Article on South Carolina’s booming economy and population growth

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The Palmetto State entered 2024 from a position of strength: Key industries are booming, and the stars are aligning for the Southeastern state to capitalize on long-term migration patterns.

The state’s economic growth, which clocked in at a strong 5.7% rate in the third quarter of last year, was driven largely by two sectors: advanced manufacturing (automotive, tire and aerospace industries); retail and distribution (warehousing, ports and rail).

Those industry clusters combined have an estimated economic impact of $48.3 billion, having expanded more than 25% since 2010, and employ upward of 150,000 people, according to a study University of South Carolina conducted in partnership with the SC Council on Competitiveness.


The state is ideally situated, geographically, for companies to import goods and channel them throughout the Southeast.

“You can reach about twice as many people within an 8-hour drive from South Carolina as you can from Florida,” he said.

People are moving to South Carolina in droves. It was the fastest-growing state last year, expanding by 1.7%, according to the Census Bureau. It is home to 5.4 million residents, up more than 255,000 since April 2020, and while it is a big draw for retirees, it’s also attracting younger people looking for work opportunities and lower cost of living.

The state’s population growth is fueling demand in industries such as health care. Several new hospitals plan to open in coming years in the Myrtle Beach area, which has been named the fastest-growing place in the US for three years in a row by US News and World Report. Health systems are also expanding their outpatient services, including surgical centers, imaging and laboratory facilities, urgent care locations and specialty practices, around the state.

“We’re just treating so many more patients that we don’t have capacity,” said Thornton Kirby, CEO of the South Carolina Hospital Association. “Hospitals are trying to put facilities where all the new development is being planned.”

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