Looking at the latest economic and real estate data for South Carolina…
Sorry for being a little late with sharing this. Only so many hours in the day but I felt that despite most of this data being about ALL of South Carolina and not just the Anderson SC area, it is still good stuff! Most of this is from the SC Department of Commerce but some is from the South Carolina Department of Employment and Workforce.
Let’s dive in!
South Carolina Leading Index Increases
I am glad to see that the South Carolina Leading Index (SCLI) has increase. In increased 0.13 points in September after improving 0.12 points in August. This is the highest level for the South Carolina Leading Index for 2014. This should indicate positive economic growth over the next three to six months.
I also find it very interesting to look back and see that we have been increasing since January 2011. Yes there have been ups and downs but it appears we are headed in the right direction!
South Carolina Employment
First up, let’s look at the some of the key employment indicators for South Carolina:
For the chart below, I would suggest ignoring the changes from the previous month and look at the changes compared to the previous year. Overall, we did see improvements in employment in South Carolina.
Check out this chart showing Weekly Unemployment Claims in South Carolina compared to the entire US:
The number of initial claims for Unemployment Insurance (UI) declined for the third consecutive month in September to 2,926 average weekly claims. This level was 14.9% lower than the previous month and 28.5% lower than a year ago.
Unemployment Rate in South Carolina
South Carolina’s seasonally adjusted unemployment rate increased to 6.6% in September 2014 from a revised August 2014 level of 6.3%. South Carolina’s unemployment rate has declined by 0.7 percentage points since September 2013.
Looking locally, the unemployment rate for Anderson County in September 2014 was 5.9%. This is much lower than the 6.4% reported for September 2013.
While it appears the employment numbers in South Carolina are headed in the right direction, we also need to consider some other factors.
South Carolina Average Hourly Earnings
Please understand this is showing the Average Hourly Earnings and NOT the Median Income. That being said, it is nice to see the long term increase if we compare where we are today compared to September 2012.
Real Median Income in South Carolina
Well, no sense in beating around the bush about how real median income in South Carolina has been headed in the wrong direction for quite some time.
South Carolina Real Estate
First let me say these are statistics for the ENTIRE state of South Carolina. You can find more local information by reading the Weekly Market Reports. First up, some key indicators for South Carolina real estate:
Not good to see the prices decrease but again, this is for the entire state and could mislead you. However, it is a good sign that building permits increased since that means jobs!
The Take Away
While most of this data is for the entire state, overall it is pretty positive. I can remember just a few years ago sharing similar data and it being pretty depressing. Like I said, this is pretty much about ALL of South Carolina so if you have questions about real estate in the Anderson area, please Contact Me!