SOUTH CAROLINA S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT FEDERAL RESERVE BANK OF RICHMOND. October 2018

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1 October 21 October Summary Reports on s economy were mostly positive in recent months. Employers added jobs to payrolls in August and the unemployment rate edged down. Meanwhile, housing market activity strengthened. A MONTHLY UPDATE OF THE FIFTH DISTRICT A Closer Look at Mortgage Delinquency and Foreclosu Labor Markets: Total employment in rose.2 percent in August, as firms added,2 net new jobs to payrolls. The professional and business services industry saw the largest job gain during the month (, jobs or 1. percent), followed by other services (1,1 jobs or 1. percent). On the downside, declines were reported in manufacturing (1, jobs), leisure and hospitality (1, jobs), construction (3 jobs), and information (1 jobs). On a year-over-year basis, payroll employment in rose 1.9 percent (, jobs). The largest contributor to the overall gain was the trade, transportation, and utilities industry, which added 11, jobs since last August. Education and health services (9, jobs), leisure and hospitality (7,3 jobs), and other services (,3 jobs) also saw sizeable gains over the year. Meanwhile, the only industry to report job cuts since last August was financial services ( jobs). Household Conditions: The unemployment rate in edged down.2 percentage point to 3. percent in August and decreased. percentage point from August 217. In the second quarter of 21, the share of mortgages with payments 9 or more days overdue declined to 1.2 percent. Delinquency rates for fixed and adjustable rate conventional loans decreased in the second quarter, to.9 percent and 1.7 percent, respectively. In the second quarter of 21, real personal income in increased. percent and was up 1.7 percent since the second quarter of 217. Housing Markets: issued 3,12 new residential permits in August, up 19. percent from the prior month and up 13. percent from a year earlier. Permitting activity rose in every MSA in the month with the Greenville MSA issuing the most permits (9 permits). Housing starts in totaled,7 in August, up 23.3 percent in the month and up 2.3 percent from last August. Home values in the state, according to CoreLogic Information Solutions, appreciated.1 percent in July and appreciated.1 percent on a year-over-year basis. House prices increased in every metro area in the month except Florence, and rose in every MSA on a yearover-year basis. 1

2 October 21 Labor Market Conditions Payroll Employment Performance Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in August 21 - Total August 19, Fifth District - Total August 1, Total August 2, Logging and Mining (NSA) August Construction August Manufacturing August Trade, Transportation, and Utilities August Information August Financial Activities August Professional and Business Services August Education and Health Services August Leisure and Hospitality August Other Services August Total Employment Performance Government August Year-over-Year Percent Change in August 21 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Charleston MSA - Total August Columbia MSA - Total August Florence MSA - Total August Greenville-Anderson MSA - Total August Hilton Head Island MSA - Total August Myrtle Beach MSA - Total August Spartanburg MSA - Total August 1..9 Sumter MSA - Total August Total Logging and Mining (NSA) Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities -. Professional and Business Services Education and Health Services Leisure and Hospitality (SA) 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 October 21 Labor Market Conditions Unemployment Rate Unemployment Rate (SA) August 1 July 1 August 17 Through August Fifth District Charleston MSA Columbia MSA Florence MSA Greenville-Anderson MSA Hilton Head Island MSA Myrtle Beach MSA... Spartanburg MSA Sumter MSA Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change August 11, Fifth District August 1, Labor Force August 2, Year-over-Year Percent Change through August 21 Charleston MSA August Columbia MSA August Florence MSA August Greenville-Anderson MSA August Hilton Head Island MSA August Myrtle Beach MSA August Spartanburg MSA August Sumter MSA August Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change August 73, Fifth District August, August 9,

4 October 21 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q2:1 Q2:1 1,12, Fifth District Q2:1 1,7, Q2:1 2, Median Family Income Period Level (s) QoQ % Change YoY % Change Charleston MSA Q2: Columbia MSA Q2: Greenville MSA Q2: Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Q2:1 2, Fifth District Q2:1 1,7.1.2 Q2:1 1, Mortgage Delinquencies Mortgage Delinquencies (% 9+ Days Delinquent Q2:1 Q1:1 Q2:17 Percent 9+ Days Delinquent through Q2:1 All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate

5 October 21 Real Estate Conditions New Housing Units Permits: New Private Housing Units Period Level MoM % Change YoY % Change Year-over-Year Percent Change through August 21 August 11, Fifth District August 1, August 3, Charleston MSA August 2.2. Columbia MSA August Florence MSA August Greenville MSA August Myrtle Beach MSA August Spartanburg MSA August Sumter MSA August Total Private Housing Starts (SAA Period Level (s) MoM % Change YoY % Change August 1, Housing Starts Fifth District August Thousands of Units (SAAR) August 21 August

6 October 21 Real Estate Conditions House Price Index (CoreLogic) House Price Index (2=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through July 21 July Fifth District July July Charleston MSA July Columbia MSA July Florence MSA July Greenville MSA July Myrtle Beach MSA July Spartanburg MSA July Sumter MSA July Median Home Sales Price - NAR (NS Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q2: Columbia MSA Q2: Charleston MSA Median Home Sales Price (NAR) Greenville MSA Q2: Year-over-Year Percent Change through Q2:1 Spartanburg MSA Q2: Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q2: Columbia MSA Q2: Greenville MSA Q2:

7 October 21 Real Estate Conditions Charleston MSA Office Vacancy Rate Housing Opportunity Index (%) Q2:1 Q1:1 Q2:17 Through Q2:1 Charleston MSA Columbia MSA Greenville MSA Commercial Vacancy Rates (%) Q2:1 Q1:1 Q2:17 Office Vacancies Charleston Industrial Vacancies Charleston Charleston MSA Industrial Vacancy Rate Through Q1: