Charleston is enjoying an unexpected renaissance, 50 years in the making. Tourism is now a $14-billion industry, drawing about eight million visitors a year to its cobblestone streets and historic waterfront. The city has retained its national No. 1 ranking as a destination for a dozen years. Ticket sales for Spoleto topped $3.3 million in 2024, the most since 2017, according to a Post & Courier report. And new attractions like the International African American Museum add to the city’s cultural base.
The military is the area’s largest public employer, with nearly 25,000 jobs, a number that will grow with the completion of a new 64-acre Coast Guard “mega base” on the Cooper River that will host 10 cutters, including the service’s largest. And manufacturing continues to blossom, highlighted by Boeing’s planned $1-billion expansion.
Downtown’s renewal continues and is spreading to emerging areas like North Charleston’s Park Circle. The redevelopment of the old Charleston Naval Base and ambitious plans to reclaim Union Pier promise to accelerate that momentum. The population of metro Charleston has reached 870,000, with another 16,000 or so people expected to move here this year. The median home price in Charleston County is nearing $650,000.
With that growth comes the reality that many residents, such as service industry employees, factory workers, teachers, and nurses, are being priced out of the market, particularly on the peninsula. College of Charleston economist Hefner termed the trend “inevitable,” as higher-paid, young professionals are willing to shell out high rents and longtime residents cash in on the skyrocketing property values. “You’ve got a limited housing supply and a large demand. So how do you really stop it?” he asks.
Bennett says he is amazed by the growth of the metro area, which now stretches from Folly Beach to Nexton. “The middle of town used to be Broad Street, now it’s I-526,” notes the hotelier. The kid who used to rent bikes to tourists and renovated his first house with his own hands now owns a catalog of hotels, apartments, office buildings, shopping centers, and restaurants stretching from Florida to Montana. His newest project is a planned 15-year, $300-million redevelopment of Patriot’s Point. “I don’t think we’ll see another jump like we did from 1975 to now,” Bennett says. “But it’s still the most charming and beautiful town in the country. It’s a pretty special place.”