“Point of Sale” repeal would create 35,000 jobs, spur South Carolina’s economy

COLUMBIA, S.C. – April 27, 2011 – (RealEstateRama) — Repeal of Point of Sale reassessments will increase investment in South Carolina real estate upward of $2.4 billion, resulting in a direct impact on jobs and the economy, according to an economic analysis commissioned by the South Carolina REALTORS® (SCR).

The study shows eliminating Point of Sale reassessments would create 35,000 new South Carolina jobs per year. An additional 35,000 jobs would lower South Carolina’s unemployment rate by approximately two percentage points from 9.9 to eight percent. These jobs also would generate more than $1.4 billion in labor income and more than $83 million in state income and sales taxes. Local governments would also benefit from new property taxes, estimated to be more than $43 million per year.

“The study confirms that South Carolina policymakers can enable the creation of new jobs and economic opportunity by ending the Point of Sale job-killer. There are few tools that policymakers can use to create jobs, but this is one that will significantly drop our unemployment rate and make South Carolina competitive with other South Atlantic states,” said SCR Chief Executive Officer, Nick Kremydas.

For more information on how you can help end Point of Sale reassessments, please go to http://www.facebook.com/createSCjobs. For an executive summary, please see the attached.

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South Carolina REALTORS® (SCR) is the largest professional trade association in the state, serving as the voice of real estate for more than 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.

Contact:
Nick Kremydas
803.772.5206