The South Carolina Leading Index (SCLI) marked three consecutive months of improvement and reached a six-year high in October, closing the month at 101.24, according to the November South Carolina Economic Outlook Report issued by the S.C. Department of Commerce.
An SCLI value above 100 indicates improving economic conditions for the state over the coming three to six months, said David Clayton, director of research for the commerce department, in the report. The report covers economic indicators in employment, unemployment and real estate.
Strong stock market performance and an increase in the average manufacturing workweek pushed the SCLI higher in November, while a 10.5 percent increase in initial claims for unemployment insurance and a 9.1 decrease in building permits for new residential construction dampened the gain.
The housing market slowed in its pace of improvement with the volume of residential real estate closings falling 4.3 percent, according to the report, and the median South Carolina home sales price declined 2.9 percent.
However, the year-over-year gains in the housing market are still evident, said Clayton, with a 5.2 percent increase in closings compared to 2012, a 3.3 percent increase in median sales price over the year, and a hefty 34.1 percent increase in building permits. The report shows that the number of foreclosures has fallen by 18 percent, indicating a dramatic improvement.
Employment in the construction industry has also improved over the year, adding 4,900 jobs. Overall, the Charleston and Greenville markets have shown the most significant gains in home sales prices and closings, said Clayton.
The report shows the labor market displayed strong gains in October, both on the private employment side with 4,100 jobs added in S.C. and 5,500 government jobs.
October saw a 10.5 percent increase in the weekly average number of initial claims for unemployment insurance (UI), following a 9.3 percent decrease in September. Compared to 2012, initial UI claims were 9.0 percent lower than the same time last year and 21.4 percent lower than two years ago.
