Boeing could mean retail, commercial boom for Moncks Corner, Summerville

Date: 09/17/2010

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The  leader of study on Boeing Co.'s economic impact in the region told a real estate industry group on Thursday that much of the residential and retail growth related to the project would likely be seen in the Moncks Corner and Summerville areas.

By Daniel Brock


dbrock@scbiznews.com
Published Sept. 17, 2010

The  leader of study on Boeing Co.’s economic impact in the region told a real estate industry group on Thursday that much of the residential and retail growth related to the project would likely be seen in the Moncks Corner and Summerville areas.

Speaking at an International Council of Shopping Centers event, Harry Miley, principal at the economic consulting firm Miley & Associates, said he thought that would be the case “if I was putting money down.”

Miley & Associates released its findings in May. The study was commissioned by Columbia-based non-profit Alliance for South Carolina’s Future.

Thursday’s event was aimed at giving commercial real estate players in the region an idea of what to expect in the years ahead.

“Retail people want to know where to invest their capital,” said Scott Rogers, a senior advisor with commercial real estate advisors Sperry Van Ness who served as moderator for the evening.

The report concluded that the new Boeing final assembly and delivery facility under construction North Charleston would have a $5.9 billion annual impact on the Charleston Region, while creating more than 15,000 jobs. The employment figure includes both the 3,800 jobs Boeing has scheduled for its new plant and the thousands of spinoff jobs created by the operation.

Berkeley County is preparing for a population influx brought on by Boeing and other business arrivals. Officials said the county has development agreements in place stretching 30 years or more that could see some 50,000 housing units built in designated growth areas.

“We know where it’s going, and we can plan and engineer accordingly,” said Mark Davis, a planner with the county.

Miley said that one school superintendent in the area told him that already 40 children from Boeing families are enrolled in his district’s schools. The final assembly and delivery line isn’t slated to open until July of next year.

Miley, the former chief economist for Gov. Carroll Campbell. qualified the study by saying that it, like similar efforts, is based on historical relationships and those relationships could change. He added that he had been fired before in his career for being off “oh, a couple hundred million dollars.”

Amy Riley of Thomas & Hutton Enineering Co. said she was encouraged by the study and Miley's presentation.

“People around the state look at Charleston as this beacon of hope,” she said. “And think this study confirms that.”

Reach Daniel Brock at 843-849-3144.

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