Infrastructure Improvements Are Coming to South Carolina Highways
As a real estate agent, your vehicle is one of your most valuable assets. Without it, showing homes and providing clients with an elevated level of service wouldn’t be possible. Likewise, a great road system is also necessary, and not just for real estate professionals but for most businesses, employees, and tourists to thrive. So when a big infrastructure project finally gets traction, we can’t help but be excited.
In Columbia, the South Carolina State Transportation Infrastructure Bank - which provides the funding for large-scale government-backed projects - announced in a press release that its board has just approved a healthy $362 million loan to help fund seven different road improvement projects across the Palmetto State. That’s just one of three approvals required, but board members are hopeful.
“Ten to 15 years from now, people will look back and say, ‘Those folks had some vision,’” John White, chair of the board, told The Post and Courier. “Go forward with Godspeed.”
Of the seven approved applications, the largest is a $120 million grant to repair and replace the bridges connecting U.S. 278 from the mainland to Hilton Head Island, followed by a $75 million upgrade to interstate interchanges in York.
For much-needed traffic relief, the state plans to spend $49 million in Greenville County, $41 million upgrading roads in Charleston County, and just less than $60 million on I-95/Exit 3, near Jasper/Hardeeville.
Once budgets are finalized and the project moves forward, legislators are expecting to attract “tens of thousands of jobs” for several years. And when you consider that jobs plus affordable housing makes great fuel for real estate markets, it’s music to our ears. Not to mention, the improvements will make future homeowners in the area’s lives’ easier by alleviating traffic while creating easier access to businesses. It will also pave the way for development companies to reach new areas and begin building housing developments.
A study performed by EY and the Urban Land Institute (ULI) determined that: “Infrastructure—including transportation, utilities and telecommunications—is the most important factor influencing real estate investment and development decisions in cities around the world.”
The best part? The $362 million is just the first phase of funding. There are more projects and proposals coming this fall. It’s clear that the state of South Carolina is planning on growth and helping its roads and economy prosper.
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