Bisnow, July 10, 2025
John Krukowski
The moving vans are still arriving, but the flow of people into Texas has eased somewhat in recent years, suggesting that some of the sparkle might be fading from the Texas Miracle.
The state’s in-migration, along with job-creating business relocations that contribute to its coffers, would still be the envy of other regions. Nearly 140,000 people moved to Texas in 2024, the most of any state.
But that’s down from the almost half-million who adopted Texas mailing addresses in 2023. And while most other places would be thrilled with six-digit annual growth, in Texas, any migration slowdown triggers a gut check.
“The Texas Miracle has been a function of businesses, jobs and people coming to Texas from elsewhere in the country,” said Danny Signorelli, CEO, founder and president of The Signorelli Company, a developer based in The Woodlands, Texas. “Just as critical is the housing for those people moving here and the sense of place Texas communities are known to offer. The nice shopping centers, the offices, the entertainment, the churches, none of that shows up until there are houses. Everything starts with the rooftops — everything.”
The recent slowing of in-migration could be due to multiple factors, but declines in housing availability and affordability are often at the top of people’s lists. Last year, a state comptroller’s report noted that median home prices in Texas rose 40% between 2019 and 2023 while the housing supply declined, both worrying trends.
“An adequate housing supply is critical and underpins the Texas Miracle because a growing population works hand in glove with economic growth,” said David Oliver, a partner at Texas public finance law firm Allen Boone Humphries Robinson LLP, known as ABHR.
