Savannah Chamber

34 facilities. The regional economic footprint is substantial: total payroll for both bases is approximately $1.5 billion and the facilities combine for an annual economic impact of $5 billion. The Savannah/Hilton Head International Airport hosts the Savannah Air National Guard Base. The 165 th Airlift Wing, 117 th Air Control Squadron, and 156 th Aeromedical Evacuation Squadron, based out of Charlotte, NC, operate from the airbase. The 165 th Airlift Wing hosts the Air Dominance Center (ADC) which is one of only four Air National Guard Combat Readiness Training Centers in the country. The ADC hosts Sentry Savannah, which is a quarterly large-scale "fight club" for combat air forces. Real Estate: Residential and Commercial Residential The real estate market for residential property faced significant headwinds in 2022 as prices increased and mortgage interest rates more than doubled by the end of the year to 6.4% after briefly exceeding 7% in October and November. In Chatham County, a total of 6,539 residential units (all types) sold, a sharp decline of 17% from 2021. The median residential home price was $290,000, a 16% increase of $40,000 over the 2021 median sale price of $250,000. The market share of units sold in the $200,000 to $500,000 range increased to 76% from 54% in 2021. Conversely, the share of homes selling at or below $200,000 declined to 23% continuing a trend since 2018 at which time 51% of homes sold were in this range. Limited availability of inventory and investor purchases pushed housing prices up significantly in 2022 and is expected to be a factor again in 2023. Median sale price is expected to increase 7% to 10% in 2023. Multifamily residential construction surged in 2022, nearly doubling to $106 million in Chatham County from $44 million in the previous year. Institutional investors are adding substantial depth to the offerings of multifamily housing and are expected to continue that trend in 2023. Three notable developments representing about three-fourths of the multi-family units permitted include a 300 unit apartment complex for workforce housing on Chatham Parkway (opening 2024), a 280-unit luxury apartment complex on Victory Drive (opening 2024), and a 104-unit, 5-story complex ("The Helmsman", opening summer 2023) marketed toward SCAD students. An additional 280-unit apartment complex planned for Hutchison Island is under review as of early 2023. In the Savannah MSA, the number of building permits issued in 2022 for single family homes was on par with its five-year average of approximately 2,220 units. The average value of a permit issued increased 9.3% to $277,664 in 2022. Residential construction is expected to moderate in 2023 with rising interest rates and less favorable nationwide economic conditions. The number of permits issued is expected to increase 3% to 5% in 2023. At the west end of River Street, SCAD is constructing a 17-story student residential complex planned for 804 beds. Upon completion, the structure will be the tallest building in Chatham County. The project is part of a $160 million bond issue that also include renovation of the 14-story Chatham Apartments building on Forsythe Park that will accommodate about 650 students. The New Hampstead development in western Chatham mostly between Fort Argyle Road and Little Neck Road is continuing in 2023 on new residential development. Given the employment opportunities that will be coming with the opening of the Hyundai Metaplant, New Hampstead is likely to enter phase of critical mass and rapid development in the next two to four years. Upon build-out, the 4,300 acre project will include parks, schools, 9,500 residential units. Also in West Chatham, the Hopeton Landing development is planned for 1,000 residential units and 275,000 square feet of commercial and retail space. 164 acres of the proposed 500-acre project have been approved for annexation into the City of Savannah and are now likely to spur infrastructure development that will allow the project dovetail with later term residential development in New Hampstead. To the south in Bryan County, at the new Exit 82 at Belfast Keller Road on Interstate 95, residential development is emerging on Raydient Properties' 3,800-acre development. About 50 homes are available

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