The South Carolina economy and business environment continue to thrive. While it’s true that many low-paying jobs have struggled nationwide in the wake of the pandemic, the activity in this part of the country continues to show record job growth, a positive sign for new and existing businesses.
South Carolina Economy at a Glance
According to the latest figures from the Bureau of Labor Statistics, South Carolina currently has a low 3.3% unemployment rate, down from 3.6% six months ago. The state employs over 2.2 million non-farm employees, up from just over 1.8 million during the height of the pandemic in 2020. Some of the sectors with the largest 12-month change include leisure and hospitality (+9.3%), IT (+8.1%), and financial activities (+6.2%).
Adding SC Jobs and Improving Wages
The South Carolina Department of Employment and Workforce reported that the state experienced a 3.2% year-over-year increase in jobs in May. Other sectors the agency noted as experiencing growth include Manufacturing, Trade, Transportation, and Utilities, Professional and Business Services, Government, and Construction.
Weekly wages have also grown in South Carolina. Over the past two years, manufacturing wages have increased 16.7%, with jobs in this sector up by over 4,000 this year alone.
Charleston, SC Job Growth
According to a new CES survey of employers, there were 383,400 jobs in the Charleston, SC, area in April 2022. A CPS household survey in the same region showed employment levels at 393,039 for the same month. Comparing the two surveys, however, job growth year-over-year is about the same in the Charleston area of just over 16,000 jobs, which is impressive.
Both the CES and CPS job surveys exhibit record employment levels and job growth in the Charleston, SC, area. In April 2022 alone, nearly 1,500 jobs were created in this area, according to the CPS survey. Weekly wages have also increased about 10.9% year-over-year as of April 2022.
Let Us Help You Find Space for Your SC Business
If you’ve decided that it’s time to expand your commercial space in the Charleston, SC, area, find out how Caldwell Commercial Real Estate can help. We are a reputable team of commercial realtors and property managers in Charleston, SC, with over 80 years of combined experience. Our specialists can help you find the ideal property for your startup or existing business. Contact us to learn more about how we can provide the personalized real estate assistance you need.