Myrtle Beach: Business Starts Here
In 2017, South Carolina was the recipient of an Area Development Silver Shovel award for achievements in attracting high-value investment projects that create a significant number of new jobs. A ranking like this bodes well for Horry County and Myrtle Beach, as the Grand Strand gains momentum, and people from all over the world see our region as an optimal place to start and grow a business. With nationally low tax rates, competitive labor costs, affordable real estate, and an overall cost of doing business that’s lower than most of our regional neighbors, there are plenty of opportunities throughout the Myrtle Beach region to strengthen and diversify the economy.
Cost of Doing Business
Taxes – South Carolina’s taxes are among the lowest in the nation with a five percent corporate income tax.
Utilities – The cost for utilities – hydroelectric, nuclear, coal, natural gas, and renewable resources – is 15 percent less than the national average. Industrial electricity costs an average 5.74 cents per kilowatt hour.
Cost of Living – The ACCRA Cost of Living Index gives Myrtle Beach a composite index of 94.1 (the national average is 100). Charleston, SC received a 100.2, Charlotte, NC received a 95.7, and Atlanta, GA received a 95.3.
Myrtle Beach is located in the heart of the Southeast and is a one-day’s drive to Philadelphia, PA; Washington D.C.; Richmond, VA; Raleigh, NC; Atlanta, GA; and Miami, FL. Myrtle Beach is only two hours from the Port of Charleston, the nation’s eighth largest seaport, and possesses an international airport that just experienced its busiest month on record, welcoming over one million as of October 2017. Myrtle Beach International Airport is the gateway to the Grand Strand. Learn More
From education and government to a handful of manufacturers, the top employers in Myrtle Beach come from varied industries that support our area workers and their families. The largest non-manufacturing employers are:
- Horry County School District
- Horry County Government
- Coastal Carolina University
The largest manufacturing employers are:
- Conbraco Industries
- Precision Southeast Inc.
A Look Ahead
According to Business Facilities, Myrtle Beach is the second fastest growing metro in the nation. Just last year, Forbes ranked Myrtle Beach second on its list of best places for job growth at 3.7%. It’s accolades likes these that will continue to attract people and companies to our area for economic opportunities. And during this time of profound growth, it’s our goal to maintain a blueprint that allows businesses to operate affordably and with the support of an entire community.