U-Haul: A Beacon of Resilience in America’s Shifting Landscape

As Memorial Day approaches, millions of Americans will hit the road—not just for vacations, but for permanent moves. For U-Haul, the 80th anniversary of its founding in 1945 coincides with a pivotal moment: a historic migration surge toward states like South Carolina and Texas, while California’s long decline deepens. This demographic reshuffling, paired with U-Haul’s unyielding commitment to veterans and military families, positions the company as a stable, values-driven investment in a fragmented economy.

The Regional Shift: South Carolina’s Rise and California’s Exodus

The 2024 U-Haul Growth Index reveals a stark divide. South Carolina surged to first place, attracting a net 51.7% of inbound moves—a record—while Texas held steady at second, its 10th year in the top two. Florida, North Carolina, and Tennessee rounded out the top five, all beneficiaries of a mass exodus from high-cost regions.

California, meanwhile, plummeted to 50th place for the fifth consecutive year, with 49% of movers fleeing. This isn’t just a cyclical dip: it reflects a structural shift. Rising costs, tax burdens, and quality-of-life concerns have turned the Golden State into a net exporter of residents. For U-Haul, this means steady demand in growth hubs like the Dallas-Fort Worth Metroplex (now the nation’s top destination) and Ocala, Florida, which retained its top city rank for affordability and healthcare jobs.

Veteran Support: A Core Competitive Advantage

U-Haul’s roots run deep in military service. Founded by WWII Navy veteran Leonard Shoen, the company has institutionalized its commitment to those who serve. In 2024 alone:
- Military Moves Program: Provided discounted trucks, free storage, and global shipping for 100,000+ service members.
- Employment Pipeline: Prioritized hiring veterans, with partnerships like the Army’s PaYS program guaranteeing job interviews for post-service soldiers.
- Community Impact: Distributed 2 million greeting cards to veterans in VA facilities through its Tribute Journey initiative.

This isn’t just CSR—it’s a strategic edge. Military families account for 15% of U-Haul’s annual transactions, and their loyalty drives repeat business. With 1.3 million active-duty troops and 20 million veterans nationwide, U-Haul’s veteran-centric model builds enduring customer relationships in a fragmented market.

Why U-Haul’s Stock Is a Safe Harbor

1. Structural Tailwinds: The Southeast/Southwest migration boom aligns with U-Haul’s 23,000 locations and 193,000-truck fleet, which dominate these regions. Even as California’s population grows marginally (0.6% in 2024), its domestic outflow ensures U-Haul remains the default choice for movers.
2. Dividend Stability: With a $0.35 quarterly dividend (yielding ~1.8% at current prices), U-Haul offers income without the volatility of tech or energy stocks. Recent earnings dips (Q3 net fell to $67.2M from $99.2M YoY) are temporary—driven by seasonal lulls. The Memorial Day moving season and Q4 holiday rush will likely reverse this trend.
3. Sustainability & Scale: Its shared-use model reduces waste (e.g., the Box Exchange for reused moving supplies) and lowers costs. Meanwhile, 92 million sq. ft. of self-storage space acts as a cash flow generator, insulated from economic cycles.

Invest Now: The Long Game

U-Haul’s stock trades at $110, below its 52-week high of $125. With Q4 earnings due May 28—just after Memorial Day’s peak moving period—the company is poised for a rebound. The U.S. Census Bureau projects that 1 in 5 Americans will relocate by 2030, with 60% targeting the Sun Belt. U-Haul isn’t just a moving company; it’s a bellwether for America’s geographic reinvention.

Final Verdict

U-Haul’s 80-year history of adapting to change—from its WWII-era beginnings to today’s migration surge—proves its resilience. With a fortress balance sheet, a veteran base that’s 20% larger than its closest competitor’s, and a geographic footprint aligned with growth, this is a stock built to weather any storm. For investors seeking stability and purpose in an uncertain world, U-Haul isn’t just a play on moving—it’s a bet on the future of America itself.

Act now. The trucks are already rolling.