Millennials and baby boomers: Both vital to Valley of the Sun

The latest local population numbers from the U.S. Census Bureau came out in December, receiving little coverage due to post-holiday timing. Economist and Research Professor Lee McPheters shared the statistics on Arizona growth at the Economic Club of Phoenix Luncheon on Feb. 22, 2018.

Research Professor of Economics Lee McPheters, who is the director of the JPMorgan Chase Economic Outlook Center, says Arizona is one of the top five states that is a destination place for people who are relocating. He explains Maricopa County adds 220 new residents a day — that's first in the nation. Who are the majority of these new residents? McPheters explains that while baby boomers declined by 4 percent across the nation, they grew 3.3 percent in Arizona. On the other side of the age spectrum, millennials grew by 5 percent. This tells us that the Valley of the Sun is an attractive destination for millennial migrants and baby boomers.