Statewide industrial activity intensifies
- South Carolina industrial markets continue to absorb record-breaking square footage, this quarter alone the state absorbed 5.43 million square feet.
- Rental rates continue in an upward trend and averaged $4.32 per square foot during the third quarter of 2019.
South Carolina Ports
The South Carolina Ports Authority operates the Inland Port Greer, a key transport hub for many Upstate industrial manufacturers and distributors. A 40% increase in container volume from September 2018 to September 2019 confirms its continued record-setting growth. According to the South Carolina Ports Authority, Inland Port Greer handled 12,473 containers this September. Meanwhile, Inland Port Dillon’s container volume increased 33% over its first year of operation in 2018 - during September of 2019 2,541 containers were handled. The South Carolina Ports Authority President and CEO Jim Newsome stated,
“Our fiscal year 2020 is off to a very strong start as we continue to handle record cargo volumes at our terminals.”
Three new ship-to-shore cranes have arrived in Charleston that, once assembled, will be deployed at Wando Welch Terminal in Mount Pleasant and have 155 feet of lift height. The increased number of cranes will allow the South Carolina ports to move large containers back and forth on 14,000-TEU-and-above ships. These cranes coupled with continued focus on “on/off” efficiency will continue to increase the container volume year-over-year. The South Carolina ports system are “worth more than $63 billion in annual economic impact and generate more than $1.1 billion in tax revenue annually,” according to the South Carolina Port Authority.
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