South Carolina’s commercial real estate market showed improvement in the first quarter, with the greatest growth coming in apartments, office and industrial facilities, according to a Wells Fargo Economic Group report.
Overall the state’s economy is “finally gaining some traction” with a recent spate of economic development announcements, the economists said.
However, the state’s unemployment rate of 8.8%, while improving, is high enough to impact growth, the report said, adding that weak income growth hampers the state’s retail business.
South Carolina remains heavily reliant on transfer payments such as Social Security, welfare and veterans benefits, the report added. According to the federal Bureau of Economic Analysis, about 24% of personal income in South Carolina comes from transfer payments compared with the national average of 18%.
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