Visa Business and Economic Insights on Southern Economic Growth

This report from Visa Business and Economic Insights analyzes the significant economic growth in the Southern United States, highlighting key trends from 2020 to 2024. The document notes that the South has experienced a population increase of 5.6 percent, translating to over 7 million new residents, largely due to factors such as a lower cost of living and a diversified economy. The region's GDP growth rate of 4.3 percent surpasses the national average of 3.6 percent, indicating a robust economic landscape. The report details how in-migration, both domestic and international, has fueled this growth, with the South gaining nearly half a million domestic migrants since 2020. It also discusses the evolving job market, where higher-skilled sectors are expanding, and the significant rise in per capita income. The Southern states are noted for their favorable tax conditions, contributing to increased consumer spending, which has outpaced national averages. Overall, the report presents a comprehensive view of the Southern economy's trajectory and its implications for future growth.