Welcome, Boeing!!
Did you hear? Boeing is expanding in Charleston in a move that will change Charleston forever. Boeing just announced this week that Charleston was selected for its new final assembly location for the 787 Dreamliner.
This is much more than the quiet entry of a new manufacturing business into the area. Rather, Boeing's decision heralds the beginning of an unprecedented change in the economic basis of the entire region. It will certainly change real estate in Charleston, too.
The elevating effect of Boeing's decision will be felt across the whole state of South Carolina and will be felt the greatest in the Charleston area. The benefits will be broad based and revolutionary - holding the potential to redefine the economics of the Charleston area. Considering the extraordinary diversity and strength of the Charleston economy already, this is a sweeping statement.
Direct employment opportunities will surge - as will indirect ones as well. Consider the sorts of industries that are necessary to support a large aircraft manufacturing facility and you will begin to understand that the indirect jobs produced by this decision will even outshine the large number of jobs to be created directly by Boeing!
Some estimates suggest that there will be at least five additional support jobs created for each job created at Boeing. And, these numbers don't even speak to the tremendous impact on the local economy that these workers will have as they purchase homes and cars and everything under the sun.
The entire area, from Summerville to Charleston to Mount Pleasant to Goose Creek and beyond - will see a dramatic positive impact for real estate. This is a decision that is very, very good news for every home owner, every home buyer, and every home seller in the Greater Charleston Area.
In the past two days I have had the opportunity to poll several of my real estate colleagues as to their opinions on the impact of the Boeing decision to expand its operations in Charleston. Every response, without exception, has been on the extreme end of the spectrum - somewhere between incredible to fantastic to beyond belief. Boeing's decision may well be the most important economic news for the Charleston housing market ... ever. Yes, it really is that important - a true game changer for real estate.
Home prices, which have already started to stabilize, even increase, will be better positioned to improve as demand for housing grows faster than previously expected. Existing inventories will continue to be drawn down but now at a quicker rate. Home buyers and home sellers in the Charleston South Carolina area can anticipate a normal market sooner rather than later, where home buyers and home sellers are in better balance. Developing areas with new home construction, which have been operating in a near holding pattern for over a year, can now begin to move forward more aggressively with development as confidence in the growth of the Charleston area has been fully restored. Home builders no longer need to fear further contraction. Plus, hesitant home buyers have one more significant reason to get off of the fence.
Charleston has always been an area attractive to businesses of all sizes and is recognized as one of the top cities in the nation for small business owners. Boeing will also discover that Charleston is an amazing place to have a business - large or small. The people of the Charleston area are known for their work ethic, dedication, and mission mindedness. The people of Charleston have earned a well deserved reputation for being humble, gracious and polite. These are hard working people with traditional values who take little for granted and deeply appreciate opportunities.
Current Boeing people planning a move to Charleston have a lot to look forward to: unparallel scenic beauty, unmatched recreational opportunities, world class arts and cultural venues, fantastic restaurants, great educational opportunities, and so much more all in the most polite city in America.
Governor Sanford called the Boeing move "the largest announcement in South Carolina history... not only enormously good news for our state's economy, but also a telling dividend from our state's continued efforts to better our business climate. For us, that means lowering taxes, easing regulatory burdens in our state's tort and workers' compensation systems, and keeping South Carolina a right-to-work state."
The Charleston real estate market is well into recovery. Home buyers and home sellers are beginning to reap the benefits of an improving housing market. Even so, Boeing's decision bolsters even the most optimistic hopes of the local real estate community for future prosperity. Charleston Realtors, home buyers and home sellers, celebrate!
The positive, transforming consequences for Charleston of this major decision by Boeing can't be overstated.
Boeing - thank you and welcome to Charleston!!