Charleston Canton continues to cull abroad from the blow of the state, with manufacturers, a growing anniversary area and a advancing anchorage accumulation to actualize South Carolina’s better economy, a federal address shows.
The amount of all appurtenances and casework produced in Charleston County — a metric accepted as gross calm product, or GDP — accomplished about $27.6 billion in 2018, the best contempo abstracts available, according to the aboriginal address barometer the amount at the canton akin by the Bureau of Economic Analysis.
That’s about $131.5 actor bigger than Greenville County, which was ranked No. 2 in South Carolina with a GDP of $27.4 billion.
Charleston County’s abridgement topped the Upstate accomplishment centermost for the aboriginal time in 2017 and widened the gap the afterward year, the address shows.
“The Lowcountry is booming,” Frank Hefner, an economics assistant at the College of Charleston, told the “Carolina Business Review” television show. That’s admitting a astringent activity curtailment — 1.7 percent unemployment in Charleston Canton in November — and a abridgement of affordable housing, he added.
As a admeasurement of how big the state’s best advantageous economies accept become, Charleston and Greenville now anniversary for added than division of the state’s GDP of $207.2 billion.
Charleston County’s abridgement has been apprenticed by investments and new jobs from manufacturers such as Boeing Co. and Mercedes-Benz Vans as able-bodied as a advancing tourism industry that attracts added than 7 actor visitors anniversary year accounting for an $8 billion impact.
The Port of Charleston — which has set burden annal for three after years — drives the abridgement both at home and throughout the state, with a contempo University of South Carolina abstraction assuming its anniversary appulse statewide acme $63.4 billion.
“We apprehend to abide weathering ambiguity in the apple economy, but our able position in the Southeast and adjacency to a booming customer bazaar will drive growth,” said Jim Newsome, admiral and CEO of the Accompaniment Ports Authority.
Richland County, home to the University of South Carolina and accompaniment government, was third at $23.3 billion. Spartanburg County, home to a BMW accomplishment bulb that employs 10,000 people, was fourth at about $13.5 billion.
Horry County, home to tourism destination Myrtle Beach and its service- and retail-dependent economy, angled out the top bristles with a GDP of $11.2 billion.
Berkeley County, area Swedish automaker Volvo Cars opened its alone U.S. bulb in 2018, ranked No. 8 with an abridgement topping $7 billion. Dorchester Canton was No. 19 with a GDP of about $3 billion.
Most of South Carolina’s 46 counties accomplished an accretion abridgement in 2018, with the statewide boilerplate advance at 2.6 percent. Six counties saw their economies contract. Florence County’s abridgement suffered the better accident at 24 percent — falling from $1.6 billion in 2017 to $1.2 billion the abutting year.
Nationally, Los Angeles Canton had the better abridgement at $710.9 billion.
Reach David Wren at 843-937-5550 or on Twitter at @David_Wren_
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