Myrtle Beach Emerges as a Hub for Small Business Growth

Myrtle Beach, December 23, 2025

Myrtle Beach is rapidly establishing itself as a center for small businesses and innovation, driven by a supportive entrepreneurial culture and local initiatives. The city’s economy thrives as it moves beyond tourism, attracting startups in various sectors like AI and agriculture. Strategic development plans and private investments bolster this trend, positioning Myrtle Beach among the top destinations for business relocation in 2025. With a focus on nurturing local enterprises, the city showcases resilience amid economic shifts, ultimately enriching its community and economy.

Myrtle Beach is rapidly cementing its reputation as a burgeoning hub for small business and innovation, fueled by a vibrant entrepreneurial spirit and strategic local initiatives, even as the region navigates evolving economic currents.

Myrtle Beach: South Carolina’s Growth Engine

Myrtle Beach, South Carolina, continues to stand out as a beacon of economic vitality and entrepreneurial opportunity. The Myrtle Beach metropolitan area is recognized as the fastest growing in the United States, attracting both new residents and businesses seeking a dynamic environment. This impressive growth trajectory has positioned Myrtle Beach, SC, among the Tier 1 large cities in the 2025 Best-Performing Cities report, highlighting its robust economic expansion. Furthermore, the area, specifically Myrtle Beach, SC/Wilmington, NC, has been identified as a top destination for individuals relocating in 2025, underscoring its appeal as a place to live and establish roots.

This sustained influx of new residents and the city’s strategic focus on fostering a pro-business climate contribute significantly to a vibrant economy. The entrepreneurial determination prevalent among Myrtle Beach’s small business community is a testament to the benefits of a supportive local ecosystem. Initiatives that streamline processes and reduce regulatory burdens can further empower these businesses, allowing them to innovate and expand, thereby enriching the entire community.

Innovation and Entrepreneurship Fueling Local Progress

Myrtle Beach is increasingly recognized as a burgeoning hub for entrepreneurship and innovation, moving beyond its traditional reliance on tourism to embrace diverse sectors. In 2025, local startups are making significant strides in areas such as artificial intelligence (AI), agriculture, and hospitality technology. For instance, companies specializing in agriculture technology are developing advanced container farms, integrating hardware and software to enhance farming efficiency and yields, addressing challenges in food sustainability. Similarly, businesses focused on customizable AI solutions are thriving by meeting the growing demand for high-tech tools across various industries. South Carolina startups collectively attracted over $700 million in venture capital in 2024, with Myrtle Beach securing a notable share of this investment, reflecting a robust environment for new ventures.

The city’s appeal as a startup hub is bolstered by several advantages, including cost-effective operational expenses, a growing technological infrastructure, and the inherent synergy with its tourism industry, which serves as an ideal testing ground for hospitality-focused innovations. The City of Myrtle Beach supports this environment through programs like the Living Lab, an innovative public-private partnership designed to facilitate the development of emerging technologies and encourage entrepreneurs to establish their operations locally. This program, part of the Smart Cities Initiative, has attracted companies with international origins, including those focused on enhancing public well-being through incentivized outdoor activities, smart city applications using advanced sensors, and augmented reality for urban planning.

Strategic Development and Investment Opportunities

The commitment to economic growth in Myrtle Beach is evident in its strategic development plans and efforts to attract private investment. The city’s Economic Development Office actively works to revitalize the central business district, focusing on initiatives like the Arts & Innovation District. This district aims to create a vibrant urban center by integrating new city facilities, a performing arts center, and a co-work space for entrepreneurs, offering modest rents to foster new business incubation. Such spaces encourage collaboration and provide essential resources for emerging businesses, acting as incubators for new ideas and ventures. The Economic Development Office also strengthens partnerships within the small business community, with private investors, and with professionals in the development sector.

Further demonstrating a commitment to attracting and retaining businesses, the Myrtle Beach Regional Economic Development Corporation (MBREDC) leads Horry County’s efforts to increase business activity. The MBREDC highlights the compelling advantages of operating in Myrtle Beach, including competitive tax incentives and credits, featuring some of the lowest property tax rates in the state. Since 2006, the MBREDC has contributed to the recruitment of over 1,200 new jobs and $120 million in capital investments, showcasing tangible success in fostering local economic growth. The promotion of federal Opportunity Zones also encourages significant private investment in targeted areas throughout Myrtle Beach, aiming to further accelerate economic development.

National Trends and Local Resilience in Business Sectors

Across the nation, 2025 has proven to be a rebound year for small businesses, with 58.4% of small businesses meeting or exceeding their revenue projections and 68.3% rating their company’s overall financial health as strong or stable. This positive sentiment is mirrored in various growth sectors that have relevance to the Myrtle Beach SC business landscape. Nationwide, administrative services, education, retail, business management, and health sectors experienced significant growth, with projected year-over-year growth rates in business checking account applications ranging from 64% to 91%. Other rapidly expanding industries include E-commerce and online retail, Clean Energy and renewable power, Hospitality and Travel, Artificial Intelligence (AI) and Machine Learning, Information Technology (IT) and Software Development, Cybersecurity services, and Health and Wellness coaching.

While Myrtle Beach benefits from these broader national trends, its local economy also exhibits unique dynamics, particularly within the hospitality and retail sectors closely tied to tourism. The resilience and adaptability of Myrtle Beach small business owners within these evolving conditions underscore their entrepreneurial spirit and commitment to navigating challenges effectively. The focus on innovation and diversification into new tech-driven sectors further strengthens the local economy, creating a more robust and varied business environment.

Navigating Shifts in the Tourism Economy

Tourism, a foundational pillar of the Myrtle Beach economy, experienced a nuanced year in 2025. While Myrtle Beach earned recognition as the top U.S. beach destination and the No. 3 overall U.S. city for summer travel in Tripadvisor’s 2025 Summer Travel Index, the season also presented challenges. Visitor spending in Horry County in 2024 increased by over five percent to $13.2 billion, and gross retail sales reached $16.6 billion, indicating significant economic contributions from the tourism sector. However, the summer of 2025 saw a noticeable slowdown in tourist activity, particularly around major holidays, leading to downturns for some businesses. Factors such as lingering inflation and high consumer debt levels led to economic caution among U.S. travelers, with many opting for more affordable local vacations or shorter stays. A resurgence in international travel also diverted some domestic visitors from traditional destinations like Myrtle Beach. Unpredictable weather conditions during the summer also played a role in deterring last-minute bookings.

The impact of these shifts was varied across the hospitality sector. While hotel and short-term rental occupancy rates were generally on par with the previous year, restaurants, in particular, experienced struggles. This was largely attributed to visitors seeking to save money, with some choosing to purchase groceries and cook in their accommodations. In response, many local businesses adapted by offering discounted pricing, implementing early-bird specials, adjusting staffing levels, and partnering with tourism boards and influencers to boost digital visibility. A trend of small, mid-size, and independent hotel owners considering selling their properties has also been observed in recent months. Despite these challenges, tourism officials maintain an optimistic outlook, noting that overall tourism numbers for the year remained on track with previous year’s figures, reflecting the industry’s resilience.

Building for Tomorrow: Development and Infrastructure

Beyond the immediate business landscape, Myrtle Beach is actively investing in its future through significant development and infrastructure projects. Plans are underway for new mixed-use developments that will introduce additional residential and retail spaces to the area, including thousands of new homes in the Myrtle Beach area and Conway. These projects are often accompanied by vital infrastructure upgrades, such as road improvements aimed at enhancing connectivity and easing traffic flow. Such private investments in development, coupled with public infrastructure enhancements, are crucial for sustaining the region’s growth and accommodating its expanding population. These initiatives not only create new job opportunities but also improve the overall quality of life for residents, laying a strong foundation for continued economic prosperity in Horry County economy. The long-term vision for Myrtle Beach involves strategic planning to ensure that economic growth is both robust and sustainable, benefiting generations of South Carolina entrepreneurs and residents.

Conclusion

Myrtle Beach is truly a testament to the power of entrepreneurial innovation and small-business resilience. Despite evolving economic dynamics and shifts in the tourism sector, the city’s commitment to fostering a pro-business environment, attracting new industries, and investing in strategic development continues to drive significant economic growth. The determination of local businesses, supported by forward-thinking initiatives and a focus on private investment, positions Myrtle Beach as a vibrant and promising destination for both residents and South Carolina entrepreneurs. We encourage our readers to continue supporting the diverse array of local businesses that define the unique character and economic strength of our community, and to stay engaged in the exciting future of Myrtle Beach’s economic landscape.

Frequently Asked Questions

• What is Myrtle Beach’s status regarding economic growth in 2025?
  The Myrtle Beach metropolitan area is the fastest growing in the United States. Myrtle Beach, SC, rounds off the Tier 1 large cities in 2025’s Best-Performing Cities report.
• How did small businesses perform nationwide in 2025?
  58.4% of small businesses met or exceeded their revenue projections for 2025, and 68.3% of respondents rated their company’s overall financial health as strong or stable.
• What are some of the fastest-growing industries for small businesses in 2025 Nationwide?
  Nationwide, the administrative services, education, retail, business management, and health sectors grew the most. Other fast-growing industries include E-commerce and online retail, Clean Energy and renewable power, Hospitality and Travel, Artificial Intelligence (AI) and Machine Learning, Information Technology (IT) and Software Development, Cybersecurity services, and Health and Wellness coaching.
• Is Myrtle Beach attracting new residents?
  Yes, Myrtle Beach, SC/Wilmington, NC is among the top cities people are moving to in 2025. Nearly 28 million Americans move every year Nationwide.
• What initiatives are in place to support entrepreneurs in Myrtle Beach?
  The City of Myrtle Beach has a Living Lab program, an innovative public-private partnership designed to support the development of emerging technology and encourages entrepreneurs to use Myrtle Beach as their hub. There are also plans for an Arts & Innovation District that will include a co-work space for entrepreneurs.
• How was the tourism season in Myrtle Beach in 2025?
  Myrtle Beach experienced a mixed tourism season in 2025. While it was ranked as the top U.S. beach destination and the No. 3 overall U.S. city for summer travel, there was a noticeable slowdown in tourist activity. Tourism numbers were still on track with the previous year’s figures overall.

Key Economic Features of Myrtle Beach in 2025

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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.