SUN NEWS -- The Myrtle Beach metro area led the state in three of four
economic indicators, and was second in the fourth, when comparing
statistics from October and the same month a year ago, according to
information released Wednesday morning by the Darla Moore School of
Business at the University of South Carolina. The information was
prepared as part of the school’s 2015 statewide economic outlook which
will be presented in full at the 34th Annual Economic Outlook Conference
in Columbia on Tuesday. The Myrtle Beach area topped the state’s
metro areas in employment growth, retail trade gains and decline in
unemployment and came in behind Greenville for growth in residential
building permits. The Grand Strand recently was cited in other
studies as having the sixth highest rate of job growth and the top
growth in residential building permits nationally. Those studies
compared different times in 2013 and 2014, which would account for the
differences with the USC information. “If you liked 2014, then
you’ll like 2015,” said Joseph Van Nessen, an economist in the Moore
School’s Division of Research, who prepared the outlook with Doug
Woodward. “South Carolina’s economy hit its stride this year, and we
expect that trend to continue.” Van Nessen said that consumers are
now in better shape than in recent years with less household debt and
increasing home values, which translates to more disposable income. The statewide outlook calls for job growth in 2015 mirroring that in 2014, 1.9 percent versus the 2 percent seen this year.
SC growth indicators - Comparing October 2013 with October 2014:
EMPLOYMENT GROWTH
1. Myrtle Beach, 4 percent
2. Augusta, 3.5 percent
3. Florence, 2.4 percent
RETAIL TRADE GROWTH
1. Myrtle Beach, 3.2 percent
2. Charleston, 2.7 percent
3. Spartanburg, 2 percent
UNEMPLOYMENT RATE DECLINE
1. Myrtle Beach, -0.9 percent
2. Spartanburg, -0.8 percent
3. Rock Hill, -0.8 percent
RESIDENTIAL BUILDING PERMIT GROWTH
1. Greenville, 57.7 percent
2. Myrtle Beach, 43.8 percent
3. Charleston, 43.4 percent
Source: Darla Moore School of Business
