TRACKING ECONOMIC PROGRESS IN BERKELEY, CHARLESTON AND DORCHESTER COUNTIES
2020-2021 REGIONAL ECONOMIC
SCORECARD E
NG
I L V A | B T I L N I E T L Y|W A T | ELL Y M -BE O N I CO
Produced for the community by:
VIEW ONLINE: CRDA.ORG/ECONOMICSCORECARD OR CHARLESTONCHAMBER.ORG/ECONOMICSCORECARD
ABOUT THE REGIONAL ECONOMIC SCORECARD This report tracks economic performance and competitiveness in the three-county Charleston region as compared to U.S. metro areas with similar competitive assets. The report uses a 2005 baseline for most metrics to show changes over time. Due to data lag, the most recent annual indicators are from 2018 and 2019. With the outsized impacts of COVID-19, this report includes “point in time” data to show how our region is performing during the global pandemic and provides insights into Charleston’s economic recovery.
Launched in spring 2016, One Region calls for the region to take a more holistic, inclusive, and dynamic approach to economic development. The strategy is built on four shared values to align the community’s efforts.
One Region provides the roadmap to a globally competitive future. This Scorecard is a tool to measure progress along the way.
One Region Values: • A strong, resilient economy • Attainable opportunities for all residents to live, learn and earn • Balancing growth with nurturing our unique character • Being a connected community One Region is led by a coalition of business, healthcare, governmental, and nonprofit leaders. This group is working to update and expand the strategy with a focus on economic recovery.
OneRegionStrategy.com
MORE INCLUSIVE ECONOMIES ARE STRONGER ECONOMIES A recent report by global consulting firm Ernst & Young shows communities with higher levels of racial inclusivity enjoy greater levels of employment growth. When more people have access to quality education, good jobs, and business opportunities, local economies grow faster, stronger, and for longer periods of time. Building a more inclusive economy requires broad-based, coordinated solutions to address numerous complex issues.
EDUCATION
accessibility; attainment; quality
EMPLOYMENT
accessibility; mobility; wage gap
HOUSING
TRANSPORTATION
affordability; proximity accessibility; to transportation, infrastructure; proximity schools, jobs to housing, schools, jobs
EQUITY
data-driven, disaggregated understanding of who is not sharing in the region’s success Source: Brookings Institution
2
REGIONAL ECONOMIC SCORECARD
CHARLESTON DATA DASHBOARD Color of indicator box reflects change since 2005. Rankings are compared to peers. CHANGE IN INDICATOR VALUE:
ECONOMY
= Better
= Worse
= No change
$43 billion
$11 billion Exports
Self-Employed
Unemployment Rate
#8
#2
#2
#1
Gross Regional Product
67,334
2.4%
TALENT Associate's Degree or Higher
47%
Prime Working-Age Population
330,530
22,740
170% Growth
#4
#6
#6
#5
STEM Jobs
Remote Workers
LIVABILITY
81.1%
Commuters Driving Alone
#9
$1,563
Housing Cost: Owner (median)
#6
#6 LAST YEAR
$1,212
Housing Cost: Renter (median)
#6
82%
Households with Broadband
#9
#8 LAST YEAR
WELL-BEING
3,243
Healthcare Professionals per 100K population
#2
88.6%
Health Insurance Coverage
#8
#4 LAST YEAR
$70,505
10.7%
Median Household Income
Poverty Rate
#5
#7
COMPARATIVE COMMUNITIES These metros have similar economic assets to Charleston and are often in the competitive mix for corporate location decisions. All are growing faster than the U.S. average (10.5%). Fastest growing: Austin (52%), Raleigh (46%), Charleston (33%).
SEATTLE
Pop. 4 million
RICHMOND Pop. 1.3 million RALEIGH Pop. 1.4 million
SALT LAKE CITY
NASHVILLE Pop. 1.9 million
Pop. 1.2 million
GREENVILLE Pop. 920,400 AUSTIN
Pop. 2.2 million
CHARLESTON Pop. 802,100 JACKSONVILLE Pop. 1.5 million
Charleston’s regional population is projected to be 1 million by 2029
Source: U.S. Census Bureau
REGIONAL ECONOMIC SCORECARD
3
ECONOMY 2005 – 2019 ECONOMY COMPOSITE RANKING
CHARLESTON
NASHVILLE GREENVILLE 6 RALEIGH 7 RICHMOND JACKSONVILLE
5
BASED ON 5 INDICATORS
Not shown: Airport Passengers Per Capita
AUSTIN SALT LAKE CITY
43
2
8 CHARLESTON'S IMPROVEMENT SINCE 2005
9
REAL GROSS REGIONAL PRODUCT (GRP) PER CAPITA, 2018
Standard of living or prosperity measure. Value of goods & services produced per resident.
EXPORTS AS PERCENT OF GRP, 2018
Value of all purchases of U.S. goods & services by residents of foreign countries.
1. Greenville 28% 2. Charleston 26% 1. Seattle $90,380 3. Seattle 15% 2. Salt Lake City $67,640 4. Salt Lake City 10% 3. Austin $62,072 5. Austin 9% 4. Nashville $61,867 6. Nashville 7% 5. Richmond $58,949 7. Richmond 4% 6. Raleigh $55,911 7. Raleigh 4% 7. Jacksonville $48,102 9. Jacksonville 3% 8. Charleston $47,831 Source: International Trade 9. Greenville $45,331 Administration, U.S. Department of
Source: Bureau of Economic Analysis
Commerce
1
SELF-EMPLOYED WORKERS, 2018
Workers per 1,000 jobs.
SEATTLE
UNEMPLOYMENT RATE, 2019
Percent of the labor force who are jobless. 1. Austin 208.3 2. Charleston 196.3 1. Charleston 2.4 3. Nashville 196.1 2. Salt Lake City 2.5 4. Jacksonville 186.0 3. Greenville 2.6 5. Raleigh 184.1 3. Nashville 2.6 6. Greenville 166.5 5. Austin 2.7 7. Richmond 146.8 6. Richmond 2.9 8. Seattle 142.0 7. Jacksonville 3.1 9. Salt Lake City 134.4 8. Seattle 3.3 9. Raleigh 3.4 Source: U.S. Census Bureau
Source: U.S. Bureau of Labor Statistics
Charleston experienced 25% growth in selfemployment vs 17% for U.S. Indicates strong entrepreneurial environment.
Charleston’s regional prosperity and standard of living have increased
since 2005.
CHANGE IN INDICATOR VALUE:
4
= Better
REGIONAL ECONOMIC SCORECARD
= Worse
= No change The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.
Stable growth and economic diversity indicate health and resilience
COVID-19 IMPACTS AND RECOVERY PROGRESS
LOCAL CONSUMER SPENDING DURING COVID, 2020
April 15 Stimulus Payments Start April 7 S.C. Stay at Home Order
20% Jan 20 First U.S. COVID-19 Case
April 21 Select Businesses Reopen in S.C.
Sept 1 Back to School Spending
Week ending Oct. 25, 2020
May 4 S.C. Stay at Home Order Ends
March 16 S.C. Public Schools Close
+2%
Charleston
+1.1%
0%
Dorchester
-3.8%
Berkeley The economic impacts from COVID-19 peaked in March and April with local consumer spending contracting more than 30%. By September and October, consumption patterns returned to more typical conditions.
-20%
Jan 15
Mar 1
Apr 1
May 1
June 1
July 1
Aug 1
Sept 1
Oct 1 Source: TrackTheRecovery.org
CHANGE IN CHARLESTON METRO EMPLOYMENT BY SECTOR,
CHANGE IN JOB OPENINGS,
By August, Charleston's employment sectors had recovered nearly all COVID-related job losses, except for Leisure & Hospitality.
Job postings are an indicator of employers' economic outlook and future job growth.
FEBRUARY VS. AUGUST 2020
FEBRUARY VS. AUGUST 2020
0%
-33.1%
Leisure & Hospitality
-9.3%
Other Services
-6.2%
Professional & Business Services
-3.7%
-3.1%
Natural Resources/Construction
-2.8%
Trade, Transportation & Utilities
-2.4%
Information
Education & Health Services
-1.0%
-0.6% Financial Activities
-0.3% Government
Manufacturing
Source: Bureau of Labor Statistics
0%
Austin
19.2%
Richmond
Seattle
Greenville
Raleigh
4.8%
Charleston
4.7%
12.8%
Nashville
12.6% 7.2%
0.9%
Salt Lake City -6.0% Jacksonville -7.0% Source: EMSI via Brookings Metro Recovery Index
REGIONAL ECONOMIC SCORECARD
5
TALENT
2005 – 2019 TALENT COMPOSITE RANKING
BASED ON 6 INDICATORS
SALT LAKE CITY NASHVILLE
CHARLESTON RICHMOND 7
JACKSONVILLE
6
54
3
8
SEATTLE
CHARLESTON'S IMPROVEMENT SINCE 2005
GREENVILLE
21
9
PRIME WORKFORCE, 2019 Population ages 25-54.
LABOR FORCE PARTICIPATION, 2019 Population 16+ actively participating.
1. Austin 45.9% 2. Seattle 44.1% 3. Raleigh 42.4% 4. Nashville 42.2% 5. Salt Lake City 41.9% 6. Charleston 41.2% 7. Richmond 40.9% 8. Jacksonville 39.4% 9. Greenville 37.6%
1. Salt Lake City 72.1% 2. Austin 71.5% 3. Nashville 69.3% 3. Seattle 69.3% 5. Raleigh 68.9% 6. Richmond 66.8% 7. Charleston 65.7% 8. Jacksonville 64.1% 9. Greenville 62.6%
Source: U.S. Census Bureau
Charleston gained 69,900 residents in the
prime working age group since 2005.
All metros declined as the
STEM EMPLOYMENT, 2019
Employment in STEM (science, technology, engineering, math). 1. Seattle 12.0% 2. Raleigh 11.8% 3. Austin 11.2% 4. Salt Lake City 8.5% 5. Richmond 6.4% 6. Charleston 6.3% 7. Nashville 5.7% 8. Greenville 5.6% 9. Jacksonville 5.0%
AUSTIN RALEIGH
REMOTE WORKERS, 2019
Percentage working from home. 1. Austin 10.5 2. Raleigh 10.2 3. Nashville 7.8 4. Jacksonville 7.5 5. Charleston 6.7 6. Salt Lake City 6.5 6. Seattle 6.5 8. Richmond 5.8 9. Greenville 5.3 Source: U.S. Census Bureau
Source: Bureau of Labor Statistics
Source: U.S. Census Bureau
All metros are lower than 2005, but all improved since 2018.
65+ population is growing faster than all other age groups
Local STEM jobs are growing faster than non-STEM, employing
22,740 workers.
27,200 people (6.7%) worked from home in
Charleston region in 2019.
nationwide.
CHANGE IN INDICATOR VALUE:
6
= Better
REGIONAL ECONOMIC SCORECARD
= Worse
= No change The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.
Educated, skilled workforce powers the economy
47%
CHARLESTON REGION PROJECTED JOB GROWTH, 2019 - 2024 OCCUPATION CATEGORIES IN HIGHEST DEMAND
CHARLESTON
Hospitality
#4
Production And Mechanical
Logistics
2,500
Personal Services (And Retail) Construction
37.5%
2,300
1,700
28,000 NEW JOBS
These 12 categories comprise 91% of anticipated growth.
Information Technology 1,600 Business Management
CHARLESTON
#6
Source: U.S. Census Bureau
3,170
2,600
Business Operations
Source: U.S. Census Bureau
ADULTS WITH A BACHELOR’S DEGREE +, 2019
3,760
Medical
ADULTS WITH AN ASSOCIATE’S DEGREE +, 2019
4,100
The Life Sciences and IT sectors have experienced strong performance during the pandemic and are poised for future growth.
1,200
Education 1,000 Finance
960
Engineering 700 Source: Charleston Center for Business Research, Talent 2020 & Beyond Report
CHANGES IN CHARLESTON’S WORKFORCE DIVERSITY, 2014-2019 2014 % white
% people of color
% white
% people of color
2019 CHS Average salary
72%
28%
69%
31%
$47,800
Management
89%
11%
79%
21%
$113,900
Architecture & engineering
81%
19%
83%
17%
$81,840
Computer & mathematical (IT)
79%
21%
66%
34%
$81,460
Legal
83%
17%
92%
8%
$80,980
Total civilian workforce age 16+
2019
Selected Occupations
Healthcare practitioners & technical
77%
23%
79%
21%
$79,701
Business & financial operations
85%
15%
83%
17%
$68,450
Law enforcement
60%
40%
68%
32%
$50,580
Educational instruction
77%
23%
72%
28%
$50,250
Community & social service
68%
32%
60%
40%
$46,220
Construction & extraction
69%
31%
55%
45%
$45,120
Production
57%
43%
45%
55%
$43,310
Sales & related
75%
25%
78%
22%
$38,000
Transportation & material moving
55%
45%
49%
51%
$34,850
Healthcare support
57%
43%
48%
52%
$31,220
Building & grounds cleaning & maintenance
48%
52%
44%
56%
$27,020
Food preparation & serving related
62%
38%
63%
37%
$24,290
31+69 31%
In 2019, people of color comprised 31% of the Charleston metro’s labor force.
Two high-paying occupations — Management and IT — have diversified the most over time. Racial diversity has declined within architecture & engineering and legal occupations.
Sources: U.S. Census Bureau; Bureau of Labor Statistics, 11/2020
REGIONAL ECONOMIC SCORECARD
7
LIVABILITY
2005 – 2019
LIVABILITY COMPOSITE RANKING
CHARLESTON
SALT LAKE CITY SEATTLE
6
GREENVILLE
54
3
AUSTIN
2
87
JACKSONVILLE
BASED ON 6 INDICATORS
RICHMOND
CHARLESTON'S IMPROVEMENT SINCE 2005
NASHVILLE
1
9
HOUSING COST: OWNER, 2019
Owners with incomes <$75,000 spending 30%+ on housing.
HOUSING COST: RENTER, 2019
Renters with incomes <$75,000 spending 30%+ on housing.
1. Greenville 27.8% 1. Greenville 52.1% 2. Nashville 38.0% 2. Nashville 59.7% 3. Raleigh 38.5% 3. Raleigh 61.8% 4. Jacksonville 38.6% 4. Salt Lake City 61.9% 5. Richmond 41.7% 5. Jacksonville 64.1% 6. Charleston 42.3% 6. Charleston 64.3% 7. Salt Lake City 46.8% 7. Richmond 66.6% 8. Austin 51.6% 8. Austin 69.9% 9. Seattle 57.7% 9. Seattle 75.9% Source: U.S. Census Bureau
Source: U.S. Census Bureau
Charleston’s housing affordability improved from last year, but housing is less affordable compared to the
8
Percentage of commuters who drove alone to work.
1. Seattle 66.7% 2. Austin 74.5% 3. Salt Lake City 77.0% 4. Nashville 78.9% 5. Raleigh 79.5% 6. Jacksonville 80.1% 7. Richmond 80.3% 8. Greenville 81.06% 9. Charleston 81.07% Source: U.S. Census Bureau
While Charleston’s rate of lone commuters has
improved since 2005, the region ranked last
among peer metros in 2019.
2005 baseline.
CHANGE IN INDICATOR VALUE:
COMMUTER TRAFFIC, 2019
= Better
REGIONAL ECONOMIC SCORECARD
= Worse
RALEIGH
HOUSEHOLDS WITH BROADBAND INTERNET, 2019 Percentage of households with broadband Internet subscription.
1. Seattle 93.0% 2. Salt Lake City 92.0% 3. Austin 91.1% 4. Raleigh 91.0% 5. Nashville 89.6% 6. Jacksonville 89.4% 7. Greenville 85.9% 8. Richmond 85.1% 9. Charleston 82.0% Source: U.S. Census Bureau
Charleston’s broadband penetration has improved
but not as much as peer metros.
= No change The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.
Factors impacting a community’s quality of life Charleston ranks 6th for employment in the arts, entertainment, and recreation, 2019
Charleston ranks 6th for violent crime, 2019
Source: Bureau of Labor Statistics
Source: FBI Uniform Crime Statistics
This quality of life measure was one of the hardest hit sectors during the pandemic.
Crime rate dropped the most of all peers since 2005.
THE SELF-SUFFICIENCY STANDARD, 2020
Self-Sufficiency defines the minimum income needed to realistically support a family, without assistance. It measures income adequacy (varying by family type) based on the costs of basic needs for working families.
1 adult Annual salary to meet self-sufficency standard (housing, food, transportation, healthcare, miscellaneous, taxes)
2 adults, 1 school-age child Annual (household) salary to meet self-sufficency standard (adds child care & affiliated tax credits)
$51,295 $27,520 Berkeley
$31,047
While Charleston’s median household income ($70,505) is higher than the selfsufficiency standard in each of our region’s three counties,
$55,243
$52,095
47,500 households or 16% do not earn enough to be considered self-sufficient.
$28,306
Charleston Dorchester
Berkeley
Charleston Dorchester
2019 CHARLESTON’S MEDIAN WAGE FOR ALL OCCUPATIONS
$18.00 HOUR / $37,440 ANNUAL
Sources: Trident United Way, report prepared by University of Washington; Bureau of Labor Statistics
In the United States, it is typ ical for families with two children (with at least one under school-age ) to spend roughly half their budget on housing and childcare expenses alo ne.
NATIONAL TREND TO WATCH POPULATION SHIFT TO MID-SIZE METROS As a result of the pandemic, workers across the U.S. are abandoning urban centers – such as New York City, Houston, Dallas and Austin – for more affordable mid-size metros. The most popular destinations are in New Jersey, South Carolina, Maryland, Connecticut, and Arizona according to recent data from the United States Postal Service (USPS). Charleston’s top 10 feeder markets are New York-Newark, Charlotte, Washington DC, Atlanta, Chicago, and five other S.C. cities. Sources: USPS; Bankrate; U.S. Census Bureau
REGIONAL ECONOMIC SCORECARD
9
WELL-BEING
2005 – 2019
WELL-BEING COMPOSITE RANKING
CHARLESTON JACKSONVILLE
GREENVILLE
8
9
7
6
BASED ON 5 INDICATORS
RICHMOND NASHVILLE AUSTIN RALEIGH 5 43 2 SALT LAKE CITY
CHARLESTON'S IMPROVEMENT SINCE 2005
1
POVERTY RATE, 2019
MEDIAN HOUSEHOLD INCOME, 2019
Indicator of overall prosperity. Includes all sources of income. 1. Seattle $94,027 2. Austin $80,954 3. Salt Lake City $80,196 4. Raleigh $80,096 5. Charleston $70,505 6. Nashville $70,262 7. Richmond $68,324 8. Jacksonville $65,880 9. Greenville $58,621 Source: U.S. Census Bureau
$65,712 U.S. Median Charleston’s median household income surpassed the U.S. for
the first time since this Scorecard began tracking 11 years ago.
Population with incomes below federal poverty level: $25,750 for a four-person household. 1. Seattle 7.8% 2. Salt Lake City 8.6% 3. Raleigh 8.9% 4. Nashville 10% 4. Richmond 10% 6. Austin 10.1% 7. Charleston 10.7% 8. Jacksonville 11.5% 9. Greenville 12.5% Source: U.S. Census Bureau
U.S. rate 12.3% S.C. rate 13.8% Among peer metros,
Charleston had the largest drop since 2005.
HEALTHCARE ACCESS, 2019
SEATTLE
HEATHCARE COVERAGE, 2019
Healthcare professionals per 100K residents.
Percentage of population with health insurance.
1. Nashville 3,375 2. Charleston 3,243 2. Richmond 3,243 4. Jacksonville 2,976 5. Salt Lake City 2,835 6. Greenville 2,799 7. Seattle 2,552 8. Raleigh 2,427 9. Austin 2,250
1. Seattle 94.1% 2. Richmond 92.2% 3. Nashville 90.7% 3. Raleigh 90.7% 5. Salt Lake City 89.6% 6. Greenville 89.1% 7. Jacksonville 88.8% 8. Charleston 88.6% 9. Austin 86.4%
Source: Bureau of Labor Statistics
Source: U.S. Census Bureau
U.S. rate 90.8% Since 2010, Charleston’s coverage rate improved faster than all but two peer metros. Between 2018-2019,
Charleston’s rate declined the most, dropping its ranking from 4th to 8th.
CHANGE IN INDICATOR VALUE:
10
= Better
REGIONAL ECONOMIC SCORECARD
= Worse
= No change The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.
Opportunities for all residents to thrive
AVERAGE ANNUAL PAY, 2019 $59,209
REAL WAGE GROWTH SINCE 2005 10% 7% 4%
U.S. Average Seattle $82,965 Austin
Raleigh
Nashville
$65,764
$59,499
Charleston
$57,100
Salt Lake City
Richmond $54,888 Jacksonville $52,061 Charleston
S.C.
U.S.
86+14
$57,543
$50,896
Charleston's annual pay is about 86% of the national average.
Greenville $46,828 Source: Bureau of Labor Statistics
POVERTY RATE DECLINING IN CHARLESTON In 2019, about 83,348 Charleston area residents lived at or below the federal poverty level. People of color
2010 2019
White
2010 2019
17.2% 7.5%
27.8%
10.7% Source: U.S. Census Bureau
CHARLESTON’S ECONOMIC DISPARITIES, 2008-2018 Brookings Institution’s 2020 Metro Monitor examines growth, prosperity, and inclusion indicators and reports on the gaps between whites and people of color. This data highlights the need to improve economic mobility and deepen prosperity for all residents.
EMPLOYMENT RATE*
MEDIAN EARNINGS
RELATIVE POVERTY RATE**
1.2%
$7,758
5.6%
Gap decreased by
*share of individuals 18-65 who are employed **share of individuals 16+ earning <50% of local median wage
Gap widened by
Gap widened by
Source: Brookings Institution, 2020 Metro Monitor
Creating a more inclusive economy will require us to think more holistically about connecting people to good job opportunities, through education, skills training, transportation, housing, and employer outreach. REGIONAL ECONOMIC SCORECARD
11
NATIONAL TRENDS TO WATCH
WOMEN LEAVING THE WORKPLACE COVID-19 and the associated economic shutdowns created a crisis for all workers, but the impact was greater for women, minorities, lower-wage earners, and those with less education.
RISE OF REMOTE WORK COVID-19 has prompted many companies to rethink fundamental beliefs about remote work, including opportunities to tap into larger and more diverse talent pools without geographic limitations. Wide access to high-speed broadband will be key.
One in three mothers (as many as 2 million women) have considered leaving the workforce or downshifting their careers because of COVID-19.
Childcare responsibilities and a lack of support at workplace are cited as primary reasons.
75+25 75%
Of the 1.1 million adults ages 20+ who left the workforce between Aug. - Sept. 2020, nearly 75% were women.
93% of companies now say more jobs can be performed remotely, and close to 70% predict a significant share of their employees will regularly work remotely a year from now. As a result of telework, 14-23 million Americans intend to relocate according to an October 2020 study released by Upwork. Many see remote work as an opportunity to live where they want and where they can afford.
Produced by:
Data Provided by: Charleston Center for Business Research
View online:
Designed and Published by: Visual Infonomics Group, a division of SC Biz News
crda.org/economicscorecard OR charlestonchamber.org/economicscorecard