A recent July article in our Post and Courier newspaper projects that the already approved 105k homes approved by towns, cities and counties in the three county Charleston region could bring another 267,000 people. Those homes are waiting in the pipeline behind the nearly 9,200 homes and apartments already under construct this year.
Broker Opinion: While this will boost revenue, provide housing for the growing workforce moving in and be a business boom, it will also strain our roads and services. Our infrastructure will need to be expanded to accommodate this huge growth period. Yes, new housing will bring a larger tax base as well as impact fees but we will be playing catch up. We will need new roads, new schools and new hospitals. As new industry and new housing comes so will new retail stores and service providers. The projected population growth will put the three county area over 1 million people.
There are mega-developments already approved that will put a real test on our infrastructure soon. In Berkeley County Nexton, Carnes and Cane Bay each plan on more than 4000 homes. In western Charleston and Dorchester counties , Summers Corner and Spring Grove could add 6000 home each. The paper reported that the Spring Grove project for example could create 10,589 temporary construction jobs and 6,559 industrial, office and retail jobs and raise over time $205 million in added tax revenue. Across the Wando River above Daniel Island the Cainhoy Plantation Development is approved for moe than 18,000 homes. Bottom line it is an exciting time for building, growth, jobs and new retail and companies but also it will be a test of our local and state governmental leadership.