Spartanburg Area Economic Developments

[westsider28]

1 hour ago, FlopShotter said:

This seems like a big deal locally - I know my better half will (finally) become part of the SHRS from MB.

https://www.goupstate.com/news/20181011/spartanburg-regional-to-acquire-mary-black-health-system

This also explains why SRHS hasn't been (and now won't be) doing any of the main campus construction/expansion that they were planning.  It's become unnecessary with this acquisition.

But yeah, all this hospital / healthcare system consolidation is disturbing.

Edited October 12, 2018 by westsider28
Added quote for new page

[Spartan]

Hospitals in this region (and perhaps nationally) are consolidating like crazy. In NC, Carolinas and UNC almost joined to form what would have essentially been a state-wide hospital system, but ultimately didn't because they couldn't agree on where the HQ would be (Charlotte or Raleigh). So, now Carolinas re-branded as "Atrium" which is quite possibly the most generic and boring name in the history of all hospitals. Anyway, they did that so they could buy a hospital system in Georgia.

A few weeks ago I saw where the two largest hospital networks in SC - Pallmetto Health in Columbia and GHS are merging. I would bet you good money that while they are saying its for cost savings (which is probably not untrue) its also to prevent being bought out by Atrium, who has to be looking at York and Lancaster Counties for expansion. 

Anyway, I get the dislike of SRHS, but it wouldn't surprise me if it was a move to preserve some territory since GHS will now have more power to but its way into Spartanburg. 

I think there are two kinds of healthcare companies.. the ones that genuinely try to provide care and the ones that are just trying to turn a profit even at the expense of patients and insurance companies. Mary Black was bought out by one of those soul-sucking corporations a few years ago (after the attempt to expand failed) and I've never heard anything good about it since then other than it not being SRHS. It's also in a super weird spot... if it were on the west side somewhere it would make way more sense.

What are the thoughts about the idea of SRHS getting bought out by the new GHS/Palmetto conglomeration or Atrium? Would that result in improvements or would it be an ego bruise to Spartanburg for not having local control of its hospital?

[westsider28]

I'm certainly no expert on the subject, but I feel like the consolidations are generally bad for patients.  Likely the lack of competition will result in higher costs.  The quality of care could go either way.  That being said, I prefer this consolidation to an outsider takeover, and I hope this will solidify SRHS as an independent system for the foreseeable future.  But it feels like the lesser of two evils, to some extent.

Edit: And yeah, this is definitely a response to GHS, who have already made a pretty heavy push into Spartanburg.

Edited October 16, 2018 by westsider28

[Spartan]

I feel like if it weren't called "Greenville" Hospital System, they'd make better headway...

[gman430]

47 minutes ago, Spartan said:

I feel like if it weren't called "Greenville" Hospital System, they'd make better headway...

They’re not Greenville Health System anymore. Lol. 

[Spartan]

23 hours ago, gman430 said:

They’re not Greenville Health System anymore. Lol. 

Aren't they, though? "Prisma" has stated: "The names and brands of individual hospitals under Prisma Health won’t change."

https://greenvillejournal.com/2018/09/25/ghs-unveils-new-name-logo-under-merger-with-palmetto-health/

[gman430]

13 minutes ago, Spartan said:

Aren't they, though? "Prisma" has stated: "The names and brands of individual hospitals under Prisma Health won’t change."

https://greenvillejournal.com/2018/09/25/ghs-unveils-new-name-logo-under-merger-with-palmetto-health/

Just the campuses will continue to have their names. 

[roads-scholar]

1 hour ago, gman430 said:

Just the campuses will continue to have their names. 

Typical marketing gimmick that's supposed to impress people.  Won't happen. 

[Spartan]

The Panthers are going to build an indoor training facility. No word on if this will or won't affect the training camp at Wofford, but something to keep an eye on.

https://www.wcnc.com/article/sports/david-tepper-says-indoor-facility-to-come-before-next-season/275-612828731

 

[westsider28]

Tourists spent a record $278 million in Spartanburg County last year.  Since 2013, tourism has grown 47.4 percent.  The average yearly growth of 9.4% is one of the highest growth rates in the state (Charleston and Greenville are tops).  Tourism supports 6,677 jobs in the county and provides $17 million to local government.  Great news!

[mainonmain]

This has HUGE ramifications for Spartanburg. Basically all of the Northside, Highland, and portions of the Grain District have been drawn into the local "Opportunity Zones." This has the potential to attract some major investments.

 

https://www.nytimes.com/2019/02/20/business/taxes-hedge-funds-investors-opportunity-funds.html?action=click&module=Top Stories&pgtype=Homepage

[Spartan]

It's not clear to me whether or not the opportunity zones will actually create a positive impact on distressed parts of cities, but at the surface they seem like a good thing. I wish there were people documenting times when the government does something bipartisan, because those things are almost always positive.

Here's a link to the map of the Opportunity Zones in case anyone isn't familiar with them:

https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542

 

[gman430]

Well, this is certainly interesting: https://upstatebusinessjournal.com/fortune-500-company-acquires-1-3-million-square-foot-distribution-center-in-duncan/

[Spartan]

The link is broken. What company is it?

[gman430]

On 2/6/2020 at 8:49 PM, Spartan said:

The link is broken. What company is it?

No word unfortunately. Working link: https://www.connect.media/crg-sells-1-3m-sf-distribution-center-in-south-carolina/

[Spartan]

Lol, articles business deals are obnoxious. Thanks for the info though.

[westsider28]

Global private equity firm Francisco Partners has acquired Smith Technologies (which includes QS/1, Integra, and Publiq) from JM Smith Corporation.

The article says that operations will remain the same, but this worries me.  Seems like another potential Extended Stay situation.  Without local ownership, there's a much higher possibility that QS/1 may eventually leave, which would be devastating for downtown.  Definitely something to keep a close eye on...

Edit: Also not sure what to make of this: “The acquisition of Smith Technologies by Francisco Partners provides the investment capital that the company has needed for some time,” stated Paula Harper Bethea, executive chairwoman of the board for J M Smith Corporation.  Sounds like they were hurting for cash, which is not great.  But I guess they're in good shape now? 

Edited March 2, 2020 by westsider28

[roads-scholar]

1 hour ago, westsider28 said:

Global private equity firm Francisco Partners has acquired Smith Technologies (which includes QS/1, Integra, and Publiq) from JM Smith Corporation.

The article says that operations will remain the same, but this worries me.  Seems like another potential Extended Stay situation.  Without local ownership, there's a much higher possibility that QS/1 may eventually leave, which would be devastating for downtown.  Definitely something to keep a close eye on...

Edit: Also not sure what to make of this: “The acquisition of Smith Technologies by Francisco Partners provides the investment capital that the company has needed for some time,” stated Paula Harper Bethea, executive chairwoman of the board for J M Smith Corporation.  Sounds like they were hurting for cash, which is not great.  But I guess they're in good shape now? 

From FP’s  website:

J M Smith Corporation will remain one of the South Carolina upstate’s largest corporations and will continue to operate as the parent company for Smith Drug Company, RX Medic and SMS. Upon closing of the transaction, the J M Smith Corporation’s board will consider whether to use the sale proceeds for reinvestment in the company, reduction of indebtedness, share repurchases, shareholder dividends or a combination thereof.

[gman430]

In August, Greenville had the lowest DOM (48 days) in 23 months, when it hit an all-time low of 45. Spartanburg hit a 15-year low for DOM of 41, selling faster than Greenville homes for only the second time. Western Upstate DOM was 76, decreasing 20 percent since July. More info here: https://coldwellbankercaine.com/market-update-for-the-first-day-of-fall/?goal=0_e278d3ec5a-ee1931c395-36618605

Edited October 2, 2020 by gman430

[westsider28]

Several big jobs announcements are coming soon.  The County voted on incentives for three projects, which should total $168.4 million in capital investment and 909 jobs.  There have already been more jobs announcements this year than 2019 and 2020 combined (not surprised; I feel like we've been in a rut for a while). 

One project is TTI Floor Care ($93 million and 134 jobs).  The others are unidentified for now.  Project Stone I is a planned $30.2 million investment with 425 new full-time jobs.  The same company is behind Project Stone II, a $45.2 million investment and at least 350 full-time jobs within five years.

I'm cautiously optimistic about this quote, "One of these projects puts us in a league we haven't been in. It's in life sciences, development and research. It's the kind of high-paying jobs we've been really trying to recruit in Spartanburg for a long time."  Hope it turns out to be something exciting.

[roads-scholar]

21 minutes ago, westsider28 said:

Several big jobs announcements are coming soon.  The County voted on incentives for three projects, which should total $168.4 million in capital investment and 909 jobs.  There have already been more jobs announcements this year than 2019 and 2020 combined (not surprised; I feel like we've been in a rut for a while). 

One project is TTI Floor Care ($93 million and 134 jobs).  The others are unidentified for now.  Project Stone I is a planned $30.2 million investment with 425 new full-time jobs.  The same company is behind Project Stone II, a $45.2 million investment and at least 350 full-time jobs within five years.

I'm cautiously optimistic about this quote, "One of these projects puts us in a league we haven't been in. It's in life sciences, development and research. It's the kind of high-paying jobs we've been really trying to recruit in Spartanburg for a long time."  Hope it turns out to be something exciting.

I hope this new project invests closer to the city of Spartanburg rather than closer to...

[westsider28]

On 2/16/2021 at 7:23 PM, westsider28 said:

Several big jobs announcements are coming soon.  The County voted on incentives for three projects, which should total $168.4 million in capital investment and 909 jobs.  There have already been more jobs announcements this year than 2019 and 2020 combined (not surprised; I feel like we've been in a rut for a while). 

One project is TTI Floor Care ($93 million and 134 jobs).  The others are unidentified for now.  Project Stone I is a planned $30.2 million investment with 425 new full-time jobs.  The same company is behind Project Stone II, a $45.2 million investment and at least 350 full-time jobs within five years.

I'm cautiously optimistic about this quote, "One of these projects puts us in a league we haven't been in. It's in life sciences, development and research. It's the kind of high-paying jobs we've been really trying to recruit in Spartanburg for a long time."  Hope it turns out to be something exciting.

Okay, so we now know that Project Stone I is Pall Corporation establishing a life sciences production facility at 816 Berry Shoals Road in Duncan. 

 UBJ article  H-J article   GSA Business article

So now the question is, what is Project Stone II?  It's supposed to be the same company. 

Edited February 22, 2021 by westsider28

[Darelle]

https://www.foxcarolina.com/news/pall-corporation-bringing-more-than-400-new-jobs-to-duncan-new-plant-will-support-covid/article_b5e279e6-7522-11eb-adc5-ab6d615e797d.html.  Hopefully this a start of getting non manufacturing jobs and more high paying jobs to Spartanburg. 

[westsider28]

More jobs/investment coming, the largest being "Project Black Bull" investing $155 million and creating 1,078 jobs.  David Britt says it will pay "extremely high wages".

[gman430]

On 4/20/2021 at 6:05 PM, westsider28 said:

More jobs/investment coming, the largest being "Project Black Bull" investing $155 million and creating 1,078 jobs.  David Britt says it will pay "extremely high wages".

I wish just ONE of these would be downtown with white collar jobs. Tired of just blue collar manufacturing jobs getting announced.