Excerpt from Bloomberg
According to BloombergBusiness, the Bakersfield MSA is among the U.S. cities with the fastest-growing millennial population. Millennials, many saddled with college debt, are following job opportunities to smaller metropolitan areas where the cost of living is considerably less when compared to large urban cities such as New York and Los Angeles.
This pool of 18 to 34 year olds is finding employment in industries like education, health care, energy and tech.
From 2010 to 2013, Bakersfield saw increase in millennial growth of 38 percent, ahead of major cities such as Las Vegas and Orlando.
When you factor in Kern County’s industry employment growth is projected to reach 371,900 by 2022, an increase of 14.7% over the next ten years, it’s critical to realize that the majority of the workforce will be made up of this young demographic. Forbes also ranked Kern as a leading job creator for millennials, attributing opportunities to the ever-increasing STEM fields—life, physical, and social science occupations.
A survey conducted by housing agency Fannie Mae, found that the majority of this generation also has an interest in owning their own homes — just like their parents and previous generations.
What does this mean for Kern County? One can expect a jump in building permits for privately owned housing with two or more units, a trend largely attributable to the growth in this young cohort. In Raleigh, North Carolina, another millennial magnet, permits jumped by a whopping 507 percent. This anticipated trend will also impact construction, increasing demand and local jobs.
Cities that are magnets for millennials
|Rank||Metro Area||Increase in Millennial Population||Population Ages 20 to 34|
|1||Riverside-San Bernardino, CA||38.8%||1,050,250|
|3||Las Vegas, NV||36.7%||476,680|
|6||San Antonio-New Braunfels, TX||28.9%||539,330|
|7||Austin-Round Rock, TX||27.8%||502,630|
|13||Tampa-St. Petersburg, FL||22.0%||588,050|
|16||El Paso, TX||21.2%||205,650|
|19||Oklahoma City, OK||18.1%||326,095|
Bloomberg ranked cities with populations of 750,000 and more on the increase in their millennial population from 2000 to 2013. Figures for 2013 are five-year estimates collected by the U.S. Census from 2009 through 2013.