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Charleston in top 10 US cities poised for economic growth in next decade, study says

Volvo Cars plant aerial (copy)

The $1.1 billion Volvo Cars manufacturing campus off Interstate 26 near Ridgeville is one of two vehicle manufacturers in the Charleston region. The other is Mercedes-Benz. Provided/Volvo Cars

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Charleston in top 10 US cities poised for economic growth in next decade, study says

Charleston is once again on a top 10 list but this one is forward-looking.

Online financial firm LendEDU ranked the Holy City as No. 8 among 380 metro areas across the U.S. best-positioned for economic advancement in the new decade, which tends to lead to the continued influx of new residents and job seekers who will all need a place to live.

The firm analyzed a variety of socioeconomic factors such as recent income growth, population changes and educational attainment levels to make its determination.

It found that in Charleston 46.5 percent of the population ages 18-24 hold a minimum of an associate's degree, 669 businesses opened in 2015-16 and the area gained more than 123,000 people from 2010 through 2018. It also saw 4.5 percent growth in income from 2017 to 2018 and recorded more than 7,000 residential building permits in 2018. Unemployment dropped 3.4 percent from 2015 to 2019.

San Diego topped the list while Reno, Nev., came in second. In order, Nos. 3-7 are: Los Angeles, San Francisco, Miami, San Jose and Stockton, the latter two both in California. No. 9 is Fresno, Calif., and No. 10 is Orlando.

Nearby Savannah ranked No. 17, Raleigh came in No. 18 and Charlotte ranked No. 21.

Other South Carolina cities on the list include: No. 26 Greenville, No. 68 Columbia, No. 97 Spartanburg, No. 105 Myrtle Beach, No. 121 Hilton Head Island, No. 194 Florence, and No. 246 Sumter.

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Foxbank Apartments under construction (copy)

Jose Mendez works on a new apartment development next to already developed houses in Foxbank Plantation in Moncks Corner. About 1,000 more housing units are slated for the development off U.S. Highway 52 near Cypress Gardens Road. Warren L. Wise/Staff

4,000 new houses in the works in Moncks Corner

Nearly a dozen different developments will bring thousands of new houses to the sleepy town in Berkeley County, bringing 10,000 new residents at full build-out.

By the numbers

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2: Number of upscale housing developments north and south of Charleston with "river" in their names and offering new pricey homes. 

8x9: Size of the board that replaced the shattered window in a downtown Charleston clothing shop after someone tossed a 2x4 through the glass in the early morning hours of Friday the 13th.

3,000: The price in dollars paid at auction for a Midlands couple's $128,000 home after they failed to pay $250 in homeowners' association dues. The state Supreme Court has now weighed in.

This week in real estate

+ Kiawah standouts: Two homes on the pricey, gated, seaside community near Charleston were recently recognized for their architectural integrity.

+ Inn keeping: A 91-room high-end hotel in Charleston's tourist center changes hands for an undisclosed price.

+ Powering up: The Medical University of South Carolina may build its own power plant to save money and prepare for hurricanes.

'Dome home' on Sullivan's Island fetches $4M 

Sullivan's dome home exterior PRINT .JPG (copy) (copy)

The dome-shaped, concrete house at 2851 Marshall Blvd. on Sullivan's Island recently sold for $4 million. File/Andrew J. Whitaker/Staff

Built after Hurricane Hugo destroyed the previous home in 1989 on Sullivan's Island, the "dome home" is said to be hurricane-resistant. It recently fetched $4 million.

Upcoming real estate events

  • Real estate investing: A free how-to seminar on real estate investing is set for Dec. 26. 

  • Homeownership tips: Origin SC will host classes starting Jan. 2 at various times and places on budgeting and other first-time homebuyer tips.

Charleston-area transactions

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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.

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