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Census: Southeast has Fastest Growing Counties

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The US Census Bureau is out with its Vintage 2025 county and metro area population estimates. In its analysis, Census found that the majority of US counties experienced slow to negative population growth between July 1, 2024 and July 1, 2025. It cites negative international migration as the principal cause of this trend. However, for the largest counties (1 million and above), negative net domestic migration was also a key factor. Census figures show a 6.27 per 1,000 reduction in population from negative net domestic migration in those counties, resulting in a growth rate of only 0.3% for the group during the 12 months ending July 1, 2025, compared to a 1.1% rate in 2024. While counties of all sizes generally experienced slower growth in the 2025 period compared to that of 2024, this large county cohort saw the most significant decline. Finally, Census determined that the fastest growing counties were located “along the southeast coast of the United States in Florida, Georgia, South C...
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KC Fed: Service Sector Gains in March

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Service sector activity in the Tenth Federal Reserve District continues to increase according to the result of the Federal Reserve Bank of Kansas City’s March Services Survey. The top line services composite index (SA) increased to 15 in March, from 6 in February and 2 in January. It was the fourth consecutive m/m increase in this measure. The employment index moved back into positive territory at 7 from -5 in the prior month, for the first positive print for the employment index since August 2025. Similarly, the hours worked index posted its first positive print since June 2025 at 8 from -1 in February, but the part-time employment index dipped slightly to 3 from 5. The six-month expectations composite index rose modestly to 17 from 13 in February, revenue/sales expectations held steady at 20, while employment expectations index increased to 16 from 3. Finally, capex expectations were a touch higher at 19 compared to 17 in February.
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New York Times: Vegas Tourism Slowdown

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 Interesting article in today's NYT about the current state of Las Vegas tourism. It seems the whales are still showing up, but everybody else, not so much. International tourism is down and at the same time, domestic tourists are being priced out of the market. 
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KC Fed: Manufacturing Index Up Modestly in March

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Federal Reserve Bank of Kansas City’s March Manufacturing Survey indicates continued moderate growth in manufacturing activity in the Tenth Federal Reserve District. The survey’s composite index increased to 11 in March from 5 in February and 0 in both January and December. Almost all of the component indexes (SA) of the survey improved m/m, but the new orders for export index fell to -4 in March from 0 in February. Notably, the employment index increased to 7 from -6 in the prior month. The six-month expectations indexes were mixed in March, with the composite expectations index increasing marginally to 16 from 15 in February, while the employment, capex, and new orders for export indices all fell m/m.
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Nevada: Population Grows but Enrollment Falls

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Nevada’s population continues to grow, but most of that growth is driven by retirees and other childless households. This factor, combined with a significant drop in the state’s birth rate, is creating an “enrollment cliff” in its public school system in which current high school graduating classes are substantially larger than incoming kindergarten enrollment. According to the US Census Bureau, Nevada’s population increased by 176,595 between 2020 and 2025. However, its public school enrollment fell by almost 30,000 over that same period. Some of this decline is driven by a reported 17.2% decline in the state’s birth rate between 2011 and 2023.
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South Dakota: Governor Signs Legislation Limiting Data Centers

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South Dakota Governor Larry Rhoden has signed legislation that requires data centers with peak electric demand of 10 MW or greater to “ensure their water use does not overburden local resources”.  It also calls for these data centers to fund the electrical infrastructure costs associated with their facilities. Importantly, the legislation prohibits the state from “overriding local ordinances limiting, prohibiting or otherwise regulating data centers”.
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Concern For Nevada Tourism

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Southern Nevada tourism was down 7.5% in 2025. Visitations by Canadian tourists fell 20% and airline capacity between Canada and Las Vegas decreased 35%. But that was 2025. Now, the spike in gas prices and growing air travel difficulties are raising concern over 2026 Las Vegas tourism. This article from the Nevada Current explains.
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