Newcomers to S.C. greatly accelerated during the pandemic years as remote employment took hold and that trend has continued. South Carolina was recently crowned the fastest-growing state in the nation by the U.S. Census Bureau based on percentage growth, adding roughly 90,000 additional residents to the population.
| Top 10 States or State Equivalent by Percent Growth: 2022 to 2023 | |||||
| Rank | Geographic Area | April 1, 2020 (Estimates Base) | July 1, 2022 | July 1, 2023 | Percent Growth |
| 1 | South Carolina | 5,118,422 | 5,282,955 | 5,373,555 | 1.7 |
| 2 | Florida | 21,538,216 | 22,245,521 | 22,610,726 | 1.6 |
| 3 | Texas | 29,145,459 | 30,029,848 | 30,503,301 | 1.6 |
| 4 | Idaho | 1,839,117 | 1,938,996 | 1,964,726 | 1.3 |
| 5 | North Carolina | 10,439,459 | 10,695,965 | 10,835,491 | 1.3 |
| 6 | Delaware | 989,946 | 1,019,459 | 1,031,890 | 1.2 |
| 7 | District of Columbia | 689,548 | 670,949 | 678,972 | 1.2 |
| 8 | Tennessee | 6,910,786 | 7,048,976 | 7,126,489 | 1.1 |
| 9 | Utah | 3,271,614 | 3,381,236 | 3,417,734 | 1.1 |
| 10 | Georgia | 10,713,771 | 10,913,150 | 11,029,227 | 1.1 |
This population boom created more demand for housing, but inventory has been constrained, keeping prices afloat and putting pressures on rents.
The population growth is mainly concentrated in larger cities with populations declining in some rural areas. Local governments increasingly engage in managing growth and pursuing affordable housing options for workforce.
Mortgage interest rates have fallen from their peak of nearly 8 percent in 2023, and many financial experts speculate interest rates will continue to moderate. Inventory is expected to rise, and lower interest rates should help make homes more affordable. Whether the rising supply can keep up with demand remains to be seen.
Gena Glaze
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