Summerville is becoming the place to be with more and more people establishing roots here, and development shifting from the center city of Charleston to the suburbs. One in three multifamily units built in the last three years have been in such outlying areas as Summerville, Ladson and southwest Charleston. Colliers International’s Research & Forecast Report (Q4 2016) shows that Summerville is becoming a coveted region to live in. Since 2014, 936 new multifamily developments have been delivered, with 240 units in development for 2017. New retailers and employers moving into the area are driving the population growth.
“The wave of employers and new residents moving to Charleston is driving the success of new multifamily developments market-wide,” the report states. “The strength of development is not expected to slow anytime soon, with nearly 4,800 units under construction and another 5,800 units in the pipeline.” The development in Summerville is in large part due to the expanding skilled, educated labor force that is attracted to jobs at Volvo, Daimler-Benz and Boeing. Volvo recently received 40,000 applications for 2,000 jobs that are available in its new facility in Summerville. Many of these individuals applying for the Volvo jobs were from outside the Charleston market. Daimler will be looking to hire highly skilled workers this summer for 1,700 new jobs. The demand for skilled labor is high due to other manufacturers in the area, such as Boeing and Bosch. As a result a new wave of residents is expected to move to the area to meet the demand.
“There is an estimated 4x multiplier effect on jobs from a large automotive manufacturer, meaning the 2,000 direct jobs from Volvo are expect to create a total of 8,000 jobs in the region, while Daimler-Benz is expected to generate another 6,800 jobs,” states the report. The area is attracting automotive suppliers that are building facilities in the area to service these large automotive manufacturers.
The key takeaways from the latest research and forecast report show a strong economic future for the Charleston region.
- The population in Charleston is expected to grow at a rate of 39 people a day, which is three times the national rate.
- Multifamily development continues to grow at record levels.
- The labor force is growing at four times the national rate.
- The average rental rate in the Charleston region increased by 7.3 percent in one year.
Source: Colliers International Research & Forecast Report,(Q4 2016)”Development on the Summerville Horizon
Carolina Services (CSI) is Charleston’s premier commercial space planning and improvement company. Contact CSI to see how we can help design, manage and implement innovative and cost effective solutions for your commercial space.