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South Carolina Named Fastest-Growing State in the U.S.

Growth in South Carolina

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News Summary

South Carolina has been recognized as the fastest-growing state in the United States for 2024, according to U-Haul’s Growth Index. This marks a significant leap, moving up three spots from its previous position. The state’s appeal includes a cost of living 7% below the national average and a mild climate. Notably, areas like Jasper County have seen exceptional growth, including a planned investment of over $300 million in infrastructure improvements. With projections suggesting a population increase to approximately 6.4 million by 2042, South Carolina is emerging as a prime destination for new residents.

South Carolina has been named the fastest-growing state in the United States for 2024, according to U-Haul’s newly released Growth Index. This announcement marks the first time South Carolina has achieved this status, moving up three spots from last year while Texas, which held the number one position from 2021 to 2023, has slipped to second place.

The U-Haul Growth Index ranks states based on the volume of one-way customer transactions within the past year, providing insights into migration patterns across the country. South Carolina is particularly attractive to movers due to a cost of living that is 7% below the national average and a mild climate that supports outdoor activities year-round.

In a positive trend for the state, U-Haul reports that while the number of people leaving South Carolina remained steady, departures decreased by 2%. This decrease has contributed to a net gain of movers, with over half (51.7%) of one-way traffic involving customers relocating into the state.

Economic Growth Driving Migration

The growth in South Carolina can largely be attributed to its expanding business sectors including manufacturing and technology. Major companies such as Boeing, BMW, and Volvo have established a significant presence in the state, aiding in a remarkable 7% increase in employment over the past five years. Notably, Charleston’s Silicon Harbor has become a burgeoning hub for tech startups, while Greenville is recognized for its advanced manufacturing sector.

Jasper County has emerged as a particularly noteworthy area, identified as one of the fastest-growing counties in the U.S. with a staggering increase of housing units by 8.4% between 2023 and 2024. As a response to the growth, more than $300 million in infrastructure improvements are planned for this region to accommodate the population increase.

Rapid Growth in Local Municipalities

The city of Hardeeville in Jasper County has seen extraordinary growth, with a population surge of 85% from 2020 to 2024, making it the fastest-growing municipality in South Carolina. Other municipalities that are experiencing rapid growth include Moncks Corner, Woodruff, and various areas in the Upstate, while Beaufort is also noting significant growth due to ongoing multi-family developments.

As a whole, South Carolina boasts a statewide growth rate of 1.7%, with certain communities growing even faster than the national average. Within the Southern region of the U.S., cities with populations between 5,000 and 49,999 are averaging 1.6% annual growth.

Future Projections

Looking ahead, future projections suggest that South Carolina’s population may reach approximately 6.4 million by 2042, equating to an increase of an estimated one million residents. This anticipated growth will bring further opportunities and challenges for infrastructure and resources across the state.

The U-Haul Growth Index study utilized data from over 2.5 million one-way U-Haul transactions, rendering a comprehensive representation of migration trends across the entire nation. As such, South Carolina’s designation as the fastest-growing state in the U.S. affirms its rising status as an attractive destination for new residents seeking better living conditions and job opportunities.