Economic Forecast: Port of Charleston (SC) to see continued growth during next two years
The chamber’s 2015-2016 Economic Forecast predicts the Port of Charleston will take advantage of increasing exports and the opening of the Panama Canal expansion to post an addition 8 percent in container volume in 2016.
A May 2015 report by CBRE ranked the Port of Charleston the nation’s fastest-growing port. According to CBRE’s “North America Ports Logistics Annual Report,” the port is the 7th largest in the country, right behind the Port of Savannah (GA).
A 2015 study by the University of South Carolina’s Darla Moore School of Business found the port helps to generate 187,600 jobs and $53 billion in annual economic activity for the state.
According to the chamber report, container cargo led the way for the port’s increased volume in 2014.
“Total TEUs increased by 11.9%, the largest port gains of any port in the U.S.” according to the report. “In calendar year-end results, contain volumes measured in 20-foot equivalent units reached more than 1.7 million.”
The forecast calls for container volumes to increase in each of the next two years.
The Port of Charleston’s significant growth was only one of numerous infrastructure-related updates highlighted by the chamber. In recent years, a number of transportation-related companies have located to the Charleston area.
"With the emergence of top international companies such as Boeing, Google, Mercedes, Amazon, BMW and now Volvo, the Charleston region is much more diversified," said Mary Graham, Chief Advancement Officer for the Charleston Metro Chamber. "This diversification has created a magnitude of opportunities along with thousands of jobs.”
With those jobs, said Graham, comes increased needs to improve the area’s infrastructure that, “that allows our residents to travel our roads safely and our businesses to efficiently transport goods and services.”
The full 2015-2016 Economic Forecast report can be viewed in its entirety at charlestonchamber.net/economicforecast.