When it comes to population migration, it seems the South has become a popular destination for more than just retirees and birds. Southern states, particularly those in the Southeast, had a higher average growth rate last year than all other regions. Most of the fastest-growing counties in the past several years have been in Texas, but South Carolina, Georgia, and Virginia are also showing strong magnetism, according to the U.S. Census Bureau.
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This trend isn’t necessarily new; about half of the U.S. population growth since 1960 has happened in the South, according to a Bank of America report. This trend accelerated during the pandemic, especially in Florida and the South Atlantic regions. As such, South and Southeast markets have yielded robust economies; Bloomberg reports that about $100 billion in new income flooded into the Southeast in 2020 and 2021 alone, while the Northeast lost about $60 billion by comparison.
It's no wonder, then, that many of the most exciting and fastest growing restaurant groups — think Thompson Hospitality, Indigo Road, 50 Eggs Hospitality Group, and Knead Restaurants — are anchored in markets like Charleston, S.C.; Atlanta; Miami; Virginia; Washington, D.C.; and Nashville, Tenn. Don’t expect this pace to slow anytime soon. The Census projects the Sun Belt, including Florida, North Carolina, Tennessee, and Texas, to see the most population growth through 2050.
