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by WILL FOLKS
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The average South Carolinian took home nearly $3,000 additional dollars during the final year of Joe Biden‘s administration, according to data compiled by the Federal Reserve Bank of St. Louis.
Per capita income in the Palmetto State climbed from a revised $57,180 in 2023 to $59,995 in 2024, the last year for which complete data is available. That’s a $2,815 (or 4.92%) increase, a jump which narrowly exceeded the national average of 4.66%, according to the numbers.
South Carolina also outpaced most of its regional rivals in terms of income growth in 2024, although its overall income levels continued to lag well behind both the rest of the nation and its regional peers. South Carolina ranked No. 43 nationally in per capita personal income in 2024 – trailing only Arkansas, New Mexico, Kentucky, Alabama, West Virginia and Mississippi.
Unfortunately, it’s not entirely clear whether that growth is sustaining itself – as more recent quarterly figures compiled by the U.S. Bureau of Economic Analysis (BEA) showed the Palmetto State once again starting to fall behind the rest of the region in income growth.
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First, though, here is how South Carolina’s neighboring states fared in 2024…
In Florida, income levels grew by $2,569 (from $67,821 in 2023 to $70,390 in 2024) – an increase of 3.78%.
In Tennessee, they climbed from $62,039 to $64,908 – an increase of $2,869 (or 4.62%).
Neighboring Georgia saw an uptick of 4.53% from 2023 to 2024, with incomes climbing by $2,702 (from $59,691 to $62,393).
Meanwhile, neighboring North Carolina saw the most robust growth, with its income levels climbing from $61,579 in 2023 to $64,855 in 2024 – an increase of $3,276 (or 5.32%).
North Carolina is also crushing South Carolina on the more recent BEA data – showing 5.5% annualized growth on incomes during the fourth quarter of 2025 (compared to 3.4% annualized growth in the Palmetto State). South Carolina also trailed Tennessee (4.1%) and Florida (3.6%) on this metric.
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RELATED | HISTORIC TAX RELIEF? NOT HARDLY…
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As last year wore on, the data got worse. During the fourth quarter of 2025, incomes in South Carolina grew by an anemic 0.1%, trailing Florida (1.2%), North Carolina (1.1%), Tennessee (0.5%) and Georgia (0.2%).
Unfortunately, ostensibly “conservative” leaders in the Palmetto State – who continually give away the farm on crony capitalist misadventures – refuse to enact fiscal policies capable of generating sustained income growth.
After foisting a record-setting $42.6 billion budget on taxpayers (an 8.75% increase over the previous year’s spending plan), South Carolina’s “Republican” supermajority passed a mere pittance of tax relief for a just 42.8% of tax filers this month. Meanwhile, 34.6% of taxpayers will see no change in their upcoming bill and 22.6% will actually see their taxes go up.
That is not the “historic” tax cut GOP leaders touted… nor is it going to move the needle economically.
Furthermore, those GOP leaders – including powerful speaker of the House Murrell Smith and his top budget writer, Bruce Bannister – refuse to allow a vote on the temporary suspension of the gas tax during this period of elevated pump pain.
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ABOUT THE AUTHOR…
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
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2 comments
I didn’t realize income levels were on the rise in South Carolina. Makes me wonder how that will impact local businesses.
Without the comparison of cost of living growth (or decrease) in these states, these income growth numbers are meaningless. It’s not how much money you make that matters most, but how much you have left over when all the bills are paid.