MYRTLE BEACH, S.C. (WBTW) — Myrtle Beach city leaders say economic uncertainty is the greatest challenge they face as they develop the city’s budget for the upcoming year.
During a budget retreat this week, council members identified inflation, fluctuating consumer spending and the impact of global conflict on energy prices as primary concerns.
The city’s economy depends heavily on tourism, meaning shifts in how visitors spend their money can significantly impact the municipal budget. Officials described the current environment as a “K-shaped” economy, where some individuals continue to spend freely while others are increasingly squeezed by the rising cost of everyday items…