South Carolina's population and economy are booming

The pandemic had a noticeable impact on South Carolina’s economy, but its effect on employment was not as severe or prolonged compared to the national level. South Carolina entered 2024 in a strong position, with thriving key industries and favorable migration patterns. However, the state faces challenges such as an aging population, labor shortages, and high interest rates. South Carolina’s unemployment rate spiked to 11.7% in April 2020 but dropped to under 5% by the end of 2020. The state’s economic growth is driven by advanced manufacturing and retail sectors, with billions in economic impact and thousands of jobs. South Carolina’s population growth, particularly in the Southeast, presents opportunities but also strains the labor market. The state is addressing this through technical colleges and workforce development programs. The healthcare industry is experiencing increased demand due to population growth, leading to the need for additional staff. However, hiring difficulties exist in various industries, resulting in wage increases. Overall, South Carolina’s economy has shown signs of recovery and potential for long-term growth.