Jump to content

The_sandlapper

Columbia Economic Notes

Recommended Posts

I'm not a history buff, but I remember hearing that Columbia's skyline was built mainly by banks, some of which were later consolidated in Charlotte after interstate banking laws changed. Obviously Columbia is never going to compete with Charlotte, San Francisco, or New York, but I would love to see the city emerge as a regional hub for mid-sized banks through the process of consolidation. Of course the danger is that these banks could be merged into the Big 4, but I think it would be great in terms of diversification. That said, is there any other Class A office space the bank would look at downtown or would it be forced to build to consolidate its operations?

  • Like 1

Share this post


Link to post
Share on other sites


^ Interestingly, Greenville probably has the largest financial sector of any metro in South Carolina

 

Assessing this by GDP for the finance and insurance sector, it's Columbia--it actually has the second-largest FIRE sector in the Carolinas. But I think they were pretty close when Carolina First was still an independent bank.

Share this post


Link to post
Share on other sites

I'm not sure where to put this.  I can't find a Columbia population thread.

 

The city of Columbia (municipality) added 1,264 residents from July 1, 2012 to July 1, 2013. It remains the state's largest city at 133,358. With more apartments being built and continued attention to annexation where possible, the figures should continue heading in the right direction and probably even grow faster.

American FactFinder - Results *

Share this post


Link to post
Share on other sites

There are plenty of areas AVAILABLE to annex, but getting the property owners to do so can be problematic.  The Water service agreement could be enforced, but that is politically difficult for owner-occupied residential areas.  

Share this post


Link to post
Share on other sites

Today's The State says the mayor wants the City to hire an annexation coordinator.  That's not a done deal for next year's budget, but it's on the radar screen, so there evidently is a lot more annexation to be done to want to hire a coordinator. 

 

 

Edited by CorgiMatt

Share this post


Link to post
Share on other sites

This can't be good for Columbia. I'm sure it will take some time to sort through the merger, but most banks consolidate to one location when practical. Given that the combined area will be only two states (and DC) and Raleigh is not significantly more expensive than Columbia, I can see them mvoing all of the value positions to NC. 

 

http://www.thestate.com/2014/06/11/3500697/scs-first-citizens-merging-with.html?sp=/99/205/&ihp=1

Share this post


Link to post
Share on other sites

Well that kinda sucks but isn't too surprising since the banks had the same parent company. Headquarters jobs will more than likely be affected most.

Share this post


Link to post
Share on other sites

They are actually two separate banks, they just happen to have similar names.

 

Right, they are owned by the same family (the Holding family in Raleigh; I mistakenly said parent company earlier). Customers of one bank are already allowed to do business at the other.

Share this post


Link to post
Share on other sites

22 hours ago, The ATX said:

Welcome to Urban Planet!

LOl Thanks man, it was you who unwittingly brought me here from SSP. SSP has a total lack of Columbia related content, whereas this forum doesn't so... just as I split my time between Austin, San Antonio, and Columbia in real life, you'll probably see me here pretty often as well as on SSP's Austin subforum still. 

Share this post


Link to post
Share on other sites
1 hour ago, wwmiv said:

LOl Thanks man, it was you who unwittingly brought me here from SSP. SSP has a total lack of Columbia related content, whereas this forum doesn't so... just as I split my time between Austin, San Antonio, and Columbia in real life, you'll probably see me here pretty often as well as on SSP's Austin subforum still. 

You should try City data also I use both UP and CD both are pretty fun. CD is a bit more active though.

Share this post


Link to post
Share on other sites
57 minutes ago, growingup15 said:

You should try City data also I use both UP and CD both are pretty fun. CD is a bit more active though.

Yeah no. I'm not into endless city vs. city discussions with vacuous content, which City Data has a bunch of. I mostly just watch the posts and take mental stock of the activity. It helps inform my some of my research ideas as a PhD student here at USC in political science (I study the effects on representation of the underlying political geography, of which urban geography is an important piece). 

Share this post


Link to post
Share on other sites

Columbia-based South State Bank has acquired Charlotte-based Park Sterling Bank in a merger deal that creates a combined $14.5 billion franchise throughout the Carolinas, Virginia and Georgia.

The combined company will have $14.5 billion in assets, $11.5 billion in deposits and $10.4 billion in loans. South State will have 183 bank branches across the four states.

Read more here: http://www.thestate.com/news/local/article147076274.html#storylink=cpy

 

Share this post


Link to post
Share on other sites

Columbia tied for 18th (with three other MSAs) for per capita income growth among the nation's 75 largest MSAs from 2014-2016. Income grew by 7.3% to $41,591.  Charleston ranked 30th (tied with one other MSA) with its per capita income growing by 6.6% to $44,998 and Greenville ranked 35th (tied with two other MSAs), experiencing 6.3% per capita income growth to $40,246.

Share this post


Link to post
Share on other sites

Here's an article in the P&C about the loss of some company HQs/executive leadership in Columbia due to mergers and acquisitions. It's an unfortunate trend right now and one that  is happening in several other cities and surely it's an issue that needs attention, but I was pretty surprised by this line in the article:

"Columbia chronically has lagged behind South Carolina’s large metro areas, Charleston and Greenville-Spartanburg, for company headquarters."

First of all, this isn't true; historically Columbia contained a fair amount of company headquarters, especially banks and insurance companies and it has managed to hold on to some of those. The use of the world "chronically" implies some long-term trend and that's simply not the case at all. Secondly, we know that the Upstate has done well in snagging some big-name regional headquarters for manufacturing firms in particular, but Charleston? Where are all of these company headquarters in Charleston that the article is referring to? And thirdly, the implication that Columbia is not among SC's large metro areas is pretty jarring. That one line says much more about the perception of Columbia in the Lowcountry than the reality. Obviously Charleston has always had a superiority complex towards the rest of the state and Columbia in particular, but this goes a bit beyond that. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.