Robust renter demand is forecast for Columbia this year as the economy maintains its stable trajectory and developers and renters focus their attention downtown, according to findings from our Research Services team.
The economy in Columbia remains healthy due to its job growth in the public sector. For instance, the government accounting for 22 percent of all nonfarm roles, and Fort Jackson and the University of South Carolina sustaining thousands of local positions.
Additionally, Fort Jackson, where 54 percent of U.S. Army soldiers receive Basic Combat Training, has an annual impact of $2 billion on the Midlands economy. The facility supports 3,500 civilian employees and 3,500 active military personnel, and will reach its 100th year of operation next year, taking on its 11th battalion. The 250,000 family members who visit for soldiers’ graduation ceremonies each year alone generate $40 million in spending that benefit the local economy.
Meanwhile, development projects are centered on the Central Columbia/University area, where construction of retail and apartment complexes such as the Commons at Bull Street target the local student population. Low-wage sectors, such as construction; manufacturing; and trade, transportation and utilities; are supporting demand for local rentals.
Forecast for the Columbia Market
Learn more about what is anticipated for the Columbia market by downloading the full report created by our Research Services team. This report covers multiple economic factors that determine risk and reward for single family investors.