Economic Impact of Patriots Point: A Boost for Charleston in 2024 and Beyond

A recent study published by the University of South Carolina’s Darla Moore School of Business reveals that Patriots Point plays a key role in Charleston’s economy, contributing an impressive $205 million annually to the tri-county region. This economic activity also supports 1,756 jobs and generates $71 million in labor income each year, according to research economist Joseph Von Nessen.

"Patriots Point is not only a site of national historical significance but also a major economic driver for the local community," Von Nessen shared. "Its operations, along with those of its business tenants and spending by visitors, create a substantial economic impact for the Charleston area."

To support the significant costs of maintenance, especially those associated with ship upkeep and repair, Patriots Point has leased 61 acres of its property – known as the Patriots Annex project – for a new mixed-use development that will include a variety of office, retail, vacation, and residential spaces. The revenue generated from Patriots Annex will not only help maintain the site but also significantly expand its economic footprint in Charleston and the surrounding communities.

With Charleston experiencing strong population growth and maintaining its status as a top tourist destination, Von Nessen expects high demand for the new office, retail, and residential spaces in Patriots Annex. The development is set to occur in three phases, covering over 331,000 square feet of commercial and residential space. Phase I is expected to be completed by 2025, followed by Phase II in 2027, and Phase III in 2030. While Phase I is smaller, covering around 59,000 square feet, the later phases will significantly ramp up with over 270,000 square feet combined.

Wayne Adams, Acting Chairman of the Patriots Point Development Authority, highlighted the broader impact of these developments: “Patriots Point is not only an educational resource that preserves the legacy of our nation’s heroes, but it also serves as a vital economic engine for Charleston and South Carolina. Projects like Patriots Annex ensure that we can continue preserving our historic ships while expanding our role as a top destination for patriotism, education, and tourism. The continued growth will support our state’s economy for generations to come.”

By the time Phase III is completed, Patriots Point’s economic impact is projected to soar to $393 million, supporting nearly 3,000 permanent jobs and generating $128.8 million in labor income. This represents a 92% increase in Patriots Point’s local economic contribution, cementing its role as a major economic player in the region. 

Read the Economic Impact Report 2024.