How Does the Charleston Economy Stack Up to National Statistics?
Take a look at data and recommendations provided by Gene Marks, Business Analyst, Speaker & Author
Knowledge is Power, Sir Francis Bacon
My mission is to keep things simple. While I am guilty of taking trips down the rabbit hole from time-to-time, keeping a pulse on the economy and the housing market is not only my job, but also completely fascinating! I am confident that if I tried to put together a full rendition of the economic update I received yesterday, I would lull my readers to sleep. So, here are some key points that I extracted for you to put into your “knowledge” back pocket. Now, for those of you who do enjoy the economy rabbit hole and nitty gritty details, you may want to bypass my brief version I’ve put together. For those who appreciate a simple synopsis, I hope you enjoy!
Things to Know
- US Economy grew 2.6% in the third quarter of 2022
-SC Unemployment Rate (3.3%) is lower than National Average (3.7%)
-US Manufacturing activity near contraction levels (See chart below)
-US Logistic activity flattening (caught up from back-up during pandemic)
-US Port activity declining due to slowing manufacturing
-SC Port activity also declining, but cushioned by strong ties to manufacturers (automakers) and their focus on fluidity with imports/exports (Source: Journal of Commerce Online)
Photo Credit: Marion Bull, South Carolina Ports Authority
Things to Prepare
-Pay off any credit card debt, possibly using home equity
-Small business owners should research loans and tax credits available (there are funds available and currently not being used)
-Consider interest bearing accounts
-Research Treasury Inflation Protection Securities (TIPS)
Decline in Manufacturing
Things that Are Looking Up
-Travel, retail and service industries remain strong
-If people are traveling, buying and eating out, Charleston is in a good position
-Household net worth at historical highs
-Median annual pay increased 8% for those who stayed with their job and 16% for those who changed their job
-SC home listing prices are down 4% since June 2022
-SC home inventory is up 27% since January 2022
South Region Home Sales
Please let me know if you have any questions or would like more detailed information from Gene Marks’s presentation for Charleston Trident Realtors. I am here to help you with your future real estate investments, and we can keep it simple or travel down a rabbit hole together!
