Colliers International | South Carolina is pleased to present this statewide construction trends market report, which we have published in conjunction with our project management partner firm in South Carolina, LCK. LCK is a woman-owned business whose core service is project management for real estate development projects. For more information on LCK, please visit their website at lckcs.com.
South Carolina Construction Activity is Up
- Statewide construction activity has risen from one year ago and the market has an optimistic business climate; therefore, positive construction activity is expected into 2019.
- Construction costs across all sectors are expected to continue rising in South Carolina. Volatile material pricing and increased demand on limited contractor resources are key factors.
- LCK Construction Tip: Pre-engineered metal building pricing and lead times continue to rise. Structural steel framing or load-bearing masonry construction will offer comparable alternatives.
Construction Starts: Statewide construction starts are 0.63% higher than starts in the third quarter of 2017. Across the state, 25,305 project starts occurred during 2018, valued at $12.54 billion. In the third quarter, 8,306 construction project starts were recorded.
Construction Workforce: According to the Bureau of Labor Statistics, as of September 2018, there were 98,400 construction employees in South Carolina, representing 4.66% of the total non-farm employment. Construction employment decreased by 100 jobs over the last 12 months; however, employment in the major markets is largely increasing.
U.S. Material Pricing: Pricing volatility continues for steel, asphalt and gypsum products, with pricing increases averaging 2.9% to 8.2% over the last three months. During the same time, lumber and plywood pricing has decreased by 7.4%, countering sharp increases earlier in the year. Volatility is expected to continue for the foreseeable future.
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