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Date Published: 08-15-2023
Key Takeaways:
Overview
Construction Starts: Statewide construction starts have increased in five out of six sectors as compared to mid-year 2022. Commercial, manufacturing and multifamily starts for the first six months of 2023 total over $2.4B dollars, followed by $396M in the education sector and $173M in government buildings. Manufacturing starts in particular are seven times higher than last year statewide.
Construction Workforce: According to the Bureau of Labor Statistics, as of June 2023, construction employment in South Carolina totaled 110,050 persons, 3,000 more than in June 2022. South Carolina’s unemployment rate continued to decrease in June to 3.1%, lower than the national average of 3.6%.
U.S. Material Pricing: Material pricing continued to stabilize with six-month pricing index averages decreasing for twelve of the nineteen tracked materials. The month-over-month average change for all tracked materials during the last twelve months was 1.36%. The last six months of 2022 saw an average month-over-month change of -3.22% compared to .49% for the first half of 2023. The largest reductions occurred in diesel fuel and steel products, although month-to-month averages for these materials remain irregular. Single-digit changes for all materials other than diesel fuel in the first half of 2023 indicate reduced material cost volatility while still indicating minor cost increases.
Columbia
1301 Gervais Street, Suite 601,
Columbia, SC 29201
Charleston
4289 Spruill Avenue, Suite 200,
North Charleston, SC 29405
Greenville
55 E. Camperdown Way, Suite 200,
Greenville, SC 29601
Spartanburg
145 W. Main Street, Suite 300,
Spartanburg, SC 29306