Myrtle Beach, SC, January 5, 2026
Myrtle Beach showcases robust economic development fueled by infrastructure investments, regulatory reductions, and local entrepreneurial spirit. South Carolina’s proactive fiscal policies foster a conducive environment for both small businesses and larger enterprises. With key infrastructure projects and community partnerships, the region is poised for sustained prosperity, underscoring Myrtle Beach’s significance in the state’s economic landscape.
Myrtle Beach, SC
Myrtle Beach Thrives: Innovation, Infrastructure, and Sound Fiscal Policy
As South Carolina continues to experience robust economic expansion, Myrtle Beach stands as a testament to how strategic investments in infrastructure, a commitment to reducing regulatory hurdles, and the unwavering spirit of local entrepreneurs can foster significant growth. From state-level initiatives aimed at improving vital transportation networks to local efforts cultivating a dynamic business environment, the Grand Strand is charting a course for sustained prosperity.
The Palmetto State’s proactive approach to economic development, characterized by fiscal prudence and a focus on empowering private enterprise, creates a fertile ground for businesses of all sizes. This collaborative ecosystem ensures that Myrtle Beach SC business owners and South Carolina entrepreneurs can innovate, expand, and contribute meaningfully to the region’s vibrant economy, demonstrating the benefits of a balanced and growth-oriented public policy.
Investing in Infrastructure: A Foundation for Growth
Governor Henry McMaster is actively pursuing increased funding for critical infrastructure projects across South Carolina, a move crucial for supporting the state’s expanding economy. These projects include the widening of key roads like I-26, which has seen increasing costs. The South Carolina Department of Transportation (SCDOT) largely relies on federal reimbursements from the Federal Highway Administration (FHWA) and state gas tax funds for its operations. Governor McMaster has also proposed using federal funding specifically to widen I-26. Furthermore, an expansion of I-73 in South Carolina has been called for, with the state committing initial funding through a combination of American Rescue Plan Act (ARPA) dollars and non-recurring state budget surplus funds.
Efforts to improve road infrastructure are ongoing, as evidenced by the groundbreaking for I-95 on August 14, 2025, with SCDOT, Governor Henry McMaster, state leaders, and partners from the Georgia DOT. The I-526 Lowcountry Corridor widening project is also recognized as one of South Carolina’s most important road initiatives. In January 2025, Governor McMaster’s proposed budget for fiscal year 2025-2026 included a $100 million appropriation to SCDOT for the acceleration of bridge infrastructure improvements throughout the state. In January 2024, the Governor also recommended $500 million for bridges, noting the need for investment in roads, bridges, highways, and interstates. These strategic investments are designed to reduce congestion, enhance connectivity, and ensure that the state’s transportation network can adequately support a growing population and the logistical needs of Myrtle Beach small business operations and larger industries alike. Streamlining the contract extension process for SCDOT projects, as enabled by a bill signed by Governor McMaster in March 2023, is also helping to expedite road improvements by reducing bureaucratic hurdles and potentially saving money.
Empowering Entrepreneurs: Reducing Regulatory Burdens
South Carolina is making strides toward fostering a more business-friendly regulatory environment. The state has been working to cut red tape that can burden businesses. In March 2025, the South Carolina House passed the South Carolina Small Business Regulatory Freedom Act (H.3201), a legislative effort aimed at modernizing the regulatory environment and supporting small business owners. This legislation includes provisions for a mandatory sunset review of every business regulation in South Carolina every seven years. It also proposes a “two-out, one-in” rule, meaning for every new regulation introduced, two existing ones must be eliminated. This initiative is designed to reduce the state’s regulatory requirements, which in 2024 stood at approximately 136,000 restrictions. Such reforms are projected to significantly boost economic growth and unlock the full potential of South Carolina entrepreneurs.
The Governor’s executive budget for fiscal year 2025-2026 also included a $13.7 million appropriation for the Department of Environmental Services (DES) to hire additional personnel. This is intended to reduce the backlog of existing environmental permit applications and shorten the timeline for permitting decisions to no more than 90 days. This focus on efficiency and predictability in regulatory processes is a welcome development for businesses seeking to invest and expand in the state.
Myrtle Beach’s Entrepreneurial Spirit and Local Investment
The Myrtle Beach area demonstrates strong economic resilience, particularly among its small businesses. Local entrepreneurs are adept at adapting to shifts in the national retail landscape, leveraging innovation and community support to strengthen the local economy. The vitality of the Myrtle Beach economy is significantly driven by the ingenuity of South Carolina entrepreneurs, strategic private investment, and a business-friendly environment that supports Myrtle Beach small business endeavors. The city’s Economic Development Office actively facilitates revitalization, with a primary focus on the Central Business District. Initiatives include leading the Arts & Innovation District and Master Plan execution process, promoting Opportunity Zones, and enhancing public infrastructure like the Myrtle Beach Boardwalk.
Private investment plays a crucial role in Myrtle Beach’s growth, with a high demand for rental properties driven by millions of annual tourists and a growing population. The real estate market also offers opportunities for commercial investment in retail spaces, restaurants, hotels, and resorts. Organizations like the Myrtle Beach Regional Economic Development Corporation (MBREDC) lead efforts to attract, retain, and grow sustainable businesses, supported by over 200 member businesses committed to regional economic growth. Horry County, where Myrtle Beach is located, is one of South Carolina’s fastest-growing counties, presenting itself as a prime business location. Small businesses constitute 94% of all businesses in Horry County, and the Myrtle Beach Area Small Business Development Center offers management training and technical assistance to help them thrive.
Fiscal Responsibility and Economic Confidence
South Carolina’s robust economy has repeatedly generated budget surpluses, allowing for significant investments and tax relief. Governor McMaster’s proposed budget for FY2025-26 anticipates a surplus between $1.6 and $1.8 billion. The state has also invested roughly $2.5 billion in State and Local Fiscal Recovery Funds (SLFRF). A substantial $500 million was added to South Carolina’s rainy-day reserve fund, bringing it to 10% of the state’s general fund.
A key focus has been reducing tax burdens to enhance economic competitiveness. The fiscal year 2025–26 budget includes a phased reduction of the individual income tax rate, dropping it from 6.3% to 6.0%. The Governor has expressed a desire to continue cutting or eliminating the personal income tax rate as much and as fast as possible. These fiscal strategies aim to allow taxpayers to retain more of their earnings and encourage reinvestment in the state’s economy, benefiting both individuals and Myrtle Beach SC business operations. The South Carolina Chamber of Commerce reported that its advocacy efforts during the 2025 legislative session generated an impact exceeding $807 million for the state’s business community, equivalent to an approximate savings of $4,275 per employer, which can be reinvested into the state’s economy.
Community-Driven Development: Shaping the Future
Myrtle Beach’s economic growth is also propelled by strong community partnerships and a focus on long-term development. The Partnership Grand Strand initiative, launched by the Myrtle Beach Area Chamber of Commerce in 2022, aims to accelerate economic prosperity and enhance the quality of life across Horry and Georgetown counties. This foundation focuses on diversifying the region’s economy, fostering small business growth, attracting talent, developing young leaders, and advocating for improved infrastructure.
The city’s Economic Development Office actively strengthens partnerships with the small business community, private investors, and development sector professionals. Programs like Opportunity Zones encourage long-term private investments in targeted local communities within Horry County, aiming for job creation and economic growth. The Grand Strand region’s population has grown from 300,000 to over 400,000 in the past decade, with unemployment falling to 5% from 7.2%, and the region now boasts 162 industries, up from 79 in 2014. Major companies like Amazon have invested significantly in the state, including a same-day fulfillment center in Myrtle Beach, creating over 100 jobs. These community-level initiatives, combined with state support, are vital for cultivating a dynamic and resilient Midlands economic growth.
Looking Ahead: Sustaining Myrtle Beach’s Prosperity
Myrtle Beach is positioned for continued prosperity, fueled by a blend of state-level commitments to infrastructure and fiscal responsibility, and local entrepreneurial drive. The ongoing efforts to enhance roads, streamline regulations, and foster an environment conducive to private investment are creating a robust foundation. As the city and state continue to prioritize economic freedom and support for businesses, the future remains bright for South Carolina entrepreneurs and the vibrant community of Myrtle Beach. We encourage all residents and businesses to stay engaged in the ongoing dialogue and contribute to the collective success of our thriving region, and to continue supporting the Myrtle Beach small business community that forms the backbone of our local economy.
Frequently Asked Questions about South Carolina’s Economic Initiatives
- What is Governor McMaster’s focus regarding infrastructure funding in South Carolina?
- Governor Henry McMaster is seeking more funding for projects, including the widening of roads like I-26, due to increasing costs. He has also proposed using federal funding to widen I-26 and has made significant appropriations for bridge improvements across the state.
- How is South Carolina addressing regulatory burdens for businesses?
- South Carolina is implementing regulatory reforms, including a mandatory sunset review for every business regulation every seven years and a “two-out, one-in” rule, requiring the elimination of two existing regulations for every new one proposed. These efforts aim to reduce the state’s regulatory requirements and foster economic growth.
- What are some key economic indicators for Myrtle Beach?
- Myrtle Beach’s economy is characterized by a strong tourism industry, high demand for rental properties, and significant population growth. The region’s population grew from 300,000 to over 400,000 in the past decade, and the unemployment rate decreased from 7.2% to 5%. Small businesses account for 94% of all businesses in Horry County.
- How is South Carolina ensuring fiscal responsibility?
- South Carolina has consistently generated budget surpluses, allowing for substantial investments and the accumulation of a significant rainy-day reserve fund, which now stands at 10% of the state’s general fund. The state is also implementing phased reductions of the individual income tax rate.
- What role do community partnerships play in Myrtle Beach’s economic development?
- Community partnerships, such as the Partnership Grand Strand initiative, are crucial for diversifying the region’s economy, fostering small business growth, attracting talent, and advocating for improved infrastructure. The city’s Economic Development Office actively strengthens these partnerships and promotes initiatives like Opportunity Zones for private investment.
Key Features of South Carolina’s Economic Strategy
| Feature | Description | Impact on Business/Economy | Geographic Scope |
|---|---|---|---|
| Road and Bridge Infrastructure Projects | Governor McMaster is seeking more funding for road widening (e.g., I-26) and bridge improvements due to increasing costs. SCDOT is funded by federal reimbursements and state gas tax funds. Key projects include I-95 groundbreaking and I-526 widening. | Enhances connectivity, reduces congestion, supports logistics for businesses. | State-level |
| Regulatory Reform | Legislative efforts, such as the Small Business Regulatory Freedom Act, aim to reduce regulatory requirements by introducing mandatory sunset reviews and a “two-out, one-in” rule for new regulations. Funds are also allocated to reduce permit backlogs. | Reduces red tape, fosters entrepreneurial innovation, boosts economic growth, improves efficiency in permitting. | State-level |
| Fiscal Responsibility and Tax Cuts | South Carolina has generated budget surpluses, invested $2.5 billion in State and Local Fiscal Recovery Funds, and maintains a rainy-day reserve fund at 10% of the general fund. Individual income tax rates are being incrementally reduced. | Provides financial stability, encourages reinvestment in the economy, makes the state more competitive, offers tax relief to businesses and individuals. | State-level |
| Entrepreneurial and Small Business Support | Myrtle Beach demonstrates strong small business resilience, supported by strategic private investment and a business-friendly environment. The city’s Economic Development Office and organizations like MBREDC promote local innovation and growth, including through Opportunity Zones. | Drives local economic vitality, creates jobs, attracts investment, diversifies the economy. | Local-level (Myrtle Beach, Horry County) |
| Workforce Development and Education | State budget includes investments in workforce training, site readiness, teacher pay increases, and technical college scholarships for critical needs jobs. | Ensures a skilled workforce, enhances educational infrastructure, supports key industries. | State-level |
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Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
