Marketplace Morning Report No longer a nation of movers
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Mar 30, 2026 William Frey, demographer at Brookings studying U.S. population shifts. Julia Coronado, macroeconomist and policy analyst at UT Austin. They discuss falling internal migration, who still moves and why, whether wealthy people relocate for tax reasons, and how war-related supply risks could ripple through markets.
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Conflict Threatens Broader Supply Chains
- The Iran conflict threatens not just oil through the Strait of Hormuz but also cargo via the Red Sea, expanding supply-chain risk.
- Julia Coronado warns this could hit industrial inputs like aluminum and helium used in semiconductors, raising inflation and recession risks.
Central Banks Face Conflicting Risks From War
- Supply disruptions from the war are both inflationary and demand-destroying, posing a dual challenge for central banks.
- Coronado stresses central banks face high risks to both inflation and growth mandates simultaneously.
Why Fewer Americans Move Cross Country
- Internal migration in the U.S. has fallen from about 20% annual movers in the 1950s to roughly 9% today.
- William Frey links the decline to homeownership, multi-earner and older households, and fewer renters who historically moved more.