Charleston Metro Chamber Economic Outlook Forecasts Portrays Opportunity
March 10, 2015
CHARLESTON, SC – The Charleston Metro Chamber of Commerce released the region’s 2015-2016 Economic Outlook Forecast to nearly 500 business leaders at the 24th annual Economic Outlook Conference on Thursday, March 4.
The forecast can be described in one word, opportunity. Numerous rankings and studies point to the region’s robust economy and the forecast for 2015 shows a positive impact in every sector. Both 2015 and 2016 are expected to see net gains of more than 5,000 jobs – the healthiest gain in several years. Unemployment is also expected to decline to 4.6% by the end of 2016.
“We are expecting 11,000 new jobs in our region over the next two years and more than 25,000 new jobs in the next five years, that’s seven times the job growth of the past five years,” stated Mary Graham, chief membership officer for the Charleston Metro Chamber of Commerce. “The occupations that are predicted to grow at the fastest rate are computer/software, science/engineering, sales/marketing and medical.”
Additional highlights from the forecast included the Port, which is the fastest growing port in the U.S. since 2011. The Port will continue to break records in 2015 with a forecast growth of 15%. Charleston International Airport is reported to have a $1 billion annual economic impact in our region and will see a 3.8% growth in 2015 along with the completion of the $189 billion expansion and renovation.
Where the forecast shows great opportunity, our region also faces several challenges. Among those challenges is the $42 billion infrastructure funding shortfall needed to fix our region’s roads and bridges as well as the need for responsible growth. Our region is also faced with creating a talent pipeline that is skilled with the needs of our highest demand employers.
The conference featured a panel of our region’s university presidents, including James P. Clements, Clemson University; David J. Cole, MD, FACS, Medical University of South Carolina; Jairy C. Hunter, Jr., EdD, Charleston Southern University; and Glenn F. McConnell, College of Charleston. The panel discussed the future of higher education, with a focus on collaboration.
According to McConnell, “The Chamber needs to continue to be aggressive about education to prepare our workforce.” Hunter asked the business community to “offer scholarships, mentorships and to let the universities know what is going on in the workplace and what is needed.”
The Chamber asked the business leaders in attendance to help address the region’s challenges by:
- Urging legislators to pass a bill that provides dedicated funding to address infrastructure
- Becoming a business partner in our high school Career Academies
- Reading the Chamber’s Sustainable Growth ethic and signing a petition in support of planned and responsible growth
The annual Economic Outlook Forecast is a partnership project between the Charleston Metro Chamber’s Center for Business Research and the College of Charleston’s School of Business and Economics. An Economic Outlook Board consisting of industry leaders from the metropolitan region is integral, providing valuable insight and forecasts where needed.
View the 2015-2016 Economic Outlook Forecast.
About the Charleston Metro Chamber: With more than 1,600 member organizations representing 125,000 professionals, the Charleston Metro Chamber of Commerce serves as the collective voice of the business community and a catalyst for advancing the region’s economy and enhancing members’ success through Advocacy, Innovation, Talent and Business Advancement. Visit charlestonchamber.net.
