Population Growth in the Carolinas

A recent report highlights a significant population increase in the Carolinas, driven primarily by high-paying job availability, relatively affordable living, and a steady influx of retirees. According to economic forecasting from Oxford Economics, these factors make the area attractive to those coming from pricier coastal cities.

North Carolina topped the list for net domestic immigration among all states in 2023, while South Carolina has been noted as the fastest growing state by percentage. Between July 2022 and July 2023, South Carolina’s population surged by 1.7%, significantly surpassing the national average, bolstered by a net gain of over 82,000 domestic migrants.

Researchers from the University of Oxford pointed out that this population growth encompasses various age groups. Young professionals are drawn to job opportunities in bustling cities, while older individuals are lured by retirement options in scenic coastal areas.

Charlotte, as the largest city in the Carolinas and a major financial hub, has seen substantial migration, with a reported net gain of 225,500 people over the past five years. Raleigh, North Carolina’s capital and key player in the “Research Triangle,” is also witnessing a notable influx, expected to see an additional 143,000 residents from 2021 to 2025.

• Greenville, South Carolina: A net increase of 83,500 residents
• Myrtle Beach, South Carolina: Adding around 82,000 people

The primary factor driving these moves? Housing costs. Despite price increases in recent years, living in the Carolinas remains quite reasonable compared to the steep costs found on the West Coast.

The home price-to-income ratio in Charlotte stands at 4.8, while Raleigh is at 4.4—both below the national average of 5.0 and far lower than major coastal cities, where ratios can exceed 10.0.

This population growth in the Carolinas contrasts sharply with several traditionally blue states, which are struggling to regain pre-pandemic population levels. Major cities like Boston, New York, and Chicago have consistently experienced declines in net immigration.

Los Angeles County has seen a notable drop, too. According to U.S. census data, its population has fallen from about 10 million in 2020 to approximately 9.7 million now, losing more than 56,000 residents in just the past year.

As the Carolinas continue investing in infrastructure and attracting large corporate moves, experts predict that migration trends flowing into the Sunbelt region will likely continue shaping American demographics well into the future.