COLUMBIA CHAMBER OF COMMERCE: The Cost of Living Average for 2018 in Columbia was Considerably Less Than the National Average

Columbia Chamber of Commerce issued the following announcement on Feb. 26.

Statistics released prove that it costs less to live Columbia. Living costs in the city were 7.1 percent below the national average according to the ACCRA Cost of Living Index provided by the Council for Community and Economic Research. Columbia received a composite index figure of 92.9 for 2018. The figure refers to $100 worth of goods purchased in an average U.S. city only costing $92.90 in Columbia.

Items on which the Index is based have been chosen to reflect the different categories of consumer expenditures. The Composite Index is based on six weighted components. Columbia’s figures for these components were: grocery items 96.6; housing 81.5; utilities 99.6; transportation 91.4; health care 101.5 and miscellaneous goods and services 98.7 (misc. items include auto maintenance, fast food pricing, clothing prices, and more). Items are priced by Chamber staff at a specified time and according to standardized specifications. It is important to note the Index does not measure inflation or price change over time.

“The consistently low cost of living is encouraging,” Columbia Chamber of Commerce President Matt McCormick said. “The statistics are reassuring that Columbia is an amazing place to live, learn, work and play not only for citizens, but for business too.”

The Chamber receives many requests for this vital information about our community. Without help from the community and our members, the Chamber would not be able to respond. These lower than average costs are an economic incentive to attract new businesses and residents to the area.

The Columbia Chamber of Commerce was established in 1905 and is a voluntary, member-supported organization of business, industrial and professional people who are dedicated to developing, promoting and maintaining a sound and healthy economic climate for Columbia. The Columbia Chamber of Commerce is recognized as a 5-Star Accredited Chamber by the United States Chamber of Commerce.

Original source can be found here.

Source: Columbia Chamber of Commerce

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