Charleston’s Job Growth and Economic Performance Recognized
The Milken Institute, an independent economic think tank, has ranked the Charleston region among the nation’s top 20 large cities in its 2010 “Best Performing Cities” index (up from #30 in 2009). This index is widely known as an objective measure of which U.S. metropolitan areas are most successful in terms of quality job creation, job retention and overall economic performance.
According to the report, Charleston’s “well-balanced industry mix helped carry it through much of the (economic) downturn,” and “its emerging aerospace industry added more than 1,000 jobs from 2004 to 2009, contributing to Charleston’s coming in 19th in high-tech output for that period….”
Contributing in part to Charleston’s impressive performance is the addition of Boeing to the region’s economy. For the past year, the Charleston business community has been abuzz with news of the aerospace giant’s pending arrival. The company’s facility is rapidly taking shape in North Charleston on a site directly next to Charleston International Airport, where it will assemble its 787 Dreamliner. The facility, which is scheduled to be complete next year, is expected to employ 3,800 people.
The Milken Institute report forecasts that growth in Charleston will continue well into the future: “As the economy rebounds, increased inbound cargo activity at the Port of Charleston should help sustain long-term growth.”
For more information on the Milken Institute rankings, click here.