The average value of rural Texas land is rising, according to a report from Texas A&M, and it may be tied to significant population growth.

The report from the Texas A&M Natural Resources Institute shows the average appraised value of farm and ranch land in the state increased 24 percent from 2012 to 2017, according to reporting by Houston Public Media.

In comparison, that same land rose in value approximately 291 percent between 1997 and 2017.

At the same time land values were almost tripling, the state’s population grew 48 percent, adding approximately 470,000 new residents every year since 1997.

“More people means a growing demand for rural land which means an increase in value,” Roel Lopez, Director of the Natural Resources Institute at Texas A&M, told Houston Public Media.

The greatest increases in value correlated directly to proximity to major cities, according to the report.

While the rising value may be a boon to some, the incentive for landowners to sell their agricultural land for development has also led to the loss of 2.2 million acres of working lands.