2023 Population Estimates: Impact on Bond Caps, Social Services Block Grant Allocations

The Census Bureau released state resident population estimates for July 2023 and revised estimates for July 2020, 2021, and 2022. The new data identify population shifts and are used to distribute funding for certain formula grants.

The national population has been growing at historically low rates recently. (These figures may change slightly once the Census Bureau re-estimates figures from the past decade.) In 2023, the annual growth rate grew slightly to 0.49%, following a 0.37% increase in 2022, and marking the largest increase since 2018.

This Issue Brief summarizes the new population estimates and calculates their effect on calendar year (CY) 2024 tax-exempt private activity bond limitations and fiscal year (FY) 2025 Social Services Block Grant (SSBG) allocations.