A study was recently conducted for Time magazine by the Urban Land Institute to see which region saw the largest growth in millennials between 2010 and 2015. 50 urban areas were considered and millennials were defined as people ages 25 to 34. According to the results, Hampton Roads saw the largest growth (16.4%).
We here at CraniumTap wondered how much of that growth was due to the military presence in our market. Turns out, without the military, we would actually be losing millennials!
Between 2014 and 2016, Hampton Roads saw an increase of 6.1% in millennials between the ages 25 and 34. That’s the 15th largest increase among the 77 largest markets in the U.S. Hampton Roads currently has the 13th largest percentage of millennial residents at 19% of the adult population.
Now let’s see what the changes in this time frame look like when we start to remove the military from the equation:
- Without active duty millennials in Hampton Roads, we see a decrease of 1.6% in the market from 2014 to 2016, which places us at 76th out of the 77 markets in growth.
- Without active duty millennials only make up 17.1% of the Hampton Roads adult population, which moves us down from 13th to 40th place in the U.S.
- If we remove active duty and civilian military workers from the millennial population, Hampton Roads saw a 3.1% decrease, placing us second to last again in growth.
- Without active duty and civilian military, our current millennials now drop to 16.7% and puts us at 47th place overall.
So, as you can see, although we do have an above average concentration of millennials, it appears we have the military to thank for helping us attract and keep them here!
Source: Nielsen, Scarborough Research – Hampton Roads, Release 1, 2017 (Geography: Hampton Roads Designated Market Area); 77 Largest U.S. Markets, Release 2, 2016. (Geography: DMAs)