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2020 Mid-Year LCK SC Construction Trends Report

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South Carolina Construction Starts Decline

Key Takeaways

  • Statewide construction starts and regional architectural billings have decreased sharply during the first half of 2020.  If starts and pre-development activities do not increase during the third and fourth quarters, the construction market is likely to experience a marked slowdown in 2021.
  • Construction costs overall are expected to decrease as projects have been put on hold and new starts are inadequate to replace the current pipeline.  Material pricing is somewhat volatile with availability and prices fluctuating depending on the commodity.     
  • LCK Construction Tip: South Carolina’s construction market is beginning to lean toward the buyers’ favor as general contractors are eager to secure new projects. Because of the decline in new starts, more subcontractors are bidding work resulting in more competitive pricing.

Overview

Construction Starts: Statewide construction starts have decreased in four of six sectors compared to mid-year 2019. While healthcare starts increased in the Columbia and Charleston markets, the value of projects is not enough to replace the larger volumes completed in 2019. 

Construction Workforce: According to the Bureau of Labor Statistics, as of June 2020 there were 108,300 construction employees in South Carolina, 6,700 more than June 2019.  The construction workforce declined by 0.82% in March and 5.78% in April, but rebounded in May with a 4.09% increase, followed by a 1.31% increase in June. 

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2020 Mid-Year LCK SC Construction Trends Report

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Related Experts

Mickey Layden

Exec. Vice President | South Carolina & President | LCK

Columbia

I am President/CEO of LCK, the project management partner of Colliers | South Carolina. Founded in 1994, LCK is a certified woman-owned business that serves clients throughout the state through a regional network of offices in Greenville, Spartanburg, Columbia, and Charleston.

I also serve as Executive Vice President and Principal of Colliers | South Carolina, with executive leadership responsibility for the firm’s Real Estate Management Services division. The REMS staff of nearly 55 property management and maintenance professionals manages over 16 million square feet of space statewide. 

I have been fortunate to assemble a great team of project management professionals within LCK and together we leverage collective backgrounds in engineering, facilities management, construction and financial modeling to offer a comprehensive service.

My primary focus within both Colliers and LCK is business development, consulting, advisory services and strategic planning.

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Dale Stigamier

Senior Vice President

Columbia

My background is in institutional real estate development and construction, and I have a diverse range of experience in commercial development, asset management, property management and market/feasibility analysis. 

At LCK, my role is to collaborate with clients and our project management team and provide a unique perspective for your project.

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