PHOENIX (3TV/CBS 5) -- According to a new report, more than 200 people are moving to Phoenix every day.
The report from Bloomberg said Phoenix is the fastest growing city with year-over-year resident influx in the country.
That leaves a lot of Valley residents wondering, why are so many people moving to Phoenix and where are they headed once they get here?
According to Laurie McDonnell, designated broker with HomeSmart, a lot of different demographics are coming here. But the reason they're coming here is relatively the same: great weather, cost of living and job market.
The top five spots they are moving to are where the inventory is lowest: Avondale, Chandler, Mesa, Gilbert and Surprise.
McDonnell said this is great news for Arizona's economic growth and more homebuilders are already applying for permits to accommodate Phoenix's growing population.
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The report also cites New York as the biggest loser with nearly 280 people moving out each day. Los Angeles and Chicago were next with triple-digit losses.
Other cities with highest growing daily influx include: Orlando, FL; Denver, CO; Lakeland, FL; and Oklahoma City; OK.
According to Bloomberg's report, not only is there a lot of people moving to Phoenix daily, but Phoenix is now also the greatest beneficiary of domestic migration, passing Dallas, TX.