South Carolina, particularly the Charleston area, has been in the news often in the last several years; South Carolina’s economy is booming, bringing more jobs and growth to the Lowcountry. Charleston has welcomed Volvo and Mercedes, Boeing production has continued to expand, technology sectors such as Blackbaud are rapidly growing and the construction of a new Charleston Trade Center was announced in April. Between the thriving economies of Charleston and the Upstate, South Carolina’s growth is on track to outpace the nation’s growth through 2017. This includes the addition of 110,000 new jobs by the end of 2017. In findings in a recent report from Wells Faro Securities economists, The Post & Courier published that South Carolina is estimated to see economic growth of 3.6% in 2016, followed by an even greater 3.8% in 2017. The U.S. economy is predicted to grow by 1.4% for 2016 and 2.1% in 2017. The Palmetto State’s growth is bolstered by ever-expanding industry and its diversified base.
In the Charleston area manufacturing employment has risen 6% over the last year. This equates to 1,400 new jobs for Lowcountry residents and is largely attributed to an increase in production by Boeing. According to Wells Fargo’s Vitner, Charleston stands out from South Carolina’s other big-city markets: “It has a large historic district, growth at the College of Charleston and a lot more interest in living close to the city, particularly among younger persons.” Charleston’s appeal as a tourist city is also reflected in these economic predictions. Recently rated as No. 1 travel destination in the world by Travel + Leisure and topping Conde Nast Traveler’s list for five years running, Charleston’s popularity as a visitor destination can’t be ignored. There is a frenzy of hotel development in downtown Charleston, as well as across the Lowcountry as a region. “Long driven by tourism, seasonal visitors and higher education, Charleston’s economy has become much more diverse in recent years,” Vitner observed.
What does this mean in terms of new construction? It translates into a wealth of opportunity and choice for new home buyers, both those that already call the Lowcountry home and those that are relocating as part of this growth. New construction is abounding in growth-corridors throughout the tri-county area. Large-scale master planned communities in Berkeley County like Cane Bay, Carnes Crossroads and Nexton offer great new housing for those looking for an easy commute to the new Gerber, Volvo or Mercedes facilities. Similarly, Mt. Pleasant’s popular Carolina Park offers a vast array of housing options for those looking for quick proximity to downtown or I-526. Check out “What’s New in 2016” for a comprehensive listing of new neighborhoods slated to open this year and what you can expect to find there.
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Tagged as: Charleston Economy
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