Columbia2018-09-26T12:40:09+00:00
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Columbia

Columbia’s construction market is forecasted to contract slightly the next three years after a steady 5-year run of growth through 2017.

After bottoming out in 2011 at $2.5B annually (2009$), the market peaked in 2017 reaching $3.1B, falling well short of the previous $3.5B high-volume mark reached in 2007. After the market expanded at an annual rate averaging 5.9% from 2013 to 2017, the market is forecasted to remain flat in 2018 and recede going forward at an annual average rate of 2.3% through 2020. The strongest sectors moving forward for the next three years will be education (3.2% average annual growth) and healthcare (3.1%). New developments in the industrial sector has replaced any decline in housing volume for the region. A new focus on supporting manufacturing in the region, and higher education to support the industrial sector has led to an increase in speculative industrial buildings as well as industrial tech school facilities. Unemployment in June 2018 was low at 3.5%, as there appears to still be shortages of carpenters, electricians, equipment operators, masons and concrete workers. Top projects in the area include SCDOT I-73 Corridor ($2.5B), SCDOT Crossroads I20/I26/I126 ($1.5B), Accelerated Dam Repairs ($850M), and the USC Campus Village Development ($760M).

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