Charleston Economy in 2024: Housing Market, Ports Dispute, EV Production, Union Pier Redevelopment, and End of Year-Round Cruise Business

As the housing market continues to struggle, the resolution of a major ports dispute, the acceleration of the electric vehicle industry, the redevelopment of Union Pier, and the departure of the Carnival Sunshine mark significant changes for Charleston's economy in 2024.

• Home sales across South Carolina and the Charleston area have been on a downward trend since July 2021 due to higher borrowing costs, lack of available homes and escalating prices.
• A protracted dispute that has all but crippled a $1 billion-plus investment by the S.C. State Ports Authority is expected to be resolved, potentially allowing the International Longshoreman's Association to operate the container cranes at the nearly three-year-old Leatherman Terminal in North Charleston.
• The Lowcountry's electric vehicle industry is set to accelerate with Volvo Cars beginning production this year at its Ridgeville plant on a pair of battery-powered SUVs — the seven-seat EX90 and the high-performance Polestar 3.
• A new plan outlining how Union Pier Terminal will be redeveloped is expected to come together in 2024, with the State Ports Authority working with an advisory coalition to figure out the best uses for the 65-acre site.
• Charleston will bid farewell to its year-round cruise business by the end of 2024, with the Carnival Sunshine set to sail from the Holy City for the last time on or around Dec. 30.

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