Global Fluency

A globally connected region welcoming to multinational businesses and international residents and visitors

NUMBER OF INTERNATIONAL FIRMS IN CHARLESTON REGION BY COUNTRY OF ORIGIN

Prior to the pandemic, annual hotel occupancy in the Charleston region regularly ranged from 70-75% on average. The pandemic disrupted travel, resulting in unprecedented occupancy rates. In 2020, the annual average occupancy dropped below 50%. However, every month in 2021 from March onward has substantially outperformed 2020 performance. In the most recent quarter, the hospitality industry appears to have fully recovered – reporting occupancy rates and revenue per room nearly meeting or exceeding 2019 monthly averages.

Foreign-owned companies are a major contributor to the regional economy.

Companies with a foreign parent company of origin account for over 10% of non-retail businesses in the region. Nearly half of the region’s international companies are located within North Charleston.

IMPORT AND EXPORT TEU VOLUME THROUGH THE PORT OF CHARLESTON

The pandemic's effect on trade has altered port traffic

Global disruptions in the supply chain resulted in nearly six months of lower-than average port throughput. However, increased demand for products and the recent port expansion resulted in record throughput for imports in 2021.

Sources: South Carolina Ports, SB Friedman