Rocket Fuel Newsletter – 12/30/2024

New year, new you!

As January 1 quickly approaches, millions of people around the world will be making their annual New Year's resolutions. Whether it's getting in shape, learning a new hobby or buying a home, the start of a new year is a great time to set goals and commit to self-improvement. Despite the clean slate, it is hard to stick to those resolutions. Here are Harvard’s seven steps to make sure this year’s resolutions stick.

This week’s edition has the nation’s largest population growth since 2001, new construction data, December Presence wins and much more!

Fuel up! 🚀

The U.S. saw the largest population growth since 2021

The U.S. population grew by nearly 1% between 2023 and 2024, reaching over 340 million people. This is the fastest annual growth since 2001. The growth was primarily driven by rising net international migration, which accounted for 84% of the 3.3 million person increase. The South remained the fastest-growing region, adding nearly 1.8 million residents (1.4% growth). This was driven by both international migration and domestic migration.

For more information on the U.S. population in 2024, click here.

Housing without running water

Recent research using U.S. Census Bureau data estimates that approximately 1.1 million households in the United States don’t have access to running water and sewage systems. Many of these homes are found in some of the most expensive cities in the country. This is a concerning issue that highlights the disparities in access to essential utilities and services.

Additionally, the study found that people of color were disproportionately affected by this issue. Ensuring all households have reliable access to clean water and proper sewage systems is crucial for public health and quality of life.

November monthly new residential construction

The latest census data shows a strong push in the construction sector heading into 2025:

Building permits were up 6.1% in November compared to October.
Single-family housing starts increased 6.4% from October to November.

To access the full census report, click here.

The 2024 economic rollercoaster

As 2024 winds down, we find ourselves reflecting on a wild ride filled with unexpected turns and a few pleasant surprises. From the highs of a booming stock market to the twists and turns in the housing sector, the year was anything but dull. So buckle up as we dive into the year's major economic events and peek into what 2025 might have in store!

In a year marked by resilience, 2024 saw robust economic performance despite inflationary pressures and geopolitical tensions. Interest rates took center stage, with the Fed swaying to the tune of economic cues as it executed much-talked-about rate cuts. The transitioning rates, while a bit of a tango, set a new rhythm for economic growth, demanding creativity from leaders and businesses alike.

The housing market had its own drama, with a downturn in housing starts acting like a plot twist in a thriller. November saw a drop in new-home construction, hit hard by fewer multifamily projects. But wait – cue the comeback music for single-family homes in the South following hurricane delays! It's a reminder that in housing, as in life, it’s as much about timing as it is about location.

Artificial intelligence truly stole the spotlight in 2024, much like Ryan Reynolds and Hugh Jackman in “Deadpool & Wolverine.” From fraud management to customer service enhancements, AI was the star performer, proving indispensable across sectors, most especially in banking. As with any great show, AI’s encore in 2025 is highly anticipated!

This December brought fresh updates, with mortgage applications experiencing a little stumble after a positive streak – blame it on Friday the 13th! Meanwhile, Personal Consumption Expenditures emerged as a standout underdog, showing less growth than expected but rallying bond markets. Clearly, our economy wasn’t shy about keeping us on our toes till the very end!

Looking into the new year

As we step into 2025, optimism is amped up by expectations of pro-business reforms. Yet this comes with its own set of challenges, including persistent issues in housing and the uncertainty around policy changes. Institutions poised to embrace technological advancements and adaptability will likely flourish in the evolving landscape. As we advance, keeping sight of long-term objectives while accommodating new developments will be key to making the most of 2025.

Kick off 2025 with these can’t-miss events

Start the year strong by connecting with top industry professionals and gaining valuable insights at our upcoming tradeshows. Hear exclusive keynotes from our very own Executive Vice President Mike Fawaz and Don Chiesa, Vice President at the New England Mortgage Expo!

Use code ROCKETFREE for free registration at these shows: