The impact of Boeing on Charleston real estate
Boeing's announcement yesterday that Charleston has been selected to be the location for it's second final assembly site for the 787 Dreamliner was cheered locally and covered intensely by not only the mainstream media but by blogs, tweets and facebook posts throughout the Lowcountry.
Because it's really all about jobs. Good jobs.
And housing is a major beneficiary of good jobs.
The Charleston area stands to add thousands of jobs both immediately as construction begins and later as the facility opens. It is a big economic deal and a very positive economic stimulus for the area.
And while Jon Talton writing in the Seattle Times described South Carolina as a poor Southern State with hurricanes apparently hitting Charleston on practically a daily basis, obviously the Seattle area was disappointed that they didn't land the facility. Mr. Talton should visit Charleston one day and find one of the most cosmopolitan cities in the country and yes, we have had hurricanes and Hugo in 89 was certainly one of the big ones but hurricanes aren't an everyday occurrence like drizzle in Seattle.
Charleston real estate will offer Boeing employees housing choices from luxury to affordable and everything in between. Expect our current excess supply of inventory to now more quickly be absorbed and when supply goes down and demand goes up, it's good for prices. So we have to get through a little more of the current recession but Charleston is poised to come out of it in much better condition than many other places in the country. And Boeing will play a big role in that.
Welcome to Charleston.