Charleston’s Economic Forecast for Summer 2018
I recently went to a meeting where the Chamber of Commerce Board of Directors told me all about summer 2018’s economic forecast.
Today I’d like to give you a look at the latest economic forecast for Charleston. The information I’ll be sharing comes directly from my recent meeting with the Chamber of Commerce Board of Directors.
They started out by saying that national, state, and local economies are all expected to grow for at least the next 24 months. This is great news to us, especially in the real estate world.
All economies in the nation are expected to be strong for the next two years. In fact, the national GDP is projected to grow and have some of the strongest rates in years.
How does this filter down locally? Well, our region continues to grow and attract major industries, particularly in manufacturing, transportation, and IT.
Additionally, the labor force is up 2.5%, employment is up 3%, and unemployment is down 10%. Meanwhile, ports are up 6%, real estate transactions have risen 2%, and real estate prices are up 4%. Single-family home permits have also risen, going up by 2%.
The good news is that we do not expect to see a crash in prices happening for at least two years or more. We also don’t see a downturn in our economy. In fact, our real estate economy should stay strong.
If you are thinking about selling a home in the Charleston area, it is going to be a great time. You always want to sell on the upward side of the crest. If you are thinking about buying a home, you may also want to do it now because interest rates are expected to rise this year and it will cost you more money if you wait.
Regardless of whether you're buying or selling, please feel free to reach out to me by phone or email. I would be happy to help you with either endeavor in any way that I can.