The North Myrtle Beach area is currently home to many tourist industry companies and jobs, including: accommodations, attractions, restaurants, construction services and retail sales. Approximately 65 percent to 70 percent of Horry County’s employment is currently tourism-related. Horry County overall has seen an increase in the number of employment opportunities and a steady decrease in the annual unemployment rate. The Myrtle Beach Metropolitan Statistical Area’s (MSA) 2004 unemployment rate was 5.2 percent, which was below the South Carolina unemployment rate of 6.9 percent.
The cost of living according to the ACCRA composite index for the North Myrtle Beach area is 96.7, with 100 as the national average. There are over 20,000 dwelling units in North Myrtle Beach; and this number is expected to increase 15 percent over the next five years.
The median cost of a new home is $192,400; with the median monthly electric bill around $112. The average rent for a two-bedroom apartment is $560. The median age of residents is 48 years, with more than 25 percent being college graduates. The median family income is $46,052 a year.
An Economic Statistical Profile is in the process of being developed by the City of North Myrtle Beach, which will provide updated and detailed statistical data on area demographics. Once this Economic Statistical Profile is completed, overview copies will be available at both the City of North Myrtle Beach offices and the North Myrtle Beach Chamber of Commerce.