Lowcountry Deemed As ‘High Impact’ Area For Housing Industry in The State
The economic impact of the real estate industry reached more than $3 billion in the Lowcountry in 2018, accounting for 17,527 jobs and contributing more than $560 million in labor income to the region, according to a report commissioned by the South Carolina Realtors®.
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The report showed the annual economic impact of the housing industry for South Carolina totaled nearly $45 billion in 2018, contributing to South Carolina being the ninth fastest growing state in the nation.
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The report also showed that four of every five residential home sales in the state are facilitated by a Realtor®.
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Colette Stevenson, chief executive officer of
HHIMLS.com, said Beaufort, Jasper, Hampton and Colleton counties were all strong contributors to the region’s success.
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“The housing industry in the Lowcountry, and particularly the U.S. Congressional District 1, had the greatest economic impact in the entire state as it reached $7.7 billion in 2018,” Stevenson said. “Our Realtors®, agents and brokers work hard to close deals that make sense for both the buyers and sellers. All contributors to that figure in our region should be extremely proud that this area is the top in the state.”
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Job opportunities in a state with a strong economy and South Carolina being a retirement destination with a low cost of living are among the reasons researchers found migrants from the North are wanting to call the Palmetto state home.
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“These strong growth trends have generated a relatively high demand for housing in South Carolina in recent years,” wrote Joseph Von Nessen, research economist as the Division of Research at the University of South Carolina Darla Moore School of Business, who prepared the report. “Although a strong and vibrant housing market is essential for the growth of a regional economy during any time period, these growth trends that South Carolina has experienced make a thriving housing industry even more important in helping to maintain the state’s current economic momentum and to capitalize on the competitive advantages the state now enjoys.”
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The following is a breakdown by county in the Lowcountry for 2018:
To find an HHIMLS agent or to learn more about joining the MLS, go to www.HHIMLS.com.
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About Multiple Listing Service of Hilton Head Island
HHIMLS is a state-wide premier multiple listing service in South Carolina, established in 1976. A proud member of the Council of Multiple Listing Services, it is the listing platform facilitating more than $4 billion in annual real estate transactions. Headquartered on Hilton Head Island, it serves Agents and Realtors representing properties in South Carolina and Georgia. HHIMLS is vital to the success of real estate professionals and consumers by maintaining the most dependable and powerful data in the marketplace, updated in real time. More information about HHIMLS is available at HHIMLS.COM and (843) 785-9696.
