"The state's overall economy has slowed down a little bit, but not to the extent of the national economy," Parish says. "That's somewhat overshadowed by Charleston, which hasn't slowed one bit."
Parish is director of the Center for Economic Forecasting at Charleston Southern University. His remarks were also shared at the Charleston Metro Chamber of Commerce's annual Region Economic Conference.
Charleston's economy, in terms of employment, has been growing from 3-1/4% to 3-3/4% for the past few years, Parish says. Retail sales were up 8% last year. The value of residential construction hit a new high of $715 million while commercial construction totaled $275 million.
Growth has been so fast that some suburban areas such as Mount Pleasant, fastest growing city in the state at 9% a year, have adopted ordinances limiting new building. That city put a cap on residential growth of 3% a year.
"What that's going to do is simply spread the demand out of Mount Pleasant into areas such as Summerville and James Island," Parish says.
He does not think the limit, which only applies to residential growth, will have much if any impact on commercial development.
A planned $750-million Cooper River Bridge that will replace a crumbling 70-year-old facility linking Charleston with the suburbs will also have a positive impact on future growth, Parish says.
"The manufacturing industry in this state has slowed down in the last several years, but we have a pretty good level of diversity going on in South Carolina, and that's helped the economy stay strong," he notes.
A major reason for growth, he says, is the attractive lifestyle in the Charleston area. Another major factor that will have an impact on the future of Charleston is the Noisette Project, a $1-billion plus revitalization of the old Navy base. Plans call for about eight million sf of commercial and retail space and 7,000 housing units, among other developments, on a 2,800-acre tract. Master planning is under way.
The only factor that could derail the state's bright economic future is a major national recession, in Parish's opinion.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
