Tourism fuels the real estate and development industries by attracting millions of potential buyers to the Grand Strand each year. Many Grand Strand residents were once visitors to the area and, after enjoying all the area has to offer as a vacation resort, decided to purchase property.
Often, visitors to the area purchase investment property and/or second homes, enabling them to transition to year-round residency. Some visitors like the area so much, they simply choose to relocate here as a permanent year-round resident. This trend spurs real estate sales as well as residential construction.
In 2015, the capacity of the area’s rental industry once again increased. Previously the capacity of the rental industry increased by 23 percent between 2004 and 2010. The building boom during this time not only increased the capacity of the area, but also raised the quality on oceanfront construction, which has increased oceanfront property values.
Additionally, residential construction increased between 2012-2018, and continues to grow as many choose Myrtle Beach when relocating. The U.S. Census Bureau noted that the population in Horry County has averaged an annual growth rate of 2.8% since 2007, making it one of the fastest growing areas in the country.
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