South Carolina Mortgages in Demand as State Population Takes Off
A report from the U.S. Census Bureau and article in The Greenville News ranks South Carolina’s population growth rate as the 10th-fastest in the nation over the past year, with the state adding 74,316 people, mostly from relocations.
The state’s population increased 1.7 percent, according to the estimates covering July 1, 2005, to July 1, 2006. About 48,000 U.S. residents moved to the state with a South Carolina mortgage - and nearly 7,700 foreign nationals joined them.
Births accounted for more than 18,000 of the estimated population of 4.3 million.
David Fuller, a Greenville area real estate agent, said there’s no question his out-of-state business has increased. His last two big deals - and about six of the last 10 - were home buyers moving from outside South Carolina, he said.
The reasons vary, from retirement to job transfers, but Fuller said it’s ultimately about location, or Greenville’s prime position between the Charlotte housing market and Atlanta.
Neighboring states Georgia and North Carolina ranked fourth and seventh respectively with growth rates of 2.5 percent and 2.1 percent, according to the U.S. Census Bureau.
The annual estimates provide no details on where newcomers come from or what drew them to South Carolina for mortgage loans.
State demographer Mike MacFarlane said past trends show many choose the Upstate because of its economy and jobs and the coast for its retirement communities.
“The upper tier of I-85 and the coastal counties have generally had the most growth,” MacFarlane said. “Employment is one of the motivators for (Upstate) growth.”
People who move to Upstate tend to be younger and in the labor force, he said.
MacFarlane said data from the Internal Revenue Service on where people file their tax returns show South Carolina draws people from the Eastern Seaboard and the Midwest.
The New York, New Jersey, Ohio, North Carolina and Pennsylvania housing markets were the top five states that sent people to South Carolina, according to IRS migration figures between 2000 and 2005.
“A lot of people are coming for the new economy-type of jobs. I think that’s one of Greenville’s strong points,” Carey said. “It’s sort of like the ‘Field of Dreams.’ If you build it, they will come. If you get a company to locate in one place, other (similar) companies will locate there.”
But like MacFarlane, Carey noted South Carolina faces tough competition from nearby Atlanta and North Carolina’s Research Triangle. Both are established areas that are regional economic giants. Recent Georgia mortgage activity shows this.
Still Carey said the state can hold its own by touting its job opportunities, scenery and room to expand.
Douglas C. Bachtel, a University of Georgia demographer, said South Carolina is benefiting from the dynamics that have made the South one of the nation’s fastest-growing regions.
“One of the things that is getting people to move to the region is jobs. If you take (Interstate) 85 north, you’re going to see tremendous industrial development in South Carolina. The South has been a business-friendly region,” Bachtel said.
“The second kicker is [available and affordable housing].”
Bachtel said the influx of Hispanics, both U.S.- and foreign-born, have fueled growth in South Carolina and elsewhere in the South.
The population estimates released Friday don’t address immigration other than to indicate the number of people moving directly from a foreign country to a state.
The Census Bureau says between 2005 and 2006, just under 8,000 people from foreign countries moved to South Carolina, but it doesn’t indicate their home countries.