May 17, 2012

Slight growth expected in real estate market

What will the new year hold for the housing and construction markets?

University of South Carolina Economist Doug Woodward is looking for a small growth in the housing market next year, but nothing big.

“It won’t be strong,” said Woodward.  “It will be a long time before we see all this built-up excess inventory get taken away so that we can then see construction going on again. I don’t think there will be significant residential or commercial construction.”

The latest national report indicates that a tax credit for first-time buyers has sparked the best housing market in three years, but analysts say that even though the market is getting better that this is not a long-term rally. Home resales surged 7.4 percent in November. [Read more...]

Lawmakers discuss former navy base’s future

A new deal could be made in the next few weeks as two lawmakers discuss putting a rail yard on the former Charleston Naval Base in North Charleston. State Senate President Pro Tem Glenn McConnell and North Charleston Mayor Keith Summey are two of the key players in discussions about making the former Charleston Naval Base site a rail yard. However, it’s not as easy as it may sound.

The rail yard talk goes beyond railing, some of the negotiations include making the Veterans Terminal a possible wind turbine construction site and a possible international center for aerospace research. Also, if a deal is struck, sound barriers, interstate congestion and rail overpasses would have to worked out as well. McConnell told the Post and Courier ”This is a fantastic opportunity to help economically move this state forward.” The newspaper also spoke with Mayor Summey who says “I am cautiously optimistic. The worst that could happen is we could end up in court fighting over this stuff.” The whole effort could mean a large quantity of jobs for the area.