South: Population growth leads to restaurant growth

In terms of population migration, the South appears to be a popular destination for more than just retirees and those on vacation. Southern states, particularly those in the Southeast, had a higher average growth rate than any other region last year. Most of the fastest-growing counties in recent years were in Texas, but South Carolina, Georgia and Virginia also show a strong attraction, according to the U.S. Census Bureau.

This trend is not necessarily new; about half of the U.S. population growth since 1960 has occurred in the South, according to a Bank of America report. This trend accelerated during the pandemic, particularly in Florida and the South Atlantic regions. As a result, markets in the South and Southeast have produced robust economies; Bloomberg reports that in 2020 and 2021 alone, about $100 billion in new revenue flowed to the Southeast, while the Northeast lost about $60 billion by comparison.

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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, SC, Atlanta, Miami, Virginia, Washington, DC and Nashville, Tennessee. Don’t expect that pace to slow anytime soon. The Census projects that the Sun Belt, which includes Florida, North Carolina, Tennessee and Texas, will see the greatest population growth through 2050.