Myrtle Beach Personal Income: Highest growth in South Carolina driven by retirees

A federal study shows personal income grew faster in the Myrtle Beach area than anywhere else in South Carolina, but experts say the statistics mask a growing dichotomy between well-to-do retirees and low-income workers.

Personal income includes income from all sources, including wages; dividend income; interest income; money from investments and rentals; and government entitlements, such as Social Security.

Retirees typically have more investment, dividend and entitlement income, experts say, and it’s that influx of money - not an increase in wages - that is boosting the Myrtle Beach area’s personal-income level.

The report, released Tuesday by the federal Bureau of Economic Analysis, shows combined personal income in the Myrtle Beach metro area, which includes all of Horry County, grew by 7.5 percent - to $5.69 billion from $5.29 billion - between 2003 and 2004.

Per-capita personal income in the Myrtle Beach area increased 4.2 percent during the same time period, to $26,170 from $25,118.

In Georgetown County, combined personal income increased 6.1 percent from 2003-04, to $1.68 billion from $1.58 billion. Per-capita personal income increased 4.3 percent during the period, to $28,103 from $26,944.

Source: David Wren, The Sun News, Myrtle Beach, SC