Published Aug. 31, 2015
|Graphic/S.C. Department of Commerce|
In July the index gained 0.09 points, ending with a value of 101.94. A value of 100 points or more indicates positive economic growth for three to six months.
A 13.4% increase in number of new residential building permits was the biggest contributor to the index. In addition, the value of the permits increased 6.9%, the Commerce Department reported.
On the downside, the number of initial claims for Unemployment Insurance rose 7.2% for July and the average manufacturing workweek declined by 0.2 hours or 0.5%.
Last month, the Conference Board’s national Leading Economic Index lost 0.2% to reach a value of 123.3.
A strong growth trend for exports was reported last month by the U.S. International Trade Association.
Through the first half of 2015, South Carolina’s export volume is up 1.9% compared with the first half of 2014. Meanwhile, the total export volume for the United States was down 5.4% over the same period.
“In the second quarter of 2015, South Carolina exported more than $8 billion in merchandise, achieving a new quarterly record for the state, and surpassing North Carolina for the quarter,” the Commerce Department report said. “For the first time, South Carolina’s exports for the quarter exceeded 2% of the nation’s total despite its population being only 1.5% of the U.S. population.”