economy

This stadium is the centerpiece of a re-vitalized North Augusta riverfront.
City of North Augusta, SC

This summer thousands of people have attended home games of the Augusta Green-Jackets, Augusta Georgia’s minor league baseball.  The team plays in a brand new stadium, SRP Park.  The stadium however is located across the Savannah River in South Carolina in the City of North Augusta.  The new, state-of-the-art stadium is the centerpiece of a re-vitalized North Augusta along its riverfront.

North Augusta is just one of a number of smaller cities in the state bringing their downtowns to life by creating new work, living, and play spaces and strengthening their local tax bases.

A Maersk Line container ship approaching the ravenel bridge in Charleston.
SC Ports Authority

  According to a recent analysis by the U.S Chamber of Commerce, South Carolina will be among the state’s hit hardest by the looming trade war, threatening the more than $30 Billion dollars in goods exported from the state each year.  The state exports cars, steel products, refrigerators, soybeans and many other goods putting it in the top three states in the country that relies on exports and imports.

According to the U. S. Chamber, almost 580,000  jobs in the state are tied to trade, and there are more than 6,000 companies operating here that export goods around the world.

Industrial robots on an automobile assembly line.
ISAPUT [CC BY-SA 4.0)], via Wikimedia Commons

Automation has been increasing in the Palmetto State’s factories for a long time, bringing with it fears of job losses for people whose jobs are vulnerable to being replaced by machines.  But Roger Varin of Staubli Robotics, which makes robots for industry, says jobs are changing, but not necessarily vanishing.  In fact, he asserts, automation creates jobs in some areas. 

Volvo Car Open on Daniel Island.
Victoria Hansen/SC Public Radio

You know it’s spring in Charleston when the cars are thick with yellow pollen, as well as  a colorful array of out of state license plates.  Porta- Potties line the streets, novice runners sport bright, new shoes and college kids seeking sun and warmth stretch out behind the beach dunes.  Typically, the signs appear in April, alongside two annual events; the Cooper River Bridge Run and the Volvo Car Open.

File: An information packet from last year's Economic Outlook Conference at USC.
Tut Underwood/SC Public Radio

Like the stock market, which has reached all-time highs in recent weeks, consumer confidence is high.   And that same optimism is fueling the economic outlook for South Carolina for 2018.  Economists Joey Von Nessen and Doug Woodward participated in a recent conference in Columbia, in which they predicted slow but steady growth of the economy in the coming year, at a rate of 2.1 percent.  Personal income should be rise to 4.3%, up from 3.8%, said Von Nessen.  The experts said large companies have brought many jobs to the state, turning around the general wisdom that small business historica

A week after Hurricane Maria made landfall in Puerto Rico, most of its residents remain without power, access to clean water and little to no food. Officials, including President Donald Trump and Puerto Rico’s governor Ricardo Roselló, have said help is on the way via planes and boats. However, due to an almost 100-year-old law, the help coming in via boats is currently limited only to U.S. ships.  

The GOP tax plan has fewer tax brackets and bigger deductions, but is light on details

Sep 27, 2017

Republicans, still smarting from another failed Obamacare repeal, hope tax reform will give them a victory ahead of the 2018 midterm elections.

After months of closed-door negotiations, the White House and congressional Republicans released their plan to overhaul the American tax code, calling for a near doubling of the standard deduction, fewer tax brackets, and a reduction of so-called “loopholes."

Hurricane Maria, which has devastated Puerto Rico and left hundreds of thousands without electricity, comes at a difficult time for the island. Reeling from a recession, Puerto Rico has suffered a so-called brain drain, as its labor market shrinks and professionals flee to the mainland to find jobs. The island has lost more than 10 percent of its population to the mainland over the last decade, according to data from the Pew Research Center.

How hurricane recovery makes the economy seem better

Sep 27, 2017

The economic impact of hurricanes Harvey and Irma is starting to show up in government data releases — in slowdowns for industrial production, consumer spending, consumer sentiment and home sales. First-time claims for unemployment benefits have risen as people in storm-damaged areas couldn’t get to work or workplaces shut down temporarily. (Economic reverberations from Hurricane Maria, which devastated Puerto Rico and the U.S. Virgin Islands in mid-September, have not yet surfaced in national economic data releases.)

It's that time of year again, not just for checking your gift list and checking it twice, but to hear from the University of South Carolina's Moore School of Business and their annual Economic Outlook Conference, where we will hear their prognostication for the new year as well as outlooks from renowned guest speakers.  This year the conference is next Tuesday, Dec. 16th and it will be held for the first time in the brand new Moore School building.

"T" is for Timber

Nov 17, 2014

"T" is for Timber.