Colliers Report: Myrtle Beach is the second-fastest-growing metro in the U.S.
July 8, 2021
2021 Q1 Retail Myrtle Beach Report
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 spend on residential construction to accommodate for the population boom
Click here to download the full report.
Myrtle Beach is the second fastest growing metro in the U.S.
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-ConwayNorth 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 construction and 17 new commercial buildings.
Myrtle Beach is the second fastest growing metro in the U.S.
Because of this residential growth and with the growth projected to continue, retailers are keenly focused on the Myrtle Beach market. As an example, there are few grocery stores under development across South Carolina, yet Myrtle Beach has four new grocery stores open or soon to begin construction. Also, the need for service retail is extremely strong with high demand for properties suited for restaurants and personal services. The ongoing improvement to road infrastructure will continue to have very positive impacts on commercial corridors throughout the Grand Strand.
Click here to download the full report.
About Colliers South Carolina
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2020 brokerage volume exceeded $533 million, which included over 456 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of over 16 million square feet of office, industrial, retail and healthcare properties. Colliers International’s staff hold 49 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
