A senior military official said multiple Navy and Coast Guard vessels are in the area now establishing a security perimeter and searching for debris on the water "to ensure the safety of U.S. civilians."

A Navy salvage vessel will be on scene within a couple of days, according to the official.

-ABC News' Matt Seyler

A senior U.S. defense official gave more details about the takedown, stating the balloon was hit at approximately 2:39 p.m. by a single F-22 fighter jet firing a single AIM-9X air-to-air missile.

"Fighter aircraft from Langley Air Force Base in Virginia fired a single missile into the balloon, causing it to crash into the ocean," the official said.

The defense official said there was value in waiting to shoot down the balloon aside from just the safety of people on the ground, and indicated it had intelligence value to the U.S.

"The surveillance balloon's overflight of U.S. territory was of intelligence value to us. I can't go into more detail, but we were able to study and scrutinize the balloon and its equipment, which has been valuable," the official said.

-ABC News' Matt Seyler

Secretary of Defense Lloyd Austin confirmed the Chinese surveillance balloon was taken down by a fighter aircraft as it drifted off the Carolina coast.

"This afternoon, at the direction of President Biden, U.S. fighter aircraft assigned to U.S. Northern Command successfully brought down the high altitude surveillance balloon launched by and belonging to the People’s Republic of China (PRC) over the water off the coast of South Carolina in U.S. airspace," Austin said in a statement. "The balloon, which was being used by the PRC in an attempt to surveil strategic sites in the continental United States, was brought down above U.S. territorial waters."

Austin said military commanders determined downing the balloon while it flew over land "posed an undue risk to people across a wide area due to the size and altitude of the balloon and its surveillance payload."

"Today’s deliberate and lawful action demonstrates that President Biden and his national security team will always put the safety and security of the American people first while responding effectively to the PRC’s unacceptable violation of our sovereignty," Austin said.

President Joe Biden briefly spoke to reporters after the balloon was "successfully" shot down by the U.S. military.

"I ordered the Pentagon to shoot it down on Wednesday as soon as possible. They decided -- without doing damage to anyone on the ground – they decided that the best time to do that was when it got over water outside within a 12 mile limit."

"They successfully took it down and I want to compliment our aviators who did it, and we’ll have more to report on this a little later," he said.

"I told them to shoot it down," Biden repeated when asked if the recommendation came from his national security team. "They said to me, 'Let's wait for the safest place to do it.'"

A senior State Department official said the U.S. was still dedicated to keeping lines of communication with China open despite postponing Secretary Antony Blinken's visit.

"The secretary was prepared to depart for Beijing tonight to take on a wide-ranging agenda," the official told reporters. "We have noted the PRC statement of regret, but the presence of this balloon in our airspace is a clear violation of our sovereignty as well as international law. And it is unacceptable it has occurred."

"After consolations with our interagency partners, as well as with Congress, we have concluded that the conditions are not right at the moment for Secretary Blinken to travel to China," the official added.

The official said Blinken has indicated he will visit China when conditions allow, but did not stipulate what those conditions would have to be.

They also said talks with Beijing would continue across multiple levels of government and that Blinken had been in touch with his Chinese counterpart Friday morning.

"We will maintain open lines of communication with the PRC to address our concerns about this ongoing incident and to responsibly manage the competition between our countries," the official said.

Asked whether the department believed China's explanation of the balloon's purpose and how it happened into American airspace, the official said, "We remain confident in our assessment of the situation."

-ABC News' Shannon Crawford