Key Takeaways:
- 2023 year-end construction starts reflect the impacts of large-scale investment announcements and resulting growth across all sectors statewide
- South Carolina is poised to leverage a favorable business climate and nationwide stabilization of material costs in 2024-2025
- Tip: Early collaborative planning among project management, owner, designer and builder results in enhancement of cost control and construction scheduling
Construction Starts
South Carolina’s construction market continued to see growth in five of six sectors throughout the second half of 2023, surpassing 2022 by $2.36B. This is a 59% increase, continuing an upward trend over the past five years. Manufacturing experienced a dramatic increase at over five times the volume of 2022, doubling recent highs in 2018 and 2021. Warehouse construction bolstered continued growth accounting for 60% of the commercial sector, while multifamily continued a pattern of steady growth since 2019.
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