South Carolina Leading Index - sccommerce.com · Median Sales Price* May $205.7 $192.2 7.0% $199.9 $185.0 8.1% ... South Carolina Metropolitan Statistical Areas Charleston MSA Columbia

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Bloomberg

S.C. Stock Index

rose 7.82 points in May, closing at 182.02 for the month..

U.S. Bureau of Economic Analysis

State Personal Income

increased to $208.0 billion in the 1st quarter of 2018.

U.S. Bureau of Labor Statistics

Nonfarm Employmentincreased by 13,400 net non-seasonally adjusted jobs from the prior month.


Labor Forcedecreased by 5,635 to 2,317,929, seasonally-adjusted, in May. U.S. Bureau of Labor Statistics

Unemployment Rate

improved to 4.0 percent, seasonally-adjusted, in May.


Manufacturing Weekly Hoursfell 0.4 hours to 43.4 hours in May from the prior month, as revised. (revised).

The Conference Board Help Wanted Online Index

Available Online Job Postingsdecreased by 2,900 positions in May to a seasonally-adjusted 58,300 job postings.

South Carolina Association of Realtors

Median Home Sales Price Sales Pricerose $4,474 from the prior month to $205,709 for May.

U.S. Census Bureau

Residential Building Permits Permitsfell by 147 permits from the prior month to 3,072 in May.

KEY S.C. INDICATORS

Income Employment

Real Estate

Volume 11 | Issue 5 | June 2018

ECONOMIC OUTLOOK

About S.C. Commerce's Research Division The Research Division is a highly-skilled, multidisciplinary team of professionals thatcollects, examines and disseminates data to support economic development in SouthCarolina. The division furnishes information to companies considering an investmentin the state and produces rigorous analysis for stakeholders of all kinds.

Those who wish to receive S.C. Commerce’s monthly Economic Outlook can e-mail [email protected].

The Conference Board's national Leading Economic Index rose 0.2 percent in May to 109.5, continuing a long growth trendyet showing signs of moderation. Solid growth is expected for 2018, as index readings over 100 forecast expansion of theeconomy.

- Brandon Wilkerson

Source: S.C. Department of Commerce

The South Carolina Leading Index (SCLI) fell 0.18points last month, ending with a value of 102.523,following revisions.

Key metrics dipped slightly in May. The number ofissued housing permits dropped 4.6 percent, andpermit valuation dropped 11.9 percent. Averageweekly manufacturing hours were also down (-1.1percent), and initial claims for unemploymentinsurance rose 4.3 percent month-over-month. TheDow Jones Composite Average fell 0.9 percent.

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South Carolina Leading Index

Industry SectorApril

2018Previous Month

Previous

Year

% Change

Month Ago

% Change Year

Ago

Goods Producing 348,500 347,700 348,500 0.23% 0.00%

Natural Resources and Mining 4,400 4,400 4,400 0.00% 0.00%Construction 101,300 100,300 99,100 1.00% 2.22%

Manufacturing 242,800 243,000 245,000 -0.08% -0.90%

Service Providing 1,788,600 1,776,000 1,748,100 0.71% 2.32%

Trade, Transportation, and Utilities 406,500 401,700 402,200 1.19% 1.07%

Information 27,700 27,800 26,200 -0.36% 5.73%Finance 101,500 100,500 100,000 1.00% 1.50%

Professional and Business Services 282,100 278,800 273,600 1.18% 3.11%

Educational and Health Services 252,700 252,400 245,800 0.12% 2.81%

Leisure and Hospitality 268,200 264,700 256,700 1.32% 4.48%

Other Services 79,000 78,700 74,000 0.38% 6.76%

Total Private 1,766,200 1,752,300 1,727,000 0.79% 2.27%

Government 370,900 371,400 369,600 -0.13% 0.35%

Total Nonfarm 2,137,100 2,123,700 2,096,600 0.63% 1.93%Source: U.S. Department of Labor, Bureau of Labor Statistics

Weekly Initial Claims for Unemployment Insurance

+2.9%

2

Source: U.S. Department of Labor, Bureau of Labor Statistics

The average number of initial reported claims forunemployment insurance in the state increased inMay. The average for the month was 2,244 weeklyinitial claims, up 4.3 percent month-over-month. Fourof the six largest MSAs reported higher claims versusApril, including Florence (+15.7 percent); Columbia(+15.2 percent); Charleston (+6.0 percent); andGreenville (+4.2 percent). Spartanburg (-5.8 percent)and Myrtle Beach (-1.8 percent) both reported fewerclaims.

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South Carolina United States

South Carolina’s total non-seasonally adjusted, nonfarm employment rose by 13,400 net jobs to 2,137,100 in May, a 0.6percent increase from revised April numbers and 1.9 percent higher than one year ago. Most sectors reported net job gains forthe month, with Trade, Transportation, and Utilities (+4,800) leading the way. Other sectors with net gains of 1,000 jobs ormore were Leisure and Hospitality (+3,500); Professional and Business Services (+3,300); Construction (+1,000); and Finance(+1,000). Sectors reporting a net job loss included Government (-500); Manufacturing (-200); and Information (-100). Comparedto one year ago, the state economy added 40,500 nonfarm jobs.

Average Hourly Earnings

Weekly Unemployment Claims

These charts present the average hourly earnings of all employees in private industry, based on a monthly national survey of businesses. The data are not seasonally adjusted.

Source: US Department of Labor, Bureau of Labor Statistics.

South Carolina Charleston MSA Columbia MSA Greenville MSA

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$22.84

South Carolina EmploymentNon-Seasonally Adjusted Wage and Salary Employment

* Thousands of US dollars. Source: S.C. Association of Realtors, RealtyTrac, U.S. Census.

Source: U.S. Census Source: U.S. Department of Labor Source: The Conference Board Help Wanted Online Index

Source: South Carolina Department of Revenue Source: Bloomberg Source: U.S. Department of Labor

*Twenty-Foot Equivalent Units. Source: SC Ports Authority Source: U.S. Census Source: Foreign Trade Division, U.S. Census

3

Residential Building Permits Average Hourly Earnings (Private Sector) Jobs Available Online

Retail Sales

Port of Charleston Personal Income Export Activity

Weekly Manufacturing Hours WorkedSC Stock Index

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$ (

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Business Activity

In May, the number of building permits issued in South Carolina for new residential construction fell 4.6 percent to 3,072.However, this figure was 8.6 percent higher year-to-date than the same point in 2017. Valuation for the permits fell 11.9percent month-over-month but was 9.7 percent higher year-to-date versus 2017. Total closings rose 17.1 percent comparedto April, and the median sales price rose 2.2 percent. Foreclosure activity decreased 5.2 percent compared to the same pointlast year. Total closings were up across the board for the six top MSAs, with Spartanburg (+26.6 percent) and Greenville (+22.1percent) reporting the largest increases.

Income and Output

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*Represents publicly-traded companies headquartered in SC.

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$ (

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$23.56

$18.00$18.50$19.00$19.50$20.00$20.50$21.00$21.50$22.00$22.50$23.00$23.50$24.00$24.50

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Month CurrentPrevious

Year

% Change

Year Ago2018 YTD 2017 YTD

% Change

YTD

Clos ings May 8,145 7,716 5.6% 32,577 30,894 5.4%

Median Sales Price* May $205.7 $192.2 7.0% $199.9 $185.0 8.1%

Foreclosures May 1,743 1,838 -5.2% 8,716 9,854 -11.5%

Res identia l Bui lding Permits -Total May 3,072 3,086 -0.5% 15,047 13,853 8.6%

Res identia l Bui lding Permits -Valuation* May $653,952 $697,122 -6.2% $3,486,549 $3,179,030 9.7%

Real Estate & Business Activity

Charleston MSA Columbia MSA Florence MSA

Greenville MSA Myrtle Beach MSA Spartanburg MSA

Source: S.C. Association of Realtors. Source: U.S. Census

South Carolina Metropolitan Statistical Areas Charleston MSA Columbia MSA Florence MSA

Greenville MSA Myrtle Beach MSA Spartanburg MSA

Source: U.S. Bureau of Labor Statistics (unadjusted figures) Source: SCDOC analysis of SCDEW data

Source: American Bankruptcy Institute June 2018

4

Home Sales

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Building Permits

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Unemployment Insurance Claims

The South Carolina Regional Update provides a snapshot of the most recent economic figures for the six largest MetropolitanStatistical Areas (MSAs) in the state.

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New UI Claims

South Carolina Bankruptcy Statistics, May 2018

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Cumulative Filings Filings Per CapitaChange from Prior Month Number of States with More Per Capita Bankruptcies

Change from Prior Year

MSA Indicator Apr 18 May 18

Charleston Employment (000's) 365.0 365.3

Unemployment Rate 2.3 2.4

Columbia Employment (000's) 384.5 385.4


Florence Employment (000's) 91.1 91.5


Greenville Employment (000's) 411.7 410.9


Myrtle Beach Employment (000's) 188.9 191.8


Spartanburg Employment (000's) 153.5 152.8


South Carolina Employment (000's) 2,225.7 2,225.4


MSA Indicator May 17 May 18

CharlestonSales Volume 1,813 1,812

M edian Price (000's) $260 $274

ColumbiaSales Volume 1,270 1,343

M edian Price (000's) $165 $168

FlorenceSales Volume 186 175

M edian Price (000's) $132 $139

GreenvilleSales Volume 1,243 1,398

M edian Price (000's) $188 $208

Myrtle BeachSales Volume 1,424 1,436

M edian Price (000's) $175 $180

SpartanburgSales Volume 478 499

M edian Price (000's) $154 $170

South CarolinaSales Volume 7,716 8,145

M edian Price (000's) $192.2 $205.7

2825 +7% +4% 1.49

Regional Updates

40

Documents

South Carolina Leading Index - sccommerce.com · Median Sales Price* May $205.7 $192.2 7.0% $199.9 $185.0 8.1% ... South Carolina Metropolitan Statistical Areas Charleston MSA Columbia