Download research report
Date Published: 09-01-2022
Key Takeaways:
Overview
Construction Starts: Statewide construction starts have decreased in four of six sectors compared to mid-year 2021. The two sectors with starts growth, multifamily and education, recorded $739 million in new work. Total construction starts in key sectors during the first six months of 2022 is $453 million below midyear 2021.
Construction Workforce: According to the Bureau of Labor Statistics, as of June 2022 construction employment in South Carolina totaled 102,800 persons, 800 less than June 2021. South Carolina’s unemployment rate continues to decrease with the June tally at 3.2%, 0.5% lower than the national average of 3.7%.
U.S. Material Pricing: Material pricing continues to increase but key data points suggest volatility is cooling. Three-month pricing index averages (April-June 2022) increased for eighteen of nineteen tracked materials, but the rate of increase is slowing. The month-over-month increase for all tracked materials during the first quarter of 2022 averaged 6.96% as compared to 4.99% during the second quarter. This pattern is further evident when analyzing metal and steel materials over a twelve-month period. The average month-over-month pricing increase for prefabricated metal buildings during the first six months of 2022 was 1.2% as compared to 11.68% during the last six months of 2021. Averages for other steel and metal materials during the same time are as follow (2022 % vs. 2021 %); steel pipe and tube: 2.6% versus. 19.17%, sheet metal: 4.05% versus. 4.88%, structural steel: 3.6% versus. 4.70%. Material pricing can be expected to stabilize if these patterns continue.
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