Many may think of picturesque Charleston, South Carolina, as simply a vacation destination – a place to enjoy beaches, history, scenery, shopping and restaurants before heading home to the “real world.” But the industrial and job markets here are booming, driving the construction industry along with them. Visit almost any street in Charleston right now, and you’re destined to see some sort of building project in the works.
Mercedes-Benz, Volvo North America and Boeing have all recently invested in the Charleston region, driving economic benefits throughout the area. Coupled with the always thriving tourism economy in Charleston, a growing tech community and world-class medical facilities, forecasters are predicting the Charleston area will add 21,000 new jobs this year alone, continuing to see unprecedented growth and a high demand for real estate.
Charleston’s job market is exceeding averages. Nationally, the jobless rate in the United States has dropped under 5%; however, South Carolina’s is below 4%, while hourly wages have risen 1.2% this year. Charleston itself is showing even stronger growth: employment has grown 3.2% this year along with a 9.3% growth in hourly wages. Home prices are steadily rising as a result. So far in 2017, home prices have risen 2.5% and are expected to jump 3.5% in 2018. The number of $400,000+ sales are up 22.3% and million-dollar-plus sales are up 14.5%.
It is clear that Charleston is the place to be right now.
The industrial market is also thriving, with a number of speculative industrial buildings in design/construction. In fact, Charleston’s industrial vacancy rate is currently only about 6%, and the lack of supply is leading to ballooning rents – up to $14 per square foot. Major projects like Winding Woods Commerce Park in St. George, the mixed-use West Edge project in downtown Charleston, a new FedEx hub at Palmetto Commerce Park and a $19 million investment to launch the first phase of the Charleston Trade Center prove that Charleston is in demand for businesses and residents alike.
Thinking of buying or building in Charleston? Here are some fun facts about the land.
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