North Carolina Leads U.S. in Net Migration as Carolinas Draw Workers and Retirees

The Carolinas are seeing a population surge from high-paying jobs, lower costs and retirees, according to a report from Oxford Economics.

The report states that Carolina migration stems from job opportunities, affordability and retirees. The area's varied jobs and cheaper living have pulled in people from pricier coastal cities.

North Carolina had the highest net domestic migration of any state in 2023. South Carolina recently became the nation's fastest-growing state by percentage. Its population rose 1.7% from July 2022 to July 2023, well above the national average, thanks to more than 82,000 domestic migrants.

Population growth cut across age groups. Young professionals seek skilled jobs in big cities, while seniors head to coastal retirement spots, Oxford researchers said.

Charlotte, the Carolinas' biggest city and a financial center, gained 225,500 people net over five years. Raleigh, North Carolina's capital in the Research Triangle, ranks second. It expects 143,000 net new residents from 2021 to 2025.

Greenville, South Carolina, projects 83,500 net inflow. Myrtle Beach, South Carolina, anticipates 82,000.

Housing costs drive the shift. Despite price rises over the past decade, the Carolinas offer deals compared to the West Coast.

The house price-to-income ratio stands at 4.8 in Charlotte and 4.4 in Raleigh. Both beat the national average of 5.0 and dwarf ratios over 10.0 in places like San Francisco and Los Angeles.

This growth contrasts with blue states lagging at pre-pandemic levels. Boston, New York and Chicago show steady net migration losses.

Los Angeles County dropped from about 10 million people in 2020 to 9.7 million now. It lost more than 56,000 residents from 2022 to 2023, per U.S. Census data.

The nation's largest counties often rely on international migration, said Census demographer George M. Hayward. Fewer international gains have turned their growth to losses.

With infrastructure spending and corporate moves, experts see Sun Belt migration continuing through the decade.