2021 Q1 Retail Myrtle Beach Report

Myrtle Beach is the second-fastest-growing metro in the U.S.

Key Takeaways

• Myrtle Beach’s population is growing at a rate of 2.48% annually
• 54.36% of total the fiscal year 2020 construction value was spent on residential construction to accommodate for the population boom

Myrtle Beach is currently growing at an annual rate of 2.48% and reached its highest population during 2021. In the Myrtle Beach area, the current population is 393,000, a 4.24% increase over its 2020 population. In addition, over the last eight years, there has been a population growth of 27.7% within the entire region of Myrtle Beach-Conway-North Myrtle Beach. Due to this high growth rate, residential construction is also growing at an exponential rate. During the fiscal year 2020, ending on June 30, 2020, the City of Myrtle Beach issued 6,837 total building permits totaling $355 billion dollars. Of the total construction value, 54.36% of it was used for residential construction. There were 491 new single-family residences built, 16 new multi-family residences constructed, and 17 new commercial buildings.