The apartment construction boom across Charleston shows little signs of abating while a new study pegs the multifamily industry's economic impact at nearly $7 billion across the region and billions of dollars more throughout South Carolina.
A study commissioned by the National Apartment Association and the National Multifamily Housing Council says the apartment industry and its residents annually account for $6.9 billion in economic activity in the Charleston area, $28.1 billion in South Carolina and more than $3.4 trillion nationally.
The report states the multifamily market supports 32,338 jobs in the Charleston area, while residents spend $5.8 billion in the area. New construction contributes $520 million, renovation and repair add $150 million and operations come in at $370 million in the region.
“As demand for apartments continues to grow locally and nationally, the significant contributions to Charleston’s economy also increase," said Tammy Carvajal, president of the Charleston Apartment Association.
"Apartments drive our local economy by adding employment opportunities, as well as revenue from resident spending, new construction, renovation and repair, and operations, all of which are positively impacting Charleston,” she said.
Carvajal noted apartments aren't just for students or young professionals; they also provide dwwllings for families, empty-nesters and single adults.
"The apartment industry will continue to work with our elected and appointed officials at all levels of government to expand the apartment housing supply to meet demand," Carvajal said. "We’ll also renovate and repair existing units in Charleston to help meet the growing demand, which will enhance our local economy for years to come.”
The report also noted tax payments from apartments equaled $100 million and residents contributed more than $660 million to the metro economy.
The nation added 346,900 apartments in 2017, up from 129,900 in 2011.
“The apartment industry is a very powerful economic engine, making significant and positive contributions at the national, state and local levels in terms of jobs, revenue and tax impact,” said NAA President and CEO Robert Pinnegar. “This clearly illustrates that the rental housing industry has a tremendous impact on Charleston – and across the country – proving that the industry is a valuable partner in every community.”
Sales are now being offered on a new phase of development for some pricey condominiums near Johns Island.
Developer IBG Partners is offering six residences. with prices starting at $995,000, in Building 3 at the Landing at St. Johns Yacht Harbor. It's near the marina on Headquarters Island on the Stono River. Some units in Building 1, where site work is underway, also are available. A free boat slip, a $30,000 value, is being offered to buyers in Building 1 through Oct. 15.
The 1,636-square-foot units in Building 3 include three bedrooms and 2½ baths with an open living space and luxury features. The sales center is at 2408 Maybank Highway.