Grand Strand Economic Report 4th Quarter 2012

Attached is the fourth quarter Grand Strand Economic Report which is prepared in a joint effort from SiteTech Systems and CCU’s Wall College of Business Center for Economic & Community Development.

During the fourth quarter, the Grand Strand economy continued to improve, although we have yet to see significant gains in employment and income. The unemployment rate continues to fall, almost entirely due to unemployed individuals leaving the labor force. Healthcare and higher education are leading growth in employment, but these gains have not yet been strong enough to offset the losses in other sectors. The strong retirement demographic continues to stabilize demand in both the tourism and residential construction sectors. Nationally, the economy weakened in the fourth quarter of 2012 as GDP declined 0.1 percent. Fiscal uncertainty associated with the budget debate as well as the expiration of the 2 percentage point reduction in the payroll tax will weigh on investor and consumer confidence in the first half of 2013.

Tourism has experienced growth compared to the 4^th quarter of 2011.  The Grand Strand witnessed increases in occupancy rate, ADR, and RevPar. The hospitality related taxes and fees decreased in the 4^th quarter due to the unusually high amount of collections in the previous year.  This is partly due to SC DOR’s legal decision to collect taxes back as far as 10 years on VRBO properties and recording the fees in the period they are collected and not when they are accrued.

Real estate continues to improve in the 4^th quarter as the number of SFR and condo/townhome sales increase and excess inventory is decreasing.  The median sales prices for condo/townhomes are flat from 2011, seeing a substantial increase in sales with virtually no price appreciation.  The SFR median sales has decreased almost 3% from that of 2011. Sales prices will increase as the distressed properties continue to be pushed through the inventory.  SFR building permits have increased almost 70% as well-located subdivisions continue to attract buyers and builders.

Read the entire report at:

Grand Strand Economic Report 4th Quarter 2012

Technology Notes

Have trouble keeping up with the modern world? Does your "smart" phone have a mind of it's own? Have trouble figuring out how to get your CD collection into your walkman, er, ipod?

Check into OLLI, that is Osher Life Long Learning Institute at Coastal Carolina University which provides scores of short courses for adults during the day and evening at three locations along the Grand Strand.  I heard about a class for android tablet users, signed up and spent three delightful afternoons at CCU's 79th Street campus with instructor Kathleen Libby, a seasoned instructor and self admitted "geek."  The classes cost a few bucks, but I learned numerous tricks about my android tablet AND almost all of them were directly applicable to my android phone. I've now figured out what a widget is, how to "sync" my portable devices with my desk top and how to print from the "cloud."

Kathleen's tip on wire management for all those wires under your desk was alone worth the price of the course--visit the drug store for some of those clips that ladies use to hold their pony tails in place; that's right, they come in all sizes and snap open and closed.  You can go from an unsightly mess of cables to a neat solution in a skinny minute.

More information on OLLI at www.coastal.edu/olli or call 843-349-2767.