A recent report issued by the South Carolina Department of Commerce showcased a seven-year high in the Palmetto State’s leading index, a decline in weekly unemployment claims, and an increase in the price of home sales and residential building permits.
The South Carolina Leading Index (SCLI) rose for the third consecutive month in April, gaining 0.03 points to a high of 101.46. An SCLI value greater than 100 indicates statewide economic growth over the next three to six months.
The positive growth of leading indicators offers the promise of continued economic expansion in South Carolina, said Clemson economist Bruce Yandle.
Coupled with the Port of Charleston, the growth is driven by the state’s unusually large international economy, improvements in educational attainment, above-average population growth, lower-cost energy, and being located in one of the nation’s strongest regional economies, “Charlanta,” he said.
The average number of weekly initial claims for unemployment insurance decreased by 4.1 percent to 3,169 statewide during April and was 17 percent lower than the same month last year. Greenville saw a 4.6 percent decline in initial claims last month. Charleston, Greenville, Columbia and Florence saw modest increases in UI claimant activity in April.
In addition, according to the report, in April:
–Total non-farm employment increased by 19,000 non-seasonally adjusted jobs.
–The price of single-family homes increased by $3,000 to $159,000.
–The total of residential building permits rose by 135 to 2,376.
For the complete report, visit sccommerce.com.
