South Carolina Named Top Growth State

News Summary

South Carolina has been recognized as the number one growth state for 2024, according to a report by U-Haul. Climbing three spots from last year, the state surpassed Texas to achieve this accolade. With a cost of living 7% below the national average and an expanding business sector, South Carolina attracts new residents seeking affordable living and job opportunities. The state experienced a notable net migration with a 1.65% population increase, reflecting a trend of migration towards the Southeast U.S., particularly its metropolitan and coastal areas.

South Carolina has been declared the number one growth state for 2024 according to a report by U-Haul, based on one-way customer transactions. This achievement marks the first time South Carolina has taken the lead, climbing three spots from the prior year. The state’s notable growth has surpassed Texas, which held the top position from 2021 to 2023.

U-Haul’s data reveals that South Carolina’s cost of living is approximately 7% below the national average, making it an appealing and affordable option for new residents. The state’s climate is mild, enabling year-round outdoor activities, including golfing, hiking, and beach enjoyment.

In terms of migration statistics, the state witnessed a stable number of U-Haul arrivals, while departures experienced a 2% decrease. This resulted in South Carolina achieving the highest net gain of U-Haul movers in the United States. From the total one-way traffic into and out of the state, 51.7% of U-Haul customers were moving to South Carolina.

A significant factor behind this growth is the expansion of South Carolina’s business sector, particularly in areas such as manufacturing, technology, and healthcare. Major corporations—including Boeing, BMW, and Volvo—have established substantial operations in the state, thereby strengthening the manufacturing industry.

Employment rates in South Carolina have surged by 7% over the past five years, driven by business growth and development. Key cities such as Charleston and Greenville contribute significantly to this trend with Charleston’s Silicon Harbor and Greenville’s advanced manufacturing sector standing out.

Despite being the 10th smallest state in the U.S., South Carolina exhibits an impressive growth rate of 1.06%. It also has the highest move-in-to-move-out ratio at 2.05, showcasing strong net migration trends. Recent IRS tax data indicates that South Carolina added around 101,296 households moving in, compared to 68,369 households leaving, reflecting a 1.65% population increase.

The top states people are relocating from include New York, North Carolina, and New Jersey. Notably, the largest cities in South Carolina, as indicated by U.S. Census data, include Columbia, Charleston, and North Charleston, each boasting a population exceeding 100,000. Urban areas around these cities significantly elevate overall population figures, with Charleston County surpassing 400,000 residents.

Greenville County stands out as the most populated in South Carolina, with a population of 525,534 residents, followed by Richland County at 416,147. The combined population of Greenville, Spartanburg, and Anderson counties is over one million. Beaufort County, known for its rising population, has achieved a 7% growth increase since 2020.

Residents often migrate to coastal and metropolitan destinations like Hilton Head and Bluffton, which are among the state’s top populous areas. Between 1970 and 2023, South Carolina saw a drop in the percentage of residents born in-state, from 80% to 52%.

The average age of residents in South Carolina is around 38.8 years, with projections indicating a growing population of individuals aged 64 and older, surpassing those under 18. From summer 2023 to summer 2024, South Carolina added an estimated 91,000 new residents. This population growth is largely influenced by people moving in search of better job opportunities and a lower cost of living.

Additionally, South Carolina has emerged as a notable retirement destination, attracting a considerable number of retirees. Recent trends show the state gaining approximately 91,000 people annually, with the migration predominantly directed toward its coastal and metropolitan areas, particularly Greenville and Spartanburg. This growth reflects a broader national trend of increasing migrations toward the Southeast region of the U.S.

Deeper Dive: News & Info About This Topic

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• Wikipedia: South Carolina
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• Google Search: South Carolina population growth
• Business Wire