Exactly How Much Did The Charleston Region Prosper Last Year

Charleston’s pursuit of a strong, diverse and sustainable economy continued in 2023. Numerous key measures indicate the region is poised for continued success:

#11 Among the U.S.’s “Best Performing Cities ” according to the Milken Institute . ?That’s how the Charleston Metro Area ranked among the 200 most populous metropolitan areas in the United States. And Charleston was the only coastal city in the top tier!

This year’s Milken Institute report showed us climbing up 13 spots from last year’s ranking, which makes perfect sense based on Charleston’s economic trends as of the end of 2023. For 13 of the 15 months leading up to and including December 2023, Charleston ranked 1st, 2nd or 3rd among America’s 380+ metros for employment growth. That’s a record for our region, which ranks 71st in population (849,000 people).

Local employers added 21,000 net new jobs by the end of 2023 compared to the prior year.? The top three growth sectors — professional and business services, leisure and hospitality, and education and health services – were responsible for more than half of that growth. The occupations which grew at the highest rates included engineering, production, IT and business / financial operations. Charleston area firms that announced this job growth were both large and small, domestic and international, like Defense Engineering Services , Leidos , Mankiewicz Coatings USA , Scout Boats , QuicksortRx , Ingenics Corporation USA , and many others.

Charleston’s current portion of the nation’s gross domestic product (GDP) is $57 billion, according to the U.S. Bureau of Economic Analysis. Real estate, manufacturing and professional / scientific / technical services were the primary drivers in terms of dollars. Advanced manufacturing and other high-tech employers continue to boost the local economy. And they help the region attain accolades such as 5th in high-tech GDP growth, according to the Milken report, and also 5th among the nation’s metros for net tech employment job growth by the end of 2024 (CompTIA’s 2024 State of the Tech Workforce).

Another key factor driving overall economic growth includes Charleston maintaining its rank as a Top 10 U.S. Seaport District . Another: Charleston International Airport ’s record-setting year, serving more than 6 million passengers in 2023.? Air Canada added Charleston as a nonstop destination , announcing daily flights between Toronto (YYZ) and Charleston (CHS) beginning in March 2024. CHS is South Carolina’s busiest airport, with nonstop flights more than tripling over the past three years. The airport’s next capital expansion plan includes an additional concourse, another parking garage, more overnight spaces for aircraft, additional space for security, car-rental and other passenger services. Coupled with the Port of Charleston’s continued investment in additional capacity and efficiency , the Charleston region’s connectivity with the rest of the globe is fuel for continued prosperity.

Learn more about Charleston’s success?here .

Jacki Renegar, Director, Research & Business Intelligence

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