Tens of millions of people visit Myrtle Beach every year for great weather, fun in the sun, and all different types of entertainment. As a result, the popularity of tourism in the area has taken hold of the Myrtle Beach economy. Although there are a variety of employment opportunities in this city, many of them revolve around hospitality, entertainment, or other aspects of tourism.
People who move to Myrtle Beach may not necessarily work in these industries, but they should know what to expect from the local economy. This data informs people about the most common economic factors in Myrtle Beach, South Carolina.
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As a prominent city on the United States east coast, Myrtle Beach is mostly known for its position as a vacation destination. The strongest industries in the area include hospitality, entertainment, government, healthcare, and aerospace.
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Tourism is one of the most dominant industries in Myrtle Beach. The city grew slowly over the centuries, leaving much of the coast intact as an open space. This made developments in the 20th century easier and less competitive than other built-up parts of the coast. Myrtle Beach did not even have a name until 1900 and launched right into tourism around the same time.
Known for its warm weather and white sandy beaches, Myrtle Beach draws as many as 20 million visitors each year. As such, there is a long list of hotels, resorts, entertainment outlets, and other services that cater to tourists. For example, almost 30 percent of Myrtle Beach's population works in the hospitality industry, compared to the less than one percent working in agriculture. Another 13 percent work in retail.
Although the tourism industry tends to take center stage in Myrtle Beach, there are other industries like aerospace that have sustained significant development over the past few years. This comes as a result of investment in trade schools like the Pittsburgh Institute of Aeronautics, which offers training at a location in Myrtle Beach. With the school's addition, the numbers employed in the aerospace industry in Myrtle Beach have exploded by 600 percent.
Where To Stay In Myrtle Beach
Myrtle Beach may center its function around tourism along the Grand Strand, but the largest employers tend to be more typical. They fall into categories like local government, healthcare, education, and nationwide retailers. Specifically, the organizations employing the most people in Myrtle Beach include:
The school district alone employs about one in seven people who live in Myrtle Beach. The governments of Horry County and the city of Myrtle Beach employ around 3, 000 people. The hospitality industry may employ a greater percentage of the population. However, these are generally spread among smaller companies, as well as several national hotel and resort chains like Hilton or Marriott.
Although Coastal Carolina University is not located in Myrtle Beach proper, it is still one of the largest employers for people who live in the city. Located in Conway, just a few miles from Myrtle Beach, CCU is known for a variety of programs tailored to the needs of its 10, 000 students. Majors like speech communication or business administration are the most popular. The university employs about 2, 800 faculty, staff, and student workers, many of whom live in the Myrtle Beach area.
What's Open In Myrtle Beach?
Between them, Conway Hospital and the Grand Strand Regional Medical Center employ nearly 3, 000 people in Horry County. Only one of these organizations sits within the city limits. However, both cater to the needs of both the long-term residents and tourists of Myrtle Beach.
With its smaller population, Myrtle Beach may be on the edge of an explosion in growth, both in population and economy. The city proper holds only about 35, 000 people. By comparison, the Myrtle Beach metropolitan area has almost 500, 000 people. This makes it the second fastest-growing metro area in the country, largely due to its popularity in tourism.
Annual income in Myrtle Beach is slightly lower compared to the rest of the country, and lower than South Carolina's average as well. Average income per person is just under $27, 000, compared to nearly $29, 000 for the average American. Additionally, the household income averages about $37, 000 in Myrtle Beach, which is over $16, 000 less than the national median. This follows the trend of South Carolina having a cost of living about 30 percent less than the national average.
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Residents of Myrtle Beach and the surrounding areas enjoy unemployment rates as low as 3 percent. Although current economic growth in the city follows the U.S. as a whole, experts estimate significant expansion in the years to come. Specifically, the area is expected to grow by almost 40 percent in the next 10 years.
The cost to buy a home or condominium in Myrtle Beach averages about $170, 000 to $175, 000, with gradual increases over the past year. The market in the area is relatively steady, which means that Myrtle Beach is competitive but not necessarily poised for a significant increase or decrease in the next few years. By comparison, rentals are about $1, 200 per month, a 10 percent increase over the past year. This indicates a strong market for homeowners, given that about 45 percent of the year-round population are tenants.
While visiting Myrtle Beach for a vacation is one thing, living there is another. This region with a lower cost of living boasts beautiful weather for much of the year, with housing that is less expensive than the nation's average. The city is booming with a variety of industries, with tourism in particular. People who move to Myrtle Beach may find many opportunities surrounding this area as it continues to grow.
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Aynor Barefoot Resort Bluewater Resort Carolina Forest Chateau by the Sea Cherry Grove Conway Cypress River Plantation Fairway Oaks Garden City Beach Georgetown Grande Dunes Kingston Plantation Litchfield Beach Litchfield Plantation Little River Longs Loris Market Common Murrells Inlet Myrtle Beach North Myrtle Beach Pawleys Island Prestwick Prince Creek Seabrook Plantation Socastee Surfside BeachDavid Hucks is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at
Best Metros For Corporate Headquarters, Business Climate
Myrtle Beach is one of the best places to start a business in the whole country. Other than beinga world-famous vacation destination in South Carolinawith more than 60 miles of beaches and extensive sights, food, and events, Myrtle Beach is also a business haven, as the U.S. Census reports that it is the second fastest-growing metro area in the country.
The ever-growing metropolitan area is supplemented by South Carolina’s numerous policies that help businesses thrive. If you want to set up shop in Myrtle Beach, we’ve listed some crucial steps to research when starting your business.
If you’re determined to make it in Myrtle Beach, you have to make sure that your business will fit in the current economic landscape. For one, your business should be able to fill a hole in the market or offer more affordable products and services compared to similar enterprises in the area.
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To start, you should conduct market research to gaininsights into Myrtle Beach’s economy. This way, you can gather information on potential customers and other competitors — helping you determine what business strategies to use and further refine your business idea to capture a specific niche in the market.
When setting up your business, consideration needs to be given to the current economic landscape. Home working and hybrid working environments are important for business efficiency. If you are setting up a home office, invest in frontier internet for integrated home and phone services with fiber speeds and unlimited data in the home.
After you’re certain of what you want to offer in Myrtle Beach, you should then create a business plan to cover all your bases — from something as fundamental as your business name to things as complicated as your actual budget. Additionally, your business plan will include everything about your products and services, like how you want it to be developed and how you want it to be marketed. Moreover, you should also be able to map out your business’s target timeline and organizational structure in your plan. By making an extensive business plan, you can focus on doing everything in your power to make your new endeavor a success in Myrtle Beach.
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Most businesses start as a sole proprietorship, which is basically the default business structure. And sometimes, business owners choose not to change their business structure as being a sole proprietorship means nominal costs and significantly less paperwork. However, it carries a lot of risks, like not being able to separate your
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