Charleston's Economy is Growing Rapidly

With all of the negative press on the real estate market lately, it's no wonder why no one has paid that much attention to the economy in Charleston.  Everywhere I turn I hear someone spouting how bad the market is and how real estate is going under, but for Charleston that is just not the case.

In today's Post and Courier, there was an article releasing that the federal government has confirmed that the economy of the tri-county areas of Charleston, Berkeley, and Dorchester counties are not just growing, but booming!

The article is Numbers don't lie: We're a hot market.

According to the article, the three-county area's economic output has grown faster in the past five years than South Carolina's and the nation's as a whole, with the latest year's increase ranking among the top 20 percent of metro areas nationwide, according to a first-of-its-kind report on metro area gross domestic product.  What awesome news for us!

Here's a brief excerpt:

"Looking only at metro areas with economies the size of Charleston's or larger, the local area's growth rate ranked 22nd in the nation.

Among South Carolina metro areas, Charleston's 16.8 percent inflation-adjusted growth over that period was behind only Myrtle Beach's 20.1 percent increase. And in the latest year, Charleston's 5.4 percent jump was tops in the state and exceeded by only 63 cities nationally.

And while those numbers are impressive enough, they don't include some of the area's more recent high-profile corporate expansions, such as the Vought-Alenia aircraft manufacturing complex at Charleston International Airport, the ramping up of production and payrolls at armored vehicle maker Force Protection in Ladson, and the Google data center under construction near Goose Creek.

What they do reflect is the vitality of the area's highly diversified economy, said Frank Hefner, an economist at the center under construction near Goose Creek.

Although Charleston is well known as a tourist destination, Hefner noted that the biggest contributors to the economic growth were manufacturing, information and finance."

Frank Hefner went on to say that "having so many different kinds of growth areas, we're less susceptible to downturns.  Even the housing market - we'll have a slowdown, but look at all the people moving into the area to fill all the jobs that are being created. That insulates us to some extent."

That is just a kick in the pant to everyone who has been crying about how bad the market is here in Charleston.  We were never in the "bubble" that other markets faced, but we did experience a slowdown.  It's just something that happens in any market, real estate included.

And just in case you're interested, here are a few of the main things driving our economy here in Charleston right now:

TOURISM: The visitor industry is no longer seasonal in Charleston. More than 4 million tourists flock to the region annually to gaze at historic homes, play golf, soak up the sun at local beaches or sample the city's fine-dining establishments.

MANUFACTURING:Companies such as the Vought-Alenia aircraft manufacturing complex have helped raised the region's profile as a manufacturing center. Vought makes large fuselage sections for the Boeing Co.'s new 787 Dreamliner passenger jet.

INFORMATION:The region's fledgling high-tech industry was given a big boost this year when Google Inc. confirmed plans to build a $600 million data center in Berkeley County, near Goose Creek. The company will create 200 local jobs and give the region bragging rights to a blue-chip employer and household name.

FINANCE: The homegrown stock-trading firm Automated Trading Desk was started on a shoestring in the late 1980s by two college professors, assisted by some students. This year the Mount Pleasant-based company struck a deal to be purchased by Wall Street giant Citigroup Corp. for a staggering $680 million.

So as you can very clearly see, Charleston is where it's at!  If you are thinking of making your move to this thriving economic city, please give these two natives a call so that we can make your move as smooth as possible!