A look into the Economy of Charleston |
Posted: June 26, 2017 |
The city of Charleston is going through a lot of changes right now. Some of these change are helping to drive economic growth in various aspects of the industry. However, others are not as good for the city economically. If you want to know about the overall economy of Charleston, there are several variables to look at. Not only do you need to understand the past of the city, but you need to understand what is driving growth for the future as well. The industries that helped to drive growth in the past are no longer the dominant industries in the city.
Manufacturing For many years, manufacturing was one of the key industries in the area. However, as time went on, more jobs were lost overseas to companies leaving the area. The people in Charleston have had to deal with this shift in a variety of ways. Not only have they had to get more education for new industries, but they have had to deal with unemployment as well. As one of the leading economic areas in the state, it is vital that the city continues to do well. In the next few years, the leaders want to be more prepared to deal with issues like major industries leaving over the next few years.
Education When it comes to changing how prepared you are for the workforce, education is one of the most important ways areas to concentrate on. There are a lot of investments going on in the city right now. Not only that, but they are excited about all of the changes that are happening with new industries coming in. The old way of just going to school to get a job is not going to work anymore. Education is still important, but it needs to be relevant education to how the market is changing. The city is investing in new schools and colleges to bring relevant job skills to the area. This is opening up a lot of jobs in the education sector. The economy of Charleston is going to continue to shift from one that is reliant on manufacturing to one that has service jobs.
Taxation One of the ways that city leaders are encouraging companies to come in is through their taxation plans. Over time, this is one of the best ways that you can encourage jobs to come into a city. For many years, the city was having a hard time attracting new companies. As manufacturing and industrial companies moved out, there was a lag in time before the new companies moved in. The city decided to make it as business-friendly as possible, trying to invite companies to come by enticing tax plans. This is an example of city leaders planning ahead for what they knew was coming. A lot of South Carolina’s economy is rooted in industrial development with a recent development in the Charleston market for tech startups. With this new type of field becoming more prominent it opens the door for more digital and tech savvy businesses to also benefit from Charleston’s economy. With all the new growth and development will also mean an increase in more insurance companies moving into the area. There will be business quotes, cheap car insurance quotes and other industry services to help protect the new developments. More insurance companies would mean competition and better prices which would help the economy and those who live in Charleston. Next Steps In the coming years, more people than ever before are going to move into this area. Charleston is one of the pillars of economic growth in the entire state. Not only that, but trends suggest that this is going to continue. Although the city does not have nearly as many manufacturing jobs as before, they are able to figure out a way to bring other companies and industries in. This is a challenge for the people who are living there now. Not only do they need to find new jobs, but they will need education for those jobs as well.
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