Invasive species that are closely related to each other may have similar population dynamics and, therefore, be controlled by targeting similar life stages. We studied two invasive knapweed species, spotted knapweed (Centaurea stoebe subsp. micranthos) and the hybrid meadow knapweed complex (Centaurea × moncktonii) in New York, USA, to determine their individual population growth rates (λ) across several sites over three years. Both knapweed species had growth rates that were greater than 1 (spotted knapweed λ ranged from 1.005–1.440; meadow knapweed λ ranged from 1.541–2.408), but there was high variability between years and sites. One study population of meadow knapweed was composed primarily of individuals of black knapweed ancestry (C. nigra), a species that, while introduced, is not invasive. For this population, the projected dynamics were stable (λ approximately 1). Elasticity analysis showed that the flowering-to-flowering stage contributed the most to population growth rate for six of seven sites and three additional transitions were also influential for four of seven sites of spotted and meadow knapweed: the seedling-to-vegetative stage, vegetative-to-flowering stage and flowering-to-seedling stage. We simulated how increasing vital rates would affect population growth and found that both spotted and meadow knapweed followed the same pattern. The vital rate of established seedlings maturing to flowering plants had the greatest effect on population growth, followed by the survival of new and established seedlings. In all cases, the responses were non-linear, with small initial changes having a large effect. Increases in the vital rates of later stages also tended to have a positive effect on growth rate, but the effects were more modest. Although the sensitivity analysis indicated that early vital rates had the largest effect on population growth, targeting these stages is not practical for management. Rather, reducing older life stage survival or delaying maturation of vegetative individuals would be more effective. The similarity between the population dynamics and how each life stage contributes to population growth provides support that protocols developed for one species should be effective for the other species with the caveat that any biological control agent should be directly tested on the target species before being utilised.