In the latest video from CoreLogic, they talk about their outlook for economic growth nationally, so I wondered where Greenville SC fits into their numbers.
Here are some key factors I found on how the economy in the City of Greenville SC is cooking along.
- Unemployment rate is 3.9%. The national average is 5.2%.
- The job market in Greenville SC has seen an increase of 2.8% over 2018. Ten-year predictions place job growth at 41.2%, which is higher than the national average of 38.0%.
- Sales tax rate for Greenville SC remains at 6.0% which meets the national average.
- Income tax rate is 7.0% which is higher than the national average of 4.6%.
- Greenville SC resident average income is $31,043/year. The national average is $28.555/year.
- Median Greenville SC household income is $41,147/year. The national average is $53,482/year.
- Personal income is projected to grow 4.3% in 2019.
Looking at the unemployment rate which is below national average, we find that health care and social assistance lead the way at 14.3%, followed by educational services at 11.6%, followed closely by manufacturing jobs at 11.5%. Professional, scientific & technical services follow up with 9.7%, then accommodation & food services at 9.6% and retail coming in at 9.4%.
If job demand for the top three stay consistent there will be a trickle-down effect into the other categories and below. Thus, possibly dropping the unemployment rate even further below national average.
Other areas showing this lower unemployment rate include Travelers Rest, Taylors, Greer, Mauldin, Gantt, Parker, Five Forks, Simpsonville, Fountain Inn, Wade Hampton, Berea, and Welcome. Cities further from Greenville SC are showing higher unemployment perhaps because they are too far to commute or most of the companies prefer to locate in the larger Greenville SC metro area.
Rising lumber costs due to an imposed import tariff on Canadian lumber has slowed the housing industry a bit this year. Builders are incurring higher costs for new development. But despite the costs, single family residential building permit activity was up across the state including in Greenville SC. Spartanburg, Florence and Myrtle Beach had the most significant gains reaching near 20 percent.
And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.