2020 Population Estimates; Impact on Bond Caps and SSBG
The U.S. Census Bureau released state resident population estimates for July 2020 and revised data for prior years. The new data identify population shifts and affect certain formulas. These data are estimates, unlike the forthcoming data from the 2020 decennial census.
The national population continues to grow at historically low rates, as shown below. This year’s population increase dropped to 0.35%, and last year’s estimate was revised downward from 0.48% to 0.46%. Sixteen states registered population declines.
This Issue Brief summarizes the new population estimates and calculates their effect on calendar year (CY) 2021 tax-exempt private activity bond limitations and fiscal year (FY) 2022 Social Services Block Grant (SSBG) allocations. It also provides a status update on the 2020 decennial census.