend is especially important when planning new sites, as this could lead to an increase in potential consumers, as well as competition in saturated markets. Using Kalibrate can help with competitive analysis to offset these potential risks and have a deeper understanding of your new location as you continue your journey with Phillips 66.
As the 2020 census is continuing to be analyzed, sign up here to get newsletters and updates from the Census Bureau.
Sources:
https://www.census.gov/library/stories/2021/08/growth-in-housing-units-slowed-in-last-decade.html
