2019 Economic Forecast predicts strong growth

The Charleston Metro Chamber presented the 2019 Economic Forecast at their 28th Annual Economic Outlook Conference. The forecast for the Charleston region is a partnership project between the Charleston Metro Chamber of Commerce’s Center for Business Research and the College of Charleston’s School of Business.

“With the guidance of our Economic Outlook Board, we feel confident that the next two years will be vibrant for the Charleston Metro Area, ” said Jacki Renegar, CERP, Director of the Center for Business Research. “Though our region has some challenges that come with any growing economy, the Charleston Metro Chamber and strategic partners are working together towards solutions that create a successful business climate and opportunities for all residents.”

Highlights from the 2019 Economic Forecast:

• The 2019-2020 forecast for the region indicates continued economic expansion, though at a more moderate pace than in recent years.
• Job gains in our region are expected to continue, adding 6,000 to 8,000 net new jobs per year particularly in production, hospitality, medical, business operations and information technology.
• Joint Base Charleston and the region’s military presence overall remain strong with approximately 20,000 total civilian and active-duty personnel.
• Our region is facing a housing attainability crisis as prices continue to rise and additional restrictions on building are being implemented. Through the Investment Opportunity Study, the Charleston Metro Chamber is working to build collaborative partnerships with local governments to help address critical issues such as attainable housing and development timelines.

The key to the success of the annual forecast has been the Economic Outlook Board, whose collective insight provides information that may not be picked up in a statistical analysis of the data. The Board often has information on future developments that no statistical model would capture. Furthermore, the data is typically reported in a lag – the Economic Outlook Board reviews the statistical forecast and adds the “real-time, real-knowledge” insight into the actual performance of the local economy.

The forecast is based upon historical data tracked and collected by the Chamber’s Center for Business Research. Data on each of the key economic indicators that drive the region’s economy are collected and provided to the College of Charleston’s School of Business. Using an econometric forecasting model, a projection for each indicator is developed. The model also takes into account national indicators.

For more information or to view the forecast, visit www.charlestonchamber.org/economicforecast.

About the Charleston Metro Chamber

With approximately 1,600 member organizations representing 160,000 professionals, the Charleston Metro Chamber of Commerce serves as the collective voice of the business community, and a catalyst for regional economic advancement and member success through Talent, Advocacy, Leadership and Business Development. Visit charlestonchamber.org.