Our college fencing club has seen a real membership growth this past year. I also seem to hear about more people getting into it via SCA these days. I know its future had been cloudy and that it was in danger of losing its Olympic status--is fencing getting healthier?
According to a friend of mine who is one of the US Olympic Fencing Coaches this quadrennial, fencing is not in danger of losing its Olympic status. It is one of four sports included in every Olympiad and as such will not be eliminated any time soon.
The IOC is starting to divide sports into "core sports" and "fringe sports," which will in turn greatly influence the funding, number of medals and number of athletes allowed into each event. The danger fencing faces from the IOC is being relegated to so called fringe status.
As far as popularity, it is growing in America. The US winning Gold and Bronze in Individual Women's Sabre in Athens and the high medal hopes in other weapons for the US finally got us a bit of air time on NBC, which was later relegated to Bravo. It still produced a surge in membership in the US Fencing Association, from ~12000 to ~20000. I think the number now is somewhere between 23 and 25 thousand, though I have not looked it up in a while. Also, bear in mind that the number of actual fencers will be greater than this, as USFA membership is not required by most clubs, and is often only a prerequisite if a fencer wishes to compete.
Also, this is for modern Olympic style fencing. For classical, historical, SCAish and other variants, your mileage may vary.