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South Carolina Named Fastest-Growing State

South Carolina Growth

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News Summary

South Carolina has topped U-Haul’s growth index for the first time, overtaking Texas as the fastest-growing state. The 7% lower cost of living and mild climate attract new residents, while a thriving job market boosts economic growth. Hardeeville and Jasper County are spotlighted for rapid development, with a significant influx of people and investment in infrastructure. Projections suggest continued population increases, positioning South Carolina as a desirable destination for families and individuals seeking new opportunities.

South Carolina Named Fastest-Growing State of 2024

South Carolina has emerged as the nation’s fastest-growing state for 2024, according to U-Haul’s latest growth index. This report is based on the analysis of one-way customer transactions over the past year, marking a significant milestone as it is the first time South Carolina has led the growth index. The state has risen three places from the previous year, overtaking Texas, which held the top position from 2021 to 2023.

Growing Population and Economic Factors

The state’s attractiveness can be attributed to its 7% lower cost of living compared to the national average, enabling residents to enjoy various amenities while maintaining affordability. Additionally, South Carolina’s mild climate encourages year-round outdoor activities, such as golfing, hiking, and beach relaxation.

The U-Haul report highlighted a balance between incoming and outgoing traffic, revealing consistent one-way moves into the state while departures saw a 2% decrease. This led to South Carolina attaining the largest net gain of U-Haul movers nationwide. Approximately 51.7% of all one-way traffic in and out of South Carolina last year consisted of new residents moving to the state.

Economic Growth and Employment

South Carolina’s rapid growth is fueled by a thriving business environment, particularly in sectors such as manufacturing, technology, and healthcare. The state has witnessed a remarkable 7% increase in employment over the past five years, with significant contributions from major companies like Boeing and BMW. This influx of business and job opportunities has made the state increasingly appealing to potential movers.

Regional Growth Highlights

Specific regions within South Carolina are experiencing remarkable growth. Hardeeville was identified as the fastest-growing municipality, while Jasper County claimed the title for the fastest-growing county in terms of housing units in the U.S. Between 2023 and 2024, Jasper County saw its housing stock grow by 8.4%, thanks to its proximity to urban areas and plentiful job opportunities.

Jasper County is undergoing significant transformations with ongoing projects, including upgrades to the Ridgeland-Claude Dean Airport and the expansion of Interstate 95. Additionally, a new manufacturing plant is anticipated to create 400 jobs by fall 2025.

Population Growth and Future Projections

Hardeeville’s population surged by 85% from 2020 to 2024, prompting substantial municipal planning to accommodate the growing community and its infrastructure needs. Over the last five years, infrastructure improvements worth over $300 million have been proposed to support Jasper County’s rapid expansion.

On a broader scale, South Carolina’s overall population growth rate reached 1.7%, with a notable migration ratio of 2.05 people moving in for every person departing. In 2024 alone, 62 communities within the state surpassed the average national growth rate for towns of similar sizes, adding to South Carolina’s overall migration trend.

Looking ahead, the state is projected to reach a population of approximately 6.4 million by 2042, with steady increases expected in the forthcoming years. This growth is part of a broader trend in the Southern region of the U.S., where South Carolina is becoming a key beneficiary.

The U.S. Census Bureau has underscored Jasper County’s remarkable expansion as among the fastest in the nation, heralding a regionally driven development trend that enhances South Carolina’s appeal as a desirable destination for new residents.

The combination of affordable housing, abundant job opportunities, and favorable living conditions positions South Carolina as an increasingly attractive choice for those seeking to relocate, thus contributing to its distinction as the fastest-growing state in the nation for 2024.