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South Carolina was the fastest growing state in the country in 2023, growing by 1.7 percent, according to the United States Census Bureau. And within the Upstate, Greenville and Spartanburg were recognized as two of the top 25 fastest-growing places in the nation by U.S. News & World Report, with other cities across the state receiving high marks for growth and livability.  

 Meanwhile, the construction market has continued to chug along with what feels like significant pent-up demand on the edge of breaking free. This comes as an election year has brought a degree of trepidation, and high interest rates have slowed down the pace of some projects that would have otherwise quickly moved forward. Interest rates beginning to come down will, however, begin to bring life to many projects.

As a general contractor serving a variety of industries, Trehel sits at a unique position within our market. Our recent entry into luxury homebuilding through Trehel Tailored Homes has also given us a seat at the table with clients putting down or deepening their roots here. This positioning has allowed us to gain interesting perspective on construction trends in parallel to South Carolina’s growth, particularly in the Upstate. Here are three takeaways as we look toward 2025.

Large mixed-use developments and industrial projects will lead the way.

It’s interesting to see the city of Greenville’s GVL2040 comprehensive plan begin to take shape, especially relating to the types of projects that are coming online and in early planning stages. Large mixed-use projects are becoming more of the norm within the city and beyond. We also continue to see significant activity around major industrial investments, and each of these tend to result in additional businesses. Industrial growth has led to a number of expansive warehouse spaces that now line I-85 and I-385. While these spaces were overbuilt a couple of years ago, occupancy rates are improving and we are seeing new construction opportunities in this transition. Further fueling industrial growth is the Inland Port in Greer, which continues to move record amounts of cargo.

Various types of housing will be needed to support population growth, and many projects will become more viable due to improved interest rates.

It’s no secret that the Upstate is one of the most attractive places to live in the country. Yet, our significant growth will continue to put stress on a system that is already taxed. That said, population growth does of course present opportunity, and the interest rate improvement will be a positive contributor to our housing market in the year ahead. Large mixed use developments will also help shoulder a share of the housing demand that is on the rise. Overall, we anticipate a variety of housing types being needed to sustainably meet the needs of regional growth for the near future. 

New construction opportunities will result from the continued buying power of individuals and businesses relocating to the area.

Population growth obviously places more demand on infrastructure, schools, daycares, hospitals, churches, and the many other services within our community. With Greenville County projected to see an additional 220,000 residents by 2040, there is no denying that we will see an impact on the places that make the Upstate home. However, we will continue to be bolstered by the buying power of businesses and individuals relocating to the area following a continued uptick that accelerated with the onset of the pandemic. 

It's an exciting time to be living in and doing business in South Carolina. I like to say that the U-Haul trucks are coming here for a reason. Our community has also repeatedly proven to be strong, focused and caring, which has remained evident as we continue to recover from Hurricane Helene. Many factors will continue to make our state an attractive place to be for years to come, and the construction industry is primed to properly support our anticipated growth. At Trehel, we truly believe the best is yet to come for the Upstate and South Carolina.

Keith Poole serves as president and chief operating officer of Trehel and Trehel Tailored Homes in Greenville.