by carolinaone_marketing
24. October 2012 08:31
While the closing of the Charleston Navy Yard in the 1990s spelled out years of hard times for the region, prosperity seems to be returning. With the completion of Boeing's first 787 Dreamliner assembled in North Charleston, only three years after their local plant broke ground, many things are going to change for South Carolina residents.
Unemployment figures in the area, which have been higher than usual for many years, are finally expected to drop as Boeing creates more local jobs. Of course, in addition to the nearly 4,000 jobs directly created by the aerospace firm, there will obviously be boosts in local retail jobs, support jobs and service provider employment. Boeing's presence also means that other local aerospace workers, like the 2,600 that the firm hired by purchasing a former Vought plant, now have increased job security.
Boeing's presence represents the creation of more new jobs in industries like construction. The firm has invested heavily in a huge facility, and if its operations continue going well in South Carolina, it will invest more. The plant is already slated to produce three 787s each month by the end of 2013, meaning that Boeing will have to keep on hiring to keep up with their target schedule.
These changes bode well for the South Carolina real estate market, as well. Realtors will be able to collect more revenue from tenants or homeowners with better jobs, and they, in turn, will be able to access a wider range of quality housing. The influx of workers also means that tenants will benefit from increased competition that drives real estate sellers to offer more perks with their properties.
While the Boeing presence is clearly a big boon on its own, there's also a possibility that business and community leaders will take the opportunity to reinvest in North Charleston. Totally unrelated businesses hoping to capitalize on the increased market and chance for professional expansion may offer more employment opportunities to locals. In all likelihood, the success of Boeing's Charleston operations will draw other major multinational firms to the region, as well.