South Carolina Experiencing Strong Economic Growth, Bank Lending Rises
Thursday, October 25th, 2018
Several leading executives and community leaders participated in a White House conference call concerning South Carolina’s economy. From the information that was provided, South Carolina is experiencing strong economic growth over the past year. The major point that was made is that South Carolina has 3.3% unemployment which is the lowest in recorded history. (Hat tip to David Jameson, President of the Aiken Chamber.)
South Carolina has demonstrated strong economic growth during the past year, with rapid employment growth in education and health services, gains to GSP, and a record low unemployment rate.
- The Tax Cuts and Jobs Act signed into law by President Trump last year is estimated to lead to a 7.3 percent increase in wage and salary income for South Carolina’s average household.
- The unemployment rate in South Carolina has fallen 1.3 percentage points since the election of President Trump to 3.3 percent, the lowest rate in recorded history.
- Monthly initial claims for unemployment insurance in South Carolina have fallen by over 22.6 percent since President Trump took office to their lowest level since 1974.
- South Carolina’s largest employment sector is trade, transportation and utilities which has grown by 3.2 percent since the President was elected.
- South Carolina’s education and health services industry has led employment growth since the President was elected, increasing by 5.4 percent.
- Total loans and leases issued by South Carolina’s community banking sector have increased by 11.6 percent at an annual rate so far in 2018, the largest such growth since 2007. Local banks play an important role in economic growth, especially in rural and agricultural communities. The Tax Cuts and Jobs Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act signed into law by President Trump have strengthened the ability of community banks to support local economies.
- Real Gross State Product (a similar measure to GDP at a state level) in State has increased by 2.0 percent since President Trump took office to $191.4 billion.