A new Economic Impact of the Housing Industry report released by South Carolina REALTORS® finds the state’s housing industry generates roughly $77.5 billion in annual economic activity. The report was prepared by University of South Carolina research economist Dr. Joseph Von Nessen and commissioned by SCR.
Beyond the headline figure, the study reports that housing supports about 278,745 jobs and provides $12.7 billion in labor income for South Carolina residents.
The report highlights that South Carolina’s population growth currently ranks first in the nation, which continues to fuel strong housing demand across the state. According to the study, nearly nine out of every ten homebuyers work with an agent or broker — keeping real estate professionals central to how that growing population finds housing.
The real estate sector alone accounts for about 55% of the housing industry’s total impact — nearly $43 billion in economic output — and the report notes housing represents almost 20% of South Carolina’s total economy.
First-in-the-nation population growth and sustained housing demand point to steady transaction volume across South Carolina — more contracts written and more commissions earned. But a busy market also means more commission dollars tied up while deals work their way to closing. A commission advance from Commission Express of South Carolina can help you manage cash flow between closings, so you can keep pace with the demand this report describes.