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Date Published: 02-16-2021
Key Takeaways:
Overview
Construction Starts: During 2020, statewide construction starts decreased in four of six sectors as compared to 2019. The two increasing sectors, multifamily and manufacturing, showed a start growth of 42% and 35% respectively for a combined $913 million in new construction projects. Commercial construction starts increased significantly during the fourth quarter of 2020, as compared to the preceding three quarters.
Construction Workforce: According to the Bureau of Labor Statistics, as of December 2020, there were 115,000 construction employees in South Carolina, 5,800 more than December 2019. Statewide the construction workforce declined by 6% in April, recouped job losses by September, and now exceeds pre-COVID 19 employment by +/- 5,000 workers.
U.S. Material Pricing: A year of pricing stability ended in March 2020 when volatility re-entered the market. Product shortages and price increases for various materials were realized in the spring, while pricing for other materials declined due to decreased demand. The third and fourth quarters of 2020 saw minor upward price movement with average quarterly increases across all materials tallying 2.39% and 1.66%. Diesel fuel, pre-engineered metal buildings, steel products, and precast concrete drove fourth quarter increases. Lumber pricing remains wildly volatile and steel pricing is expected to continue increasing into 2021.
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