South Carolina economists say that while there is a potential for a mild recession next year, they expect the state to fare well because of its current strong economy.
“The big theme of 2023 is the recalibration of the U.S. and South Carolina economy,” said Joseph Von Nessen, Research Economist at the Darla Moore School of Business at USC.
“We’ve seen an economy that’s been very unbalanced this year. Demand has been far outpacing supply, and that’s because consumer spending has been high due to a rapidly recovering labor market that we’ve seen over the past two years where people have gone back to work and earned wages.”
In other news this week:
Bob Jones Univ. to face extra scrutiny after Weaver’s graduate degree. State Superintendent-elect Ellen Weaver’s graduate degree at Bob Jones University has been investigated by the board of the Southern Association of Colleges and Schools Commission on Colleges. The result: is receiving additional monitoring from the accreditor. The university says it didn’t give special treatment to Weaver, who needed the degree to comply with state law.
State senator wants every student to eat for free. For the past two years, every student in the state was given free lunches thanks to pandemic-era programs, but state Congress declined to continue funding. Now, S.C. Sen. Katrina Shealy, R-Lexington, said she wants every student in South Carolina to eat free next year and pre-filed a bill that provides universal free meals.
Japanese company to build $810 million battery plant in S.C. The company didn’t say when the plant would open, but said it would spend $810 million in Florence County on a facility that would hire about 1,200 workers. In October, BMW announced that it would use the company to make batteries for its electric vehicles, which are expected to make up half of its production by 2030. Other big economic development announced this week included:
McMaster inauguration set for Jan. 11. The event will start with a prayer service, followed by a swearing-in at the Statehouse, followed by an open house at the Governor’s Mansion.
Mace, Rice vote to protect same-sex marriages. Republican U.S. Reps. Nancy Mace and Tom Rice, both of South Carolina, and 37 other House Republicans joined with Democrats Thursday to give final approval for the landmark legislation to protect same-sex marriage. The measure, which now heads to President Biden for signature, passed 258-169. Some pundits say it may be the crowning achievement of departing House Speaker Nancy Pelosi.
More S.C. children covered by health insurance. Thanks to pandemic-era measures like the Families First Act, the state has seen an increase in many insured children to properly take care of infections, viruses and more.
U.S. Supreme Court expected to reject ‘independent state legislature’ theory. The U.S. Supreme Court Wednesday failed to reach a consensus in the cases involving state courts’ ability to review election laws. The decisions may rest in the hands of the Court’s three conservative members, who seem ambivalent over the matter.
State jobs agency chief to retire. Dan Ellzey, leader of S.C. Department of Employment and Workforce, announced he plans to step down in February 2023. Gov. Henry McMaster will name a replacement soon, he said.
We Can Do Better, South Carolina!