SOUTH CAROLINA S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY FEDERAL RESERVE BANK OF RICHMOND. December 2016 SOUTH CAROLINA 1

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1 December 21 December Summary Recent reports on s economy were mixed in recent months as payroll employment declined sharply and housing market indicators varied while household conditions were somewhat improved. Labor Markets: Employers in cut 9,9 jobs (. percent) from payrolls in October, the largest percentage decline in one month since June 29. Job losses were spread across the state s sectors in the month, as the only industries to add jobs were logging and mining (1 jobs), construction ( jobs), and professional and business services ( jobs). The largest employment decline came from the education and health services industry, which cut 2, jobs and was closely followed by the manufacturing and leisure and hospitality industries that cut 1,9 jobs and 1,8 jobs, respectively. On a yearover-year basis, total employment in rose 2. percent, which outpaced the national average of 1.7 percent. Since October 21, every industry except information reported employment growth, led by the logging and mining industry, which grew 1. percent ( jobs). The most jobs, however, were added in the professional and business services industry, which added 1,8 jobs (. percent). Household Conditions: The unemployment rate in declined.2 percentage point to.7 percent in October. In the third quarter of 21, the share of mortgages with payments 9 or more days overdue fell.1 percentage point to 1. percent. The subprime delinquency rate fell. percentage point to. percent in the quarter while the prime delinquency rate was unchanged at.8 percent. In the second quarter of 21, real personal income rose. percent and increased.2 percent since the second quarter of 21. Housing Markets: issued 2,22 new residential permits in October, down 19. percent from the prior month and down 1.8 percent from October 21. In the state s metro areas, permitting activity picked up in the month and on a year-over-year basis in every MSA except Charleston, Greenville, and Myrtle Beach. Housing starts in totaled 29, in October, up 1.2 percent in the month and up 2. percent from last October. Home values in the state, according to CoreLogic Information Solutions, depreciated.1 percent in September but appreciated.7 percent on a year-over-year basis. Home prices declined in September in every metro area except Myrtle Beach but rose in every MSA except Florence on a year-over-year basis. 1. A Closer Look at Educational Attainment According the Census Bureau's 21 American Community Survey, for the population 2 years or older in : 9. percent had a graduate or professional degree, with median earnings of $2, percent had a bachelor's degree, with median earnings of $,11..1 percent had an associate's degree or some college, with median earnings of $1,. 29. percent had a high school diploma or equivalent, with median earnings of $2, percent had less than a high school diploma, with median earnings of $19,7. 9. Labor Market Measures by Educational Attainment in 21 Unemployment Rate Bachelor's or Higher Some College or Associate's High School or Equivalent Less than High School Labor Force Participation Rate

2 December 21 Labor Market Conditions Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change through October 21 - Total October 1, Fifth District - Total October 1, Total October 2, Logging and Mining (NSA) October Construction October Manufacturing October Trade, Transportation, and Utilities October Information October Financial Activities October Professional and Business Services October Education and Health Services October Payroll Employment Performance Leisure and Hospitality October Other Services October Total Employment Performance Government October Year-over-Year Percent Change through October 21 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Charleston MSA - Total October.9.18 Columbia MSA - Total October Florence MSA - Total October Greenville-Anderson MSA - Total October Hilton Head Island MSA - Total October Myrtle Beach MSA - Total October 1..9 Spartanburg MSA - Total October Sumter MSA - Total October Total Logging and Mining (NSA) Construction Manufacturing Trade, Transportation, and Utilities Information -.7 Financial Activities Professional and Business Services Education and Health Services (SA) Leisure and Hospitality Fifth District (SA) (SA) Charleston MSA Columbia MSA Florence MSA Greenville-Anderson MSA Hilton Head Island MSA Myrtle Beach MSA Spartanburg MSA Sumter MSA Other Services Government

3 December 21 Labor Market Conditions Unemployment Rate (SA) October 1 September 1 October 1 Through October Fifth District Charleston MSA..2.8 Columbia MSA... Florence MSA... Greenville-Anderson MSA.2..9 Hilton Head Island MSA... Myrtle Beach MSA.8..8 Spartanburg MSA..8. Sumter MSA..8. Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change October 19, Unemployment Rate Fifth District October 1, Labor Force October 2, Year-over-Year Percent Change through October 21 Charleston MSA October 7..1 Columbia MSA October Florence MSA October Greenville-Anderson MSA October Hilton Head Island MSA October Myrtle Beach MSA October Spartanburg MSA October Sumter MSA October -..2 Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change October 1,19, Fifth District October 71, October,

4 December 21 Household Conditions Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q2:1 Q2:1 1,87, Fifth District Q2:1 1,8, Q2:1 17, Median Family Income Period Level (s) QoQ % Change YoY % Change Charleston MSA Columbia MSA Greenville MSA Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Q:1 19, Fifth District Q:1 1, Q:1 1, Real Personal Income Mortgage Delinquencies Mortgage Delinquencies (% 9+ Days Delinquent) Q:1 Q2:1 Q:1 Percent 9+ Days Delinquent through Q:1 All Mortgages Prime Subprime All Mortgages Prime Subprime

5 December 21 Real Estate Conditions Building Permits Total Private Building Permits (NSA) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through October 21 October 1, Fifth District October 1, October 2, Charleston MSA October Columbia MSA October Florence MSA October 2.. Greenville MSA October Myrtle Beach MSA October Spartanburg MSA October Sumter MSA October Total Private Housing Starts (SAAR) Period Level (s) MoM % Change YoY % Change October 1, Housing Starts Fifth District October Thousands of Units (SAAR) October 21 October

6 December 21 Real Estate Conditions House Price Index (2=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through September 21 September Fifth District September September Charleston MSA September Columbia MSA September Florence MSA September Greenville MSA September Myrtle Beach MSA September Spartanburg MSA September Sumter MSA September Median Home Sales Price - NAR (NSA) Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q: House Price Index (CoreLogic) Columbia MSA Q: Charleston MSA Median Home Sales Price (NAR) Greenville MSA Q: Year-over-Year Percent Change through Q:1 Spartanburg MSA Q: Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q: Columbia MSA Q: Greenville MSA Q:

7 December 21 Real Estate Conditions Charleston MSA Office Vacancy Rate Housing Opportunity Index (%) Q:1 Q2:1 Q:1 Through Q:1 Charleston MSA Columbia MSA Greenville MSA Commercial Vacancy Rates (%) Q:1 Q2:1 Q:1 Office Vacancies Charleston Industrial Vacancies Charleston Charleston MSA Industrial Vacancy Rate Through Q: