The State’s recreation and retirement industries have also been rapidly growing economic sectors over the last two decades. Each year more retirees move here to take advantage of the area’s mild climate, lower cost of living and special tax incentives for people over 65 years of age. The number of individuals receiving Social Security retirement pay has grown at a rapid average annual rate of 4.3% since 1970. The annual income from retirement now exceeds an estimated $6 billion.
The State’s coastal areas have emerged as one of the leading recreation centers on the east coast, providing even more stimulus to South Carolina’s growing economy. Personal income in Horry County, which includes the Myrtle Beach area, has grown at an extraordinary 10.6% per year over the last two decades and exceeds $3 billion.
Since 1970, nearly 400,000 people have migrated to the State to take advantage of a growing economy and to retire here. Total personal income of South Carolina has grown over nine-fold, one-fifth faster than growth in personal income in the United States. During the high inflationary 1970’s personal income grew at an average annual compound rate of 11.8% compared to a much lower 10.6% nationwide. Even in the lower inflationary 1980’s personal income in South Carolina grew a healthy 8.5% per year, compared to a lesser 7.7% nationwide. Employment in South Carolina over the last two decades has grown one-third faster than in the United States as a whole.
Although South Carolina has been one of the poorer states in the nation since the War Between the States, the State is closing the gap in wealth between it and the rest of the country. In 1970, per capita income of South Carolina was only 74% of the national average, but it has since increased to 82% of the national average.
The State’s economy has begun fiscal year 1997-98 on a positive footing. Funds are available to help prevent budgetary reductions in the event of an economic slowdown during the fiscal year. Employment in the State was up by nearly 170,000 in August 1997 versus its level during the recession of 1991. Although statistics for the fiscal year were not yet available from the Department of Commerce, the State’s Board of Economic Advisors esti