Texas was the top destination for one-way U-Haul truck users in 2023, marking the third straight year it took the top spot on the annual U-Haul Growth Index.
U-Haul stated that “do-it-yourself” movers arriving in Texas accounted for 50.4 percent of all one-way U-Haul traffic in and out of the state in 2023, keeping the Lone Star State leading in growth.
Florida finished second in top net gains of one-way U-Haul trucks, followed by North Carolina, South Carolina, and Tennessee. The bottom five states include Michigan, New Jersey, Illinois, and Massachusetts, with California seeing the largest net loss. New York finished 43rd on the list.
“While one-way transactions in 2023 remained below the record-breaking levels we witnessed immediately following the pandemic, we continued to see many of the same geographical trends from U-Haul customers moving between states,” said John Taylor, U-Haul International president.
“Migration to states in the Southeast and Southwest is still very pronounced,” Mr. Taylor added. “Demand for one-way equipment out of certain markets in the Northeast, Midwest, and West Coast mirrors what we have seen during recent moving cycles. Wherever DIY customers go, and whatever mobility and self-storage needs they have in 2024, U-Haul will be there with solutions.”
According to U-Haul, Texas ranked first as the top growth state for the sixth time since 2016, but Florida is “equally appealing.”
Arkansas saw the biggest jump in growth rankings, moving from 43rd in 2022 to 17th in 2023. Wyoming was next in line, climbing 19 spots, followed by Vermont (18 spots), Washington (16 spots), and Delaware (12 spots).
Oregon had the biggest drop, moving from 22nd in 2022 to 37th in 2023. Other biggest fallers included Connecticut (14 spots), Pennsylvania (14 spots), Ohio (14 spots), Missouri (13 spots), and Indiana (13 spots).
“The Lone Star State has now outpaced the national average in terms of real GDP growth for five consecutive quarters, a streak which is emblematic of Texas’ rapid recovery from the pandemic recession in 2020. The state’s real GDP is now 12% above the level registered in Q4-2019, outpacing all but six other states,” the analysis said.
Wells Fargo predicted that the Texas economy will slow this year but remain strong in the long run.
“Growth looks set to slow in the near term as the macroeconomic backdrop deteriorates and the U.S. economy likely enters a mild recession in 2024. Over the longer run, however, evidence continues to mount that the Lone Star State is quickly becoming a superstar economy,” the analysis said.
