A new report released last week by the South Carolina Department of Commerce shows that unemployment has climbed while building permits have declined, but residential sales continue to improve.
Statewide, the average weekly number of initial claims filed for Unemployment Insurance (UI) increased 5.1 percent last month, reaching 4,572. Spartanburg saw a 21 percent increase due to significant plant layoffs or closures announced in June, according to the U.S. Department of Labor. Greenville saw a slight decline, of 5 percent or less, in initial UI claimant activity.
So where does the Palmetto State place overall in unemployment? In June, South Carolina ranked No. 14 out of 51, according to the Bureau of Labor Statistics. In the Southeast region, South Carolina’s rate remained lower than Georgia, Kentucky, Mississippi, North Carolina and Tennessee.
Eleven states experienced decreases in their unemployment rates, 28 states saw increases, while 11 states and the District of Columbia remained unchanged. Over the year, the largest declines in the unemployment rate were noted in California and Nevada, dropping by 1.8 points or more. By comparison, South Carolina’s rate has declined by 1.2 points from a year ago.
Overall, employment gained 10,100 jobs, a 0.5 percent increase across the state. The private sector contributed an increase of 17,100 positions while the government shed 7,000 jobs, mostly seasonal teaching positions. Retail, professional and business services, transportation and warehousing sectors were all up.
In real estate, the number of residential closings last month climbed 13 percent compared to a year ago. The declining number of foreclosures in the state, down 24 percent compared to last year, has reduced the supply of available homes on the market. As inventory tightens, real estate values in South Carolina have gained ground. The median home sales price in South Carolina increased 3.1 percent last month and is now at the same level seen in 2007 before the recession.
Building permit activity in South Carolina is up more than 20 percent and construction industries have added 3,700 jobs in the last year.
