Town of Summerville Planning Area - BCD Council of Governments

Economic Development ElementOverviewThe state of a local or regional economy affects all other aspects of a community. Without a strongemployment base, either in a community or in a region, the quality of life for residents and businessesstagnates, and communities struggle to maintain their existing infrastructure and services, much less look atexpansion. Summerville is in a time of transition as the most recent global recession has had a profoundimpact on the Summerville Planning Area and on the economic fortunes of the residents of the community.One symptom of this climate is the substantial increase in the local unemployment rate, both within theTown limits and within the Planning Area, as evidenced by an increase of the unemployment rate within theTown from 6.2 percent in April 2008 to 14.5 percent one year later (Figure ED1). This increase was due, inlarge part, to the decline of the housing construction market in the metro Charleston regionAs a bedroom community for numerous employment centers located in Charleston County, Summervilleshould consider options for diversifying its employment base as a means of increasing its role in theeconomic future of the metro Charleston region. These decisions will impact the overall quality of life inSummerville and will affect the needs of residents and businesses for energy resources, transportationaccess and facilities, and telecommunications infrastructure.181614Figure ED1: Unemployment Rate (in %)for Town of Summerville, 2008‐20101414.515.6 16 15.416.913.5 13.51210866.3 6.289.2UnemploymentRate inSummerville,2008‐2010420Jan Apr Jul Oct Jan Apr Jul Oct Nov Jan Apr Jul2008 2008 2008 2008 2009 2009 2009 2009 2009 2010 2010 2010Source: US Bureau ofLabor StatisticsEconomic Development Element Page 1