Wages have increased dramatically in Myrtle Beach, study says. Local businesses react

Some economists have dubbed the national labor market crisis, “The Great Resignation.” However, data shows that South Carolina’s labor market is dynamic, and local businesses agree.

A press release from the South Carolina Department of Labor (DEW) shows that weekly wages in the Myrtle Beach metropolitan area have increased by 20.6% in the past two years, making it the highest in South Carolina.

Store owners and employees in the Market Common area have agreed that this is a transitional period rather than a mass exodus of America’s workforce.

Orvis, a clothing store in Market Commons, offered employees a performance based raise in January, and a cost of living raise this time last year. Store manager Chris Wait said that the raises were necessary.

“I think we are in a situation where you almost have to give raises in order to retain your staff,” Wait said.

It’s true that many South Carolinians have quit their jobs recently. About 90,000 workers quit their jobs in March 2022. However 122,000 were also hired that month, according to preliminary, seasonally adjusted data from the Bureau of Labor Statistics.

Bryan Grady, SC Department of Labor and Employment Labor Market Information director, said one of the factors contributing to this is Myrtle Beach’s tourism industry. Unskilled labor, such as in the hospitality and leisure industry, has seen a higher turnover rate in the past two years.

“While there has been an increase in job turnover, the data clearly indicate that the number of people working in South Carolina has never been higher,” Grady said in a press release.

Mike Palermo, a manager at King’s Street Grille in Market Common said many workers he knows in the area have either gotten raises, or switched to jobs with higher wages.

“We are definitely hiring at a higher rate now for multiple hourly positions than we were a year ago,” Palermo said.

The unemployment rate fell to 3.3% in April according to the BLS, and has been steadily declining since December.

“It’s signs of a dynamic labor market,” Grady said.