Economic Development in South Carolina

[GvilleSC]

Great!

[Skyliner]

Another very positive report on the Greenville-Spartanburg economic outlook:

Southestern Real Estate Business - April, 2006

Edited July 13, 2006 by Skyliner

[GvilleSC]

That's truly a great read. Thanks for posting.

[sonofaque86]

The Columbia Museam of Art's Economic impact on Columbia.

www.thestate.com

The Columbia Museum of Art

[Skyliner]

The scope of this project is what makes it such an impact: At 11-stories and 5-stars, 'The Peacock Hotel & Spa' will be downtown Greenville's newest luxury hotel and is expected to become one of the very finest in the Southeast. It will be marketed across the South as a place for multiple events.

Greenville Mayor, Knox White:

"This is intended to be a destination hotel for what is emerging as a destination downtown," White said. "And there may be some people out there who still don't believe it, but that's how we're evolving, and this is going to be a big step in that direction."

Read more here.

Edited July 19, 2006 by Skyliner

[Greenville]

What an amazing hotel this will be! This is great, not only for Greenville, but for the state of South Carolina as a whole.

[krazeeboi]

According to this website, the only 5-star hotel in SC is Wentworth Mansion in Charleston. We have a slew of 4-star hotels though, mainly along the coast. So it's good to see SC beefing up in the luxury hotel department with the Peacock Hotel & Spa in Greenville, as well as the 5-star Sheraton boutique hotel being rehabbed from the historic Palmetto building in Columbia. I would have thought we would have more than that, but hey, at least we're making progress.

[g-man430]

According to this website, the only 5-star hotel in SC is Wentworth Mansion in Charleston. We have a slew of 4-star hotels though, mainly along the coast. So it's good to see SC beefing up in the luxury hotel department with the Peacock Hotel & Spa in Greenville, as well as the 5-star Sheraton boutique hotel being rehabbed from the historic Palmetto building in Columbia. I would have thought we would have more than that, but hey, at least we're making progress.

One 5-star hotel for each of the big three sounds just fine with me.

-Woah, that rhymes.

Edited July 20, 2006 by g-man430

[krazeeboi]

LOL, most definitely. I would have thought Myrtle Beach and Hilton Head would have one though.

[Greenville]

LOL, most definitely. I would have thought Myrtle Beach and Hilton Head would have one though.

I would expect Hilton Head to have one before Myrtle Beach.

[krazeeboi]

Well, yeah.

Here is the state's economic performance profile from a U.S. Conference of Mayors report:

The Palmetto State's total job growth in 2005 was 0.4%, with the trade, transportation and

utilities (1% growth), finance (0.5%), and leisure and hospitality sectors (3.7%) endeavoring to

balance losses in professional and business services (-2.7%), education and health services (-

3.6%), and manufacturing (-1.7%).

The South Carolina economy will reassert itself in 2006 as its services-producing industries

regain their footing. Employment growth will rebound to 1.3% in 2006 and 1.5% in 2007, before

tapering slowly through the rest of the forecast period. Manufacturing employment will continue

to exert some drag, but only a bit (0.7% annual contraction), as high tech and auto manufacturing

pick up the slack left by traditional industries. The strongest component of employment, in terms

of both the number of new jobs created and the rate of increase, will occur in services.

Professional and business services is the tortoise among the services subsectors-it was slow to

join the race, but it will average the strongest job creation over the forecast period, 3.1%

annually. The education and health services sector is forecasted to advance 1.8% annually, and

employment in leisure and hospitality services will expand 1.3% annually through 2010.

[Spartan]

That sounds pretty good. I like that it points out high tech and auto manufacturing are going to be behind our manufacturing growth.

[krazeeboi]

That and professional and business services posting strong job growth. Good news indeed.

[Skyliner]

Let's see some reports on the first half of 2006, and outlooks for the second half.

[krazeeboi]

If I run across any, I'll be sure to post the links.

[g-man430]

$250 million development proposed near Greer. Development south of I-85 could bring 2,000 jobs. More info: http://www.greenvilleonline.com/apps/pbcs....INESS/607210344

[Spartan]

The article in todays Herald-Journal was a bit more informative. It says that "The development in question is called "mixed-use," a master-planned community like those that are found elsewhere in the country."

So whatever this is, it will be huge. It also mentions the articles on Reidville's annexation that said there are also $250 million worth of other projects being discussed in the area, so the grand total is $500 million, half of which is that one project

[g-man430]

The article in todays Herald-Journal was a bit more informative. It says that "The development in question is called "mixed-use," a master-planned community like those that are found elsewhere in the country."

So whatever this is, it will be huge. It also mentions the articles on Reidville's annexation that said there are also $250 million worth of other projects being discussed in the area, so the grand total is $500 million, half of which is that one project

I'm thinking it's going to be a like that Verdae-style development that is going on here in Greenville. It says in the article it's going to be the largest development between Atlanta and Charlotte. My question is how, seeing how this is 500 acres and Verdae in Greenville is over a 1,000?

Edited July 21, 2006 by g-man430

[Spartan]

I hope you are right. Is Verdae really 1,000 acres? I thought it was a little smaller than that. ICAR might be 1000. But largest could mean many things. they didn't really specify in what way it would be the largest.

[g-man430]

According to this, Verdae is 1,100 acres: http://www.verdaedevelopment.com/about/index.php

-Your right, I doubt it was the size of it, but maybe the jobs it would create.

Edited July 21, 2006 by g-man430

[Spartan]

Guys, due to the incredible size and potential impact to the Upstate, I have made a dedicated thread for the Greer site here. Lets keep the majority of the discussion about it there. Thanks!

[Spartan]

Cherokee County recently approved incentives for a company that could invest $25 million in the county. It would produce around 100 jobs. Its known only as "Project Wolf"

SHJ Article

[krazeeboi]

Great news. Cherokee could certainly use the jobs.

[Spartan]

There is an interesting article in the Greenville News today that addresses the paradox we have in the state economy these days. We have a higher unemployment rate than the rest of the nation, and yet our economy is doing well. Tax revenues this year were higher than expected.

some facts:

• South Carolina's jobless rate of 6.7 percent is more than 2 percentage points higher than the national average of 4.6 percent
  
  For the fiscal year ending in June:
  
• Tax revenue from small businesses grew 21 percent
  
• Revenue from individual withholding grew 7.5 percent
  
• Corporate income tax revenue jumped 32 percent.
  
• Sales tax revenue grew 7.7 percent
  
• Capital investment during the same period grew by 320 percent
  

[vicupstate]

The article Spartan posted about is quite interesting.

The Governor seems quite perplexed by it all.

I am no economist, but my take on it is this:

In a nutshell, what is happening is that the "haves" in SC are doing better than ever,but the "have-nots" are falling farther behind. The stock market and real estate markets have been doing well and so has business. They are making more money and therefore paying more taxes. However, the laid off textile workers (soon to be join by hundreds of folks in Graniteville) are not finding jobs, or not finding ones that paid what they had been making.

Giving a huge property tax break in exchange for an increase in the Sales Tax will only widen the gap, IMO. The political power in this state has always been concentrated in the big cities, specifically Greenville and Charleston. Their senators and representatives seem oblivious to the problems in places like Orangeburg, Marlboro, and Union counties.