Governor Henry McMaster was joined Tuesday by S.C. Department of Employment and Workforce (DEW) Executive Director Cheryl Stanton and business leaders from around the state to announce that for the fifth consecutive year DEW is cutting the Unemployment Insurance (UI) tax rate on South Carolina businesses. "Anytime we are able to cut taxes for South Carolina businesses, it gives them the flexibility to grow and create more opportunities for their employees," said Gov. Henry McMaster. "We continue to see record lows in unemployment and more people working in South Carolina than ever before, and if we’re able to continue to cut taxes and invest in education and workforce development, we know our state’s brightest days are ahead of us."
All across South Carolina, cities and towns are reimagining their decrepit and abandoned downtown areas into pedestrian-friendly streetscapes with crosswalks and planted medians. “In almost any town, your traditional downtown area is the only part of town that is distinctly and uniquely yours,” said Moncks Corner town planner Doug Polen.
Scout Boats broke ground Tuesday on a $10.9 million expansion of its Summerville manufacturing campus as the boat maker looks to introduce its biggest yacht into a lineup of luxury sport-fishing vessels. The 120,000-square-foot expansion, announced in April, will make room for production of a 53-foot yacht first announced at the Miami International Boat Show early this year. Dubbed the 530 LXF, the new yacht will debut next spring.
Taxpayers could be on the hook for nearly $400,000 that a local government agency loaned to a defunct tire recycler in St. Stephen, but the owner of the business said he's still hoping to work out a repayment plan. The Berkeley-Charleston-Dorchester Council of Governments issued the loan last year to Viva TPE Products LLC, one of the partners in a tire recycling firm that was supposed to create 200 jobs in rural Berkeley County. Those jobs never materialized and a Chinese-owned company, which was the second partner in the original deal, is seeking to take over the facility.
The Mercedes-Benz Vans plant in Ladson is planning to open its doors ahead of schedule. They announced on Wednesday that the expanded plant would be ready for business in less than a year. The plant opened in 1999, and officials announced a $500 million expansion project to more than double its size in 2015. “We know it’s a great location with highly motivated people," said CEO and president of Mercedes-Benz Vans Michael Balke."We also see we have a business-oriented collaboration."
The Dow leader and favorite of President Trump appears to have scored another big win over Airbus at the Dubai Air Show. Here's why giddiness could be leading to strategic mistakes.
Boeing South Carolina said Tuesday that representatives from its Boeing Days outreach program have visited all of the state's 46 counties to promote the company and inspire students to seek careers in technology, science and other fields.
Boeing (BA) announced a record-breaking jetliner order from a Middle Eastern airline on Wednesday, right after a massive deal was unveiled by its arch rival, Airbus (EADSF). The U.S. aerospace company said that FlyDubai of the United Arab Emirates has committed to buy 175 of its 737 Max planes and will have the rights to buy another 50. Altogether, the 225 aircraft have a total value of $27 billion at list prices.
Airshows are traditionally an opportunity for the big aircraft manufacturers to seal the deal on long order negotiations with airlines and leasing companies. The likes of Canada's Bombardier and Brazil's Embraer will look to defeat each other in the smaller-sized jet market, but the headline battle in commercial aviation is conducted between Europe's Airbus and the U.S.' Boeing. The Dubai Airshow 2017 was no different as the big two looked to outdo each other for new business. Leading into the show, Boeing held a healthy lead over Airbus for orders in 2017, accounting for an estimated 65 percent of new order value. But could the firm stretch that lead or did Airbus manage a fight back in Dubai?
In recent decades, the diffusion of digital technology into nearly every business and workplace, also known as “digitalization,” has been remaking the U.S. economy and the world of work. The “digitalization of everything” has at once increased the potential of individuals, firms, and society while also contributing to a series of troublesome impacts and inequalities, such as worker pay disparities across many demographics, and the divergence of metropolitan economic outcomes.
The introduction of computers and digital technologies into the workplace has altered just about every job in some way. A report released by the Brookings Institution today chronicles how “digitization” has played out across different occupations and regional economies. Using Labor Department data that assesses how much computer skills and knowledge more than 500 occupations require, researchers assigned regions digital scores.
The reported death of the middle economy is greatly exaggerated. There are 30 million good jobs in the United States today that pay without a BA (bachelor’s degree). These good jobs have median earnings of $55,000 annually (Figure 1). Traditionally, many people with good jobs that pay without a BA have worked in manufacturing. Those jobs are declining while the number of good jobs in skilled-services industries, such as health services and financial services, is increasing.
Although startups account for only 2 percent of total U.S. employment, they play an important role in job growth. However, the importance of mature firms should not be understated, according to a recent article in The Regional Economist.
Ten years ago, anything less than $200 million had little hope of connecting the public and private sectors in the U.S. Now public-private partnerships are driving modernization for many cities—and sometimes controversy.
Employment is projected to increase by 11.5 million over the 2016-26 decade, an increase from 156.1 million to 167.6 million, the U.S. Bureau of Labor Statistics reported today. This growth--0.7 percent annually--is faster than the 0.5 percent rate of growth during the 2006–16 decade, a period heavily affected by the 2007–09 recession. Health care industries and their associated occupations are expected to account for a large share of new jobs projected through 2026, as the aging population continues to drive demand for health care services. The labor force will continue to grow slowly and to become older and more diverse. The aging population is projected to result in a decline in the overall labor force participation rate over the 2016 to 2026 decade.
For more than 200 years, the federal government has regularly taken an immense survey of American business called the Economic Census. Though not as well-known as the decennial census, the big population count in which enumerators tally Americans house to house, it has been conducted at least every five years since 1905, with a gap only during World War II. Its basic measurements of economic activity, like jobs and revenue, are crucially important to companies, policymakers and anyone trying to track the nation’s economic health.
Chatham Lodging Trust (NYSE:CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has acquired the 96-room Courtyard by Marriott Charleston Summerville, S.C., for $20.2 million, or approximately $210,000 per room.
Today, a group of 72 bi-partisan congressmen from 23 states submitted a letter to United States Trade Representative Robert Lighthizer, expressing concern about American jobs as negotiations over the future of the North American Free Trade Agreement (NAFTA) continue this week in Mexico City. Representatives Mark Sanford (R-SC), Steve Cohen (D-TN), Mike Bishop (R-MI), and Terri Sewell (D-AL) led the letter. The letter highlights that the new, proposed rules of origin standard in the North American Free Trade Agreement (NAFTA) would diminish America’s global, competitive advantage in the auto industry.
The S.C. Department of Education is trumpeting an all-time high state graduation rate of 84.6 percent in a new set of report card data released Wednesday. But opponents of the state's new high school grading scale, which lowered the minimum passing grade from a 70 to a 60 starting in the 2016-17 school year, are highly skeptical.
Heatworks, a manufacturer of innovative tankless water heaters, is expanding its operations at 2353 Highway 17 North in Mount Pleasant, South Carolina. The company plans to create approximately 60 jobs Charleston County.
A metaphorical wave is sweeping over the state—Dorchester County included—and with it, comes new industry and infrastructure, according to local and state officials who spoke at the county’s annual Industry Appreciation Luncheon on Tuesday. The Greater Summerville/Dorchester County Chamber of Commerce sponsored the event at Bethany United Methodist Church, where more than a dozen county-based industry officials gathered to hear the state of the market. What they heard is that South Carolina is a top contender for new business and expansion of existing industry, as well as a place for rapid population growth, lately surpassing national averages in both areas.
Specialty chemicals company Lanxess is expanding its Additives segment and plans to acquire the phosphorus chemicals business with a US production site from Belgian chemical group Solvay.
The Children's Museum of the Lowcountry is just a few yards from the Charleston Visitors Center and next door to the historic William Aiken House, but not many tourists manage to find it. That could change after an expansion that will include a much more visible and colorful entrance. The Charleston Board of Architectural Review unanimously approved a conceptual design of the expansion last week. Visitors would enter off Ann Street through an array of colorful poles that look like pickup sticks.
Some South Carolina lawmakers want to roll back billions of dollars of electric rate increases stemming from the failed effort to expand a nuclear plant near Columbia. That was among several proposals floated by House Speaker Jay Lucas as part of a sweeping reform package that will be considered next year. Lucas said the flurry of bills are meant to "gut existing law" and reshape South Carolina’s utility regulations to avoid another costly construction disaster.
COLUMBIA — South Carolina's most contested race for a judicial seat next year includes a former state legislator, a current legislator's spouse, the son of a longtime state official, a state prosecutor and an assistant solicitor. They are among 49 people vying for 13 open seats on the state's collective judicial bench. Another 13 judges are seeking re-election without opposition, including state Supreme Court Justice John Kittredge. The General Assembly will elect the winners in a joint session early next year after a legislative panel reviews contestants over the next three weeks in public hearings that start Monday.
Sebastian Van Delden has booked up his new office space with some of the biggest names in Charleston business, luring them with waterfront views and access to sought-after talent. He isn’t sure how the space will be used. Neither do his tenants, exactly. Van Delden, chair of the College of Charleston’s computer science department, says that’s the point: He didn’t tell companies how to use the space. He just wants to keep them nearby, close enough that they might bump into students and help them land jobs.
The 787-10 Dreamliner that Boeing Co. builds exclusively in North Charleston got the single biggest boost in the program's young history on Sunday with an order for 40 of the wide-body planes by Dubai-based Emirates Airlines. Emirates made the announcement on the opening day of the Dubai Airshow, one of the world's largest aviation exhibitions. The order is valued at $15.1 billion at list prices, although airlines typically negotiate discounts. Emirates will begin taking delivery of the 787-10s in 2022, with future deliveries stretching well into the next decade.
South Carolina has an estimated 164,400 women-owned businesses, employing 111,200 and attributing to roughly $15.7 billion according to the seventh annual State of Women-Owned Businesses Report, commissioned by American Express OPEN. The report analyzes data from the U.S. Census Bureau’s Survey of Business Owners and fa 495 years of Husqvarna service ctors in relative changes in Gross Domestic Product. The analysis, reported by industry, revenue and employment size at the national, state and top-50 metro levels, shares an investigation into the growth trends over the past 20 years among the 11.6 million women-owned enterprises, which employ nearly 9 million people and generate more than $1.7 trillion in revenues.
As congressional Republicans barrel into the home stretch of efforts to overhaul the U.S. tax system, South Carolina businesses and taxpayers find themselves just trying to keep up with the rapidly fluctuating proposals. The House Ways and Means Committee approved its version of the legislation Thursday along party lines, setting up a floor vote next week on the proposal. Meanwhile, the Senate released its own tax reform bill with dozens of significant differences from the House package.
Being in the top five of something generally means you’re among the best and brightest in your field (college football playoffs and the World Series notwithstanding). So South Carolina’s No. 4 ranking as one of the best states in the United States to do business means we’re sitting pretty sweetly. Even more striking, all of the best states are in the South (we’ll just go ahead and include Texas, though one could debate the geography). What about other places? Aren’t they great too? You be the judge, but the survey measuring the best business climate came from U.S. corporate executives and was conducted by the International Economic Development Council in Toronto.
Finalcontrol, Inc., a quality assurance provider for manufacturing companies, is locating new operations at 7239 Cross Park Drive in North Charleston, South Carolina. The project is expected to create to create 34 new jobs over the next year in Charleston County.