MARKETFACTS August 2021 | www.CharlestonBusiness.com
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Nearly back with a few caveats LOWCOUNTRY NEWSROOM Executive Editor - Andy Owens aowens@scbiznews.com • 843.849.3142 Editor, Custom Publishing Division Steve McDaniel smcdaniel@scbiznews.com • 843.849.3123 Staff Writer - Teri Errico Griffis tgriffis@scbiznews.com • 843.849.3144 Research Specialist - Paige Wills pwills@scbiznews.com • 843.849.3125 News Editor - Alexandria Ng ang@scbiznews.com • 843.849.3124 Digital Editor - Rob Lyle rlyle@scbiznews.com • 843.849.3119 MIDLANDS NEWSROOM Editor - Melinda Waldrop mwaldrop@scbiznews.com • 803.726.7542 UPSTATE NEWSROOM Editor - Ross Norton rnorton@scbiznews.com • 864.720.1222 Associate Editor, Custom Publishing Division Jim Tatum jtatum@scbiznews.com • 864.720.2269 Staff Writer - Molly Hulsey mhulsey@scbiznews.com • 864.720.1223 LOWCOUNTRY ACCOUNT EXECUTIVES Account Executive Thomas J. Giovanniello, Jr. tomg@scbiznews.com • 843.849.3104 Account Executive - Amanda Alford aalford@bridgetowermedia.com • 843.849.3109
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W
hen we published our annual Market Facts last year, I felt sure that by this year, things would be more normal than abnormal. Data-driven intelligence has always been critical for businesses. Today, more than ever, we have to know the latest information and market trends to help guide our next moves when uncertainty seems to be around every corner. National election years make for chaos in all sectors, and the added pressures of a global pandemic made it even more difficult to see where it all might lead. The data in these pages will show you where we are and where we’re headed going into the latter days of 2021 and into the first quarter of 2022. You’ll come to the conclusion that we have a long way to go and a lot of opportunity on the horizon. We’re not close to being fully vaccinated in our state. Depending on your sector, there are many more unfilled jobs than workers to fill them. If you’re buying a house, used car or even a boat today, you better move fast, and you better bring more than the Andy Owens asking price, or you’ll still be looking. Executive Editor But if there’s one thing we know about entrepreneurs and business owners in the Charleston area, it’s that they are eternal optimists. Hurricanes, ice storms, heat waves, pandemics and the occasional earthquake or flood bring out the best in the business community. Everyone here understands the shared common experience and sacrifice of working together even when we’re competing. Market Facts continues to be one of my favorite publications of the year because the data provides the underpinning that drives and reflects the context of our news gathering and reporting. Market Facts is a milemarker along a sometimes bumpy road that reminds me where we actually are and gives me a sense of where we’re going. This year, the graphics, data, QR codes to original source material and the design of Market Facts deserves a tip of the hat to Creative Director Ryan Wilcox, who makes it his mission to find the most precise sources of data and then visualizes them into something that allows you to understand at a glance. That’s the power of Market Facts. You don’t need a Ph.D to understand what you’re looking at. We’ve done that work for you so you can accelerate your decision-making instead of poring over spreadsheets. As this publication has grown, it has taken a place as the companion to our annual Book of Lists. The combination of listings of the largest companies in major business categories in the Book of Lists with the statistics and other data presented in Market Facts — in chart, graph and table format — gives you a good grasp of what drives the region’s business community. Ryan is part of a research team called Visual Infonomics Group. Their work resonates in the following pages with highly contextual intel. Congratulations to our title sponsors, Neal Brothers Charleston, Samet Corp., and the S.C. Ports Authority, as well as all of our section sponsors and advertisers, for their leadership in enabling us to provide this valuable resource for the region’s decision-makers. Thank you for giving us the honor of serving you with this edition of Market Facts. I invite you to contact me personally with your thoughts and ideas for the coming year. About the Cover: Astronaut Shane Kimbrough took this photo of the Charleston peninsula, Mount Pleasant, West Ashley and North Charleston from 250 miles above the Earth during a fly-over by the International Space Station.
Creative Director - Ryan Wilcox rwilcox@scbiznews.com • 843.849.3117 Events Account Executive - Melissa Tomberg mtomberg@scbiznews.com • 864.720.1220 Events Manager - Kim McManus kmcmanus@scbiznews.com • 843.849.3116 Accounting - Robin Tillotson ar@pbmbrands.com • 336.605.1025 Subscription Services service@bridgetowermedia.com • 877.615.9536 CUSTOM MEDIA DIVISION Director of Business Development Mark Wright mwright@scbiznews.com • 843.849.3143
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Welcome from our sponsors
A
t Neal Brothers Charleston Inc. we believe that together everyone achieves more. That is why we are partnering with the Charleston Regional Business Journal to bring you this great tool to ensure that our region is successful during our greatest challenges. We have never been faced with such a situation of uncertainty. Now, more than ever, we have to promote business and commerce every chance we get. At Neal Brothers, we have been able to stand strong and serve our community for over 100 years. We specialize in packing and crating, imports, export, distribution, and a wide range of other services. Faced with adversity, we want to work with partners such as the Charleston Regional Business Journal to bring commerce back to Charleston during our toughest times.
F
or over a decade, Samet has been trusted to deliver projects, on time and on budget, for some of the most prominent businesses in our area. This reputation for excellence has allowed us to continue to grow in the region, and in 2020, we will put in place over $100M worth of construction for Healthcare, Industrial, Office Base Building, Corporate Interiors, Multifamily and Senior Living clients in the Charleston region. We’re once again honored to partner with CRBJ as a title sponsor for this year’s Market Facts. Staying true to our core values in order to build and maintain long-term relationships is what Samet is all about. Those values are the foundation of our company and are what our clients and associates continue to acknowledge. We could not be more humbled to recently be recognized as one of South Carolina’s Best Places to Work for the second year in a row. We invite you to learn more about Samet and how we can work together to achieve your construction goals, no matter the size of your project.
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outh Carolina Ports is proud to keep freight moving for companies throughout the Southeast and beyond. As a top 10 U.S. container port, SC Ports knows the importance of having efficient operations, cargo capacity, a deep harbor and big-ship capabilities. SC Ports has also added critical cargo capacity to the East Coast port market this year with the opening of Hugh K. Leatherman Terminal. Companies need reliable supply chain partners more than ever as the pandemic continues to put the global supply chain to the test. As we all continue to navigate these challenging times, we need strong data to make decisions. The Charleston Regional Business Journal’s Market Facts publication provides key insights and valuable information about our economy and the businesses behind it.
Jim Newsome President and CEO South Carolina Ports
Darryl Ray Griffin Sr. CEO Neal Brothers Charleston Inc.
Carson Knizevski Regional Vice President Samet Corporation www.charlestonbusiness.com
3
Contents
4
6
Real Estate
48
Education
18
Architecture, Engineering and Construction
58
Import, Export and Distribution
34
Financial Services
66
Medical and Health Care
40
Demographics and Economic Development
72
Business Resources and Government
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SECTION SPONSORS REAL ESTATE
ARCHITECTURE, ENGINEERING AND CONSTRUCTION
DEMOGRAPHICS AND ECONOMIC DEVELOPMENT
IMPORT, EXPORT AND DISTRIBUTION
FINANCIAL SERVICES
EDUCATION
MEDICAL AND HEALTH CARE
BUSINESS RESOURCES AND GOVERNMENT
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5
Real Estate The Charleston real estate market has seen an unprecedented surge in prices as home buyers flood a market that is at historic lows in terms of available inventory for sale. That supply-and-demand dynamic, coupled with a sharp increase in the cost of construction material, has pushed the median selling price for a single-family home in June 2021 to more than $350,000, a nearly 23% increase over the same period in 2020.
FAST FACTS
16
-65.6%
The number of days a house is on
The percentage drop in inventory of homes for sale
the market in the Charleston region.
in the Charleston region from June 2020 to June 2021.
PAGE 8
PAGE 9
SECTION SPONSOR
6
REAL ESTATE | www.charlestonbusiness.com
LUXURY IS
A FEELING. OUR SERVICE. OUR STANDARD.
Your home is more than four walls and an address. It’s where you experience life. It’s a feeling of connection and growth. The real estate company you choose to represent your property for sale should be as exceptional as you are, and as your next chapter is going to be. In the Lowcountry, only Daniel Ravenel Sotheby’s International Realty offers this level of service.
WITH TH E RI G H T TE AM A DVO CATI N G FO R YOU, TH E O P P O RTU N I TIES A R E L IM IT L ESS.
MAXIMIZE THE VALUE OF YOUR HOME WITH THE RIGHT REPRESENTATION
LOCAL SINCE 1983. GLOBAL SINCE 1744. | 843.723.7150 | DANIELRAVENELSIR.COM | 33 BROAD STREET, CHARLESTON, SC 29401 Each Office is Independently Owned and Operated.
Residential home sales in the Charleston region Days on the market until sale, Jan. 2020 - June 2021 69 70 THE TREND:
HOMES SELLING IMMEDIATELY
With for-sale inventory plummeting, homes sell rapidly and often for more than asking price. This is positive for sellers but has led to an extremely competitive market for buyers.
60
50
40
30
20
-76.8%
decrease from Feb. 2021 to June 2021
16
10
0 Jan. 2020 Feb. 2020 Mar. 2020 Apr. 2020 May 2020 June 2020 July 2020 Aug. 2020 Sept. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May 2021 June 2021 Source: Charleston Trident Association of Realtors, Monthly Indicators Report - June 2021
8
REAL ESTATE | www.charlestonbusiness.com
Inventory of homes for sale in the Charleston region – 2020
6,000
– 2021
-55.2% 5,476
Scan QR code
to see the full Charleston Trident Association of Realtors report
– Percent Change
-60.8% 5,414
-65.6%
-66.7%
5,620
5,490
-67.4% 5,188
5,000
-65.6%
or go to bit.ly/CTARJune2021
4,670 4,000
3,000
2,000
2,451
THE TREND:
2,121
LACK OF HOMES FOR SALE 1,932
1,827
1,691
April
May
1,607
1,000
0
January
February
March
Low inventory of homes has led to rising prices and rapid sales. The cost of construction has also increased dramatically over the last year, which has slowed the building of new homes and changed pricing models.
June Source: Charleston Trident Association of Realtors, Monthly Indicators Report - June 2021
www.charlestonbusiness.com |
REAL ESTATE
9
Median sales price in the Charleston region – 2020
– 2021
– Percent Change
$400K $375K
+11.7%
$350K
+9.5%
$325K
+17.4%
+17.5%
$353,544
$348,795
$340,628
$337,000
$329,433
+22.8%
+21.1%
$314,900
$300K
$294,990
$287,545
$290,000
$287,000
$288,000
$287,800
THE TREND:
$275K
MEDIAN SALES PRICE SKYROCKETING The lack of housing for sale, low interest rates and high demand to buy a home in the Charleston region have led to a rapid increase in the median sales price.
$250K $225K $200K
January
February
March
April
May
June Source: Charleston Trident Association of Realtors, Monthly Indicators Report - June 2021
New listings in the Charleston region – 2020
– 2021
– Percent Change
7.0% 2,500
-11.4% 1,866
2,494
2,449
+10.3%
-4.6%
2,490
2,417 2,307
2,289
2,152
2,105 2,000
-8.1%
37.6%
2,257
1,978 1,812
1,500 THE TREND: NEW LISTINGS ON THE RISE The 37.6% year-over-year comparison of April 2020 to April 2021 shows the impact COVID-19 had on new listings last year. The recovering economy and surge in home prices have brought more listings to the market.
1,000
500
0
10
January
February
March
April
May
June Source: Charleston Trident Association of Realtors, Monthly Indicators Report - June 2020
REAL ESTATE | www.charlestonbusiness.com
Make a name with the only name that matters—SIOR® The Society of Industrial and Office REALTORS® Specialists in Industrial and Office Real Estate
www.siorcarolinas.com
Thomas Boulware
Robert A. Caldwell
SIOR NAI Charleston 843-270-9124
SIOR Caldwell Commercial, LLC 843-367-7000
E. David Grubbs, Jr
Simons Johnson
SIOR NAI Charleston 843-814-6111
SIOR, MCR, CCIM Bridge Commercial 843-557-4047
Frank W. Norvell
SIOR Norvell Real Estate Group, LLC 843-579-0055
Charles S. Carmody SIOR, CCIM CBRE, Inc. 843-514-1111
Ed Kercher
SIOR Cushman & Wakefield l Thalhimer 843-724-0104 Ed.kercher@thalhimer.com
Chip Shealy
SIOR CBRE, Inc. 843-367-6053
Mark Erickson
SIOR Colliers International 404-226-5829
Michael G. McFall
SIOR, CCIM Maybank Properties, LLC 843-740-9202
Tim Raber
SIOR CBRE, Inc. 843-972-3220
EXPECT MORE!
Peter S. Fennelly
SIOR, MCR Bridge Commercial 843-425-0186
Hagood Morrison, II SIOR Bridge Commercial 843 -830-9108
Mike White
SIOR Charleston Industrial 843-377-8383
More space lease/sold More transactions closed • More transaction dollar volume
Charleston region office market, Q2 2021 14.87 million square feet
the approximate size of the Charleston office market
Total Vacancy Rate
$25.69 per square foot
was the average class A FSG rental rate for Q2 2021
New Supply, in sq. ft.
Under Construction, in sq. ft. Quarter 1
Quarter 1
15.86%
Quarter 1
Quarter 2
15.73%
Quarter 2
167,000 203,000
Quarter 2
625,800 422,800
Despite the overall vacancy rate steadily climbing upward to a peak of 15.86% during the pandemic, it dropped to 15.73% in the second quarter and is expected to continue to decline throughout the year.
Scan QR code
to see the full report or go to bit.ly/CHSOfficeReport
Source: Colliers International
Local business news updates... as they happen!
@CRBJ Follow us on Twitter for the inside scoop on local business news. Avison Young - South Carolina, Inc.
A global commercial real estate partner, powered by people, that puts you first. Get in touch 843 725 7200 avisonyoung.com
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REAL ESTATE | www.charlestonbusiness.com
Follow @CBRJ on twitter to get breaking news and information on businesses in the Lowcountry. For advertising information, contact Robert Reilly at (843) 849-3107 or rreilly@scbiznews.com
Office submarket comparison, Q2 2021 Daniel Island
Downtown
Mount Pleasant
Average rental rates per square foot
Total vacancy rate 26.7%
3,000,000
25%
$27.11
2,565,404 2,500,000
$24.19
20%
$23.95 2,000,000
$20.16 $19.90
16.0%
1,865,373
15%
1,561,795 1,500,000
$15 1,000,000
$10
$0
West Ashley
30%
3,285,747
$32.51
$25.93
Lower North Charleston
Total inventory in square feet 3,500,000
$30
$20
Upper North Charleston
3,524,242
$35
$25
Summerville/Goose Creek
500,000
0
12.2% 1,084,244
16.9%
15.8%
13.7% 10.3%
10% 928,558
5%
0% Source: Colliers International
www.charlestonbusiness.com |
REAL ESTATE
13
Charleston region industrial market, Q2 2021 53.9 million square feet
6.7 million square feet are currently under
of inventory in the Charleston industrial market
construction
The vacancy rate fell from Q1 to Q2
Total vacancy in Square Feet
Quarter 1
4.5%
Quarter 1
Quarter 2
4.2%
Quarter 2
2,435,460 2,241,833
41+11+48 24+42+34 34+23+43 Percentage breakdown based on overall square footage by type, size & class
41%
48%
OVERALL CLASS
SIZE
11%
Other
Class A: 128 Buildings
+500,000 SF
10,000 99,999 SF
INDUSTRY TYPE
34%
24%
34%
Distribution/ Warehouse
42%
Manufacturing
100,000 - 499,999 SF
23%
42%
Class B: 410 Buildings
Class C: 495 Buildings
Industrial market summary statistics, Q2 2021 Charleston/N. Charleston
Hanahan/North Rhett
Ladson/Palmetto
Clements Ferry
Summerville/Jedburg
Vacancy rate 7%
Other submarkets
Total inventory in square feet 20,000,000
6.7%
6%
16,762,212
15,000,000
4.9%
5%
4%
Goose Creek/Moncks Corner
13,692,238
4.4%
4.1%
10,000,000 3%
2.8% 7,253,558
2.1%
2%
1%
0%
14
REAL ESTATE | www.charlestonbusiness.com
5,732,518
5,000,000
4,987,565 3,475,087
0.8%
2,055,969
0
Source: Bridge Commercial
Charleston-area apartment market $1250 $1225 $1200 $1175 $1150 $1125 $1100 $1075 $1050 $1025 $1000 $975 $950 $925 $900 $875 $850 $825 $800 $775 Aug. 2014
$1,348
Average monthly rent in the Charleston area
Total apartment units – Dorchester County
– Berkeley County
– Charleston County
– Average Monthly Rent
5,593
10,092
Goose Creek
Summerville
THE TREND:
$
RENT CONTINUES TO RISE
Rents started to plateau in 2018 to early 2019. However, rates began to increase from August 2019 to August 2020, despite the spread of COVID-19 during this time.
1,183
$1,234
4,792
North Charleston $
PERCENTAGE GROWTH IN RENT FROM AUG. 2014 - AUG. 2020
41+59
8,954
1,099
Mount Pleasant
9,880
41%
West Ashley $
2,287
1,226
James Island
1,465
$
Aug. 2020
$1,604
3,553
Downtown
$1,872
Source: Real Data, Charleston Apartment Index, August 2020
The apartment building boom continues in the Charleston region No. of units under construction 6,500
6,366 5,519
6,000 5,500 5,000
5,439
5,259
5,150
5,343
4,587
4,500
5,226
4,964
4,645
3,641
4,000 3,500 3,000 2,500 2,000 1,500 Aug. 2015
Feb. 2016
Aug. 2016
Submarket comparison – Total units – Units under construction
THE HEADLINE:
BUILDING GOOSE CREEK Goose Creek leads the region in apartment units under construction. With one of the more affordable average rents in the area, demand in the city continues to climb.
Feb. 2017 0
Aug. 2017 1,000
2,000
3,000
3,553
Downtown
Summerville West Ashley
Source: Real Data, Charleston Apartment Index, August 2021
4,000
5,000
2,287
Feb. 2019 6,000
Aug. 2019 7,000
8,000
Feb. 2020 9,000
Aug. 2020 10,000
11,000
1,341 1,502
143
8,954
Mount Pleasant North Charleston
Aug. 2018
5,593
Goose Creek James/Johns Island
Feb. 2018
4,792
1,128 676
10,092 9,880
436 0 www.charlestonbusiness.com |
REAL ESTATE
15
Industrial Buildings Ranked by Available Square Footage
Available Square Feet
Clear Height (feet)
Dock Doors
Location
Camp Hall 1
Fish Road Ridgeville, SC 29472
493,500
36
115
Concrete Tilt Wall
Proposed
Berkeley Charleston Tradeport Building 2
Jedburg Road Summerville, SC 29843
354,202
36
46
Concrete Tilt Wall
2022 Under Construction
Bridge Commercial
TradePark East Building 1
0 Weber Blvd. Ladson, SC 29456
342,160
36
66
Concrete Tilt Wall
2022 Under Construction
JLL - Jones Lang LaSalle
Scannell
1130 Newton Way Summerville, SC 29483
265,000
32
32
Concrete Tilt Wall
2022 Under Construction
Bridge Commercial
Pattillo Industrial
7054 Weber Blvd. Ladson, SC 29456
235,401
32
66
Concrete Tilt Wall
2020 Existing
Patillo Industrial
Camp Hall 2
Fish Road Ridgeville, SC 29472
220,775
32
35
Concrete Tilt Wall
Proposed
JLL - Jones Lang LaSalle
Xebec
9735 Patriot Blvd. Ladson, SC 29456
188,631
32
42
Concrete Tilt Wall
2019 Existing
CBRE Inc.
Crosspoint 2
9015 Sightline Drive Ladson, SC 29456
182,000
30
42
Concrete Tilt Wall
2021 Under Construction
TradePark East Building 2
0 Weber Blvd. Ladson, SC 29457
174,720
32
-
Concrete Tilt Wall
2022 Proposed
JLL - Jones Lang LaSalle
TradePark East Building 3
0 Weber Blvd. Ladson, SC 29458
174,720
32
-
Concrete Tilt Wall
2022 Proposed
JLL - Jones Lang LaSalle
CenterPoint
1124 Newton Way Summerville, SC 29483
171,846
32
38
Concrete Tilt Wall
2008 Existing
Bridge Commercial
FTZ Building 3
300 Trade Zone Blvd. Summerville, SC 29483
169,520
36
36
Concrete Tilt Wall
2021 Under Construction
Bridge Commercial
Charleston Logistics Center
830 Drop Off Drive Summerville, SC 29483
163,128
32
33
Concrete Tilt Wall
2018 Existing
Bridge Commercial
Portside Distribution Center
140 Portside Park Drive Summerville, SC 29843
161,056
32
33
Concrete Tilt Wall
2020 Under Construction
Colliers International
TradePark East Building 4
0 Weber Blvd. Ladson, SC 29459
145,600
32
-
Concrete Tilt Wall
2022 Proposed
JLL - Jones Lang LaSalle
FTZ Building 1
1334 Drop Off Drive Summerville, SC 29483
140,353
36
22
Concrete Tilt Wall
2018 Existing
CBRE Inc.
Ladson Industrial Park
8060 Commerce Center Road Ladson, SC 29456
110,760
32
22
Concrete Tilt Wall
2019 Existing
JLL - Jones Lang LaSalle
Palmetto Commerce Park
7770 Palmetto Commerce Drive Ladson, SC 29456
84,220
26
44
Insulated Precast Concrete
2019 Existing
Bridge Commercial
Barkley Palmetto Commerce Park
9581 Palmetto Commerce Parkway Ladson, SC 29456
80,000
30
14
Concrete Tilt Wall
2021 Under Construction
Lee & Associates Charleston
Port City Centre
Jedburg Road Summerville, SC 29483
50,000
28
3
Concrete Tilt Wall
2020 Existing
Lee & Associates Charleston
Eastport Commerce Center
104 Pinnacle Way Summerville, SC 29483
40,000
30
16
Concrete Tilt Wall
2022 Under Construction
Summerville Distribution Complex
264 Deming Way Summerville, SC 29483
39,375
26
12
Metal
2018 Existing
Bridge Commercial
Crosspoint 7
4289 Crosspoint Drive Ladson, SC 29456
39,000
30
9
Concrete Tilt Wall
2019 Existing
Charleston Industrial
CBRC
1301 Charleston Regional Parkway Charleston, SC 29492
0
30
38
Concrete Tilt Wall
2005 Existing
Charleston Industrial
Charleston Trade Center
553 Trade Center Park Summerville, SC 29483
0
32
18
Concrete Tilt Wall
2019 Existing
JLL - Jones Lang LaSalle
Crosspoint 1
4249 Crosspoint Drive Ladson, SC 29456
0
30
18
Concrete Tilt Wall
2013 Existing
Charleston Industrial
North Pointe Business Campus
1020 Northpointe Industrial Blvd. Hanahan, SC 29410
0
32
36
Concrete Tilt Wall
2000 Existing
Bridge Commercial
North Pointe Business Campus
1023 - 1025 Northpointe Industrial Blvd. Hanahan, SC 29410
0
32
41
Concrete Tilt Wall
2016 Existing
CBRE Inc.
North Pointe Commerce Park
1017 Northpointe Industrial Blvd. Hanahan, SC 29410
0
32
27
Concrete Tilt Wall
2018 Existing
Bridge Commercial
North Rhett Commerce Center
5801 N. Rhett Blvd. Hanahan, SC 29410
0
24
8
Concrete Tilt Wall
2017 Existing
Bridge Commercial
Omni Industrial Campus
537 Omni Industrial Blvd. Summerville, SC 29483
0
36
111
Concrete Tilt Wall
2018 Existing
Bridge Commercial
Palmetto Trade Center
7755 Palmetto Commerce Parkway Ladson, SC 29456
0
32
40
Concrete Tilt Wall
2019 Existing
CBRE Inc.
Summerville Distribution Complex
270 Deming Way Summerville, SC 29483
0
26
12
Metal
2018 Existing
Bridge Commercial
Winding Woods Commerce Park
4756 Highway 78 Saint George, SC 29477
0
32
4
Concrete Tilt Wall
2017 Existing
Avison Young - South Carolina Inc.
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.
16
REAL ESTATE | www.charlestonbusiness.com
Wall Type
Year Built / Status
Building Name
Leasing Agency JLL - Jones Lang LaSalle
Charleston Industrial
Avison Young - South Carolina Inc.
Source: Bridge Commercial Researched by Paige Wills
Scott Adams, CCIM
Blair Belk, CCIM
Johnny Bevon, CCIM
Alan Bolduc, CCIM
scott@adamswilsondevelopment.com
blair.belk@belklucy.com
Brent Case, CCIM
Gary Catterton, CCIM
bcase@cbcatlantic.com
gacatterton@ccim.net
Adams & Wilson Development 843-216-9990
Coldwell Banker Commercial Atlantic 843-725-6255
Belk/Lucy 843-709-9292
Catterton General, LLC 843-766-1600
Simons R. Johnson, CCIM
Mary Ann Kanters, CCIM
simons.johnson@bridge-commercial.com
maryann@ascend-real-estate.com
Bridge Commercial 843-557-4047
Richard Morse, CCIM
Palmetto Commercial Properties, LLC 843-577-2550 richard.morse@pcpsc.com
Shea Robbins, CCIM Carolina One Real Estate 843-217-0530 srobbins@carolinaone.com
Elyse Welch, CCIM Carolina Retail Experts 404-358-4259
Elyse@carolinaretailexerts.com
Ascend Real Estate 843-608-8252
Agent Group Realty 843-478-5859
Trad Dyches, CCIM
Chris Fraser, CCIM
Kelley Glenn, CCIM
Trad.dyches@pcpsc.com
chris.fraser@avisonyoung.com
Joe Keenan, CCIM joe.keenan@pcpsc.com
Palmetto Commercial Properties, LLC 843-577-2550
Palmetto Commercial Properties, LLC 843-577-2550
jowens@naicharleston.com
mrose@cbcatlantic.com
George Wilson, CCIM
Adams & Wilson Development 843-216-9990
george@adamswilsondevelopment.com
charles.carmody@cbre.com
alan.bolduc@avisonyoung.com
john@cre.expert
Mike Rose, CCIM
eddie.buxton@pcpsc.com
johnny@bevonre.com
Jack Owens, CCIM
Coldwell Banker Commercial Atlantic 843-224-1533
Charles S. Carmody, CCIM
Palmetto Commercial Properties, LLC 843-478-0346
John Orr, CCIM
Carolina Retail Experts 843-801-6900
J. Edward Buxton, CCIM
Avison Young 843-860-9566
NAI Charleston 843-696-7653
Avison Young 843-725-7200
Lee & Associates Charleston 843-696-5533
Miles Martschink, CCIM
David Maybank, III, CCIM
Michael G. McFall, CCIM
miles@cctre.com
Dmaybank3@maybankproperties.com
mmcfall@maybankproperties.com
Jenna Philipp, CCIM
Robert Pratt, CCIM
jenna.philipp@pcpsc.com
robert@robertpratt.com
CCT Real Estate Services 843-414-4078
Bryan Perrucci, CCIM
Southeastern Management Group, Inc. 843-343-1921 perrucci@semgsc.com
KelleyGlenn@CCIM.Net
Maybank Properties 843-720-9201
Palmetto Commercial Properties 843-259-8724
Gerry Schauer, CCIM
Will Sherrod, CCIM
tsadler@sadlergroup.net
gerry.schauer@avisonyoung.com
wsherrod@naicharleston.com
Avison Young 843-364-2055
Chad Yonce, CCIM
Cameron Yost, CCIM
yonce@semgsc.com
cyost@lee-associates.com
Southeastern Management Group, Inc. 843-343-1923
Discover why only 5% of all commercial real estate professionals hold the elite CCIM designation.
Pete Harper, CCIM
SC Chapter President The RMR Group 706-202-4327
Thomas Sadler, CCIM
Sadler Group of Charleston LLC 843-766-0261
CBRE, Inc. 843-577-1155
Lee & Associates, LLC 843-203-1105
NAI Charleston 843-364-3796
pharper@lee-associates.com
Maybank Properties 843-740-9202
Re/Max Pro Realty 843-576-2705
Drew Showfety, CCIM
Palmetto Commercial Properties 336-253-6386 drew.showfety@pcpsc.com
Jeff Yurfest, CCIM
The Shopping Center Group 843-532-8706 jeff.yurfest@tscg.com
CALL YOUR LOCAL CCIM.
Architecture, Engineering and Construction The cost of building spiked sharply in the first half of 2021, continuing a trend that started in 2020. Pushed by a surge in the price of lumber and pandemic-related supply chain disruptions, the increase in costs caused many construction companies to start including escalation clauses in sales contracts and to delay project construction.
FAST FACTS
68%
39.8%
Increase in housing building permits
New construction market share
from April 2020 to March 2021.
on Johns Island in 2020.
PAGE 20
PAGE 22
SECTION SPONSOR
18
| www.charlestonbusiness.com CONSTRUCTION ENGINEERING ARCHITECTURE, AND CONSTRUCTION | www.charlestonbusiness.com
New private housing units authorized by building permits Charleston MSA, Jan. 2005 - May 2021 THE TREND:
Recession
1,200
HOUSING PERMITS RISING SLOWLY
COVID-19
COVID-19 had much less of an impact on housing permits than the recession. The current building pace can’t keep up with the demand. On page 9, you can see the decrease in the inventory of homes for sales.
1,000
821
March 2021
800
68% increase from April 2020 to March 2021
600
490
April 2020
400
200
0 2005
2006
2007
2008
2009
2 010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: Federal Reserve Bank of St. Louis
How builders handle building costs If you’ve tried to buy or build a home or commercial space with new construction, you’ve realized how the price of lumber has spiked costs throughout the construction supply chain. One of the places where the cost of wood has taken the greatest toll is in new home construction. The regional, state and national housing market is exceptionally hot right now, partly because of historically low interest rates and because people have gotten used to being at home over the past year and want something better. The National Association of Home Builders, a national trade group, surveyed its members recently to find out how they’re dealing with the increasing cost of this basic building material.
Mitigating lumber prices
Timber in the South Q1 year over year
Action
Percentage*
Wood
2020-2021
Price*
Price escalation clauses
47%
Plywood random
+215%
$903
Pre-ordering lumber
29%
Softwood
+162%
$931
Supplier price guarantees
22%
Plywood exterior
+159%
$726
Delaying building
19%
Hardwood
+34%
$1,414
Building foundation only
15%
Source: TimberMart-South quarterly report
Shared-price clauses
10%
*Per 1,000 board feet, a standard unit of measurement in timber
Using lumber options
4%
Other
13%
Source: National Association of Home Builders, April 2021 *Percentage of respondents; some builders use more than one action to hedge prices
20
CONSTRUCTION | www.charlestonbusiness.com
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Mining, Logging, and Construction employment in Charleston-North Charleston MSA 25K
2021 trend
COVID-19
Recession
- Increase from previous month - Decrease from previous month 1/21
20,913
2/21 20K
21,301
3/21
21,232
4/21
21,147
5/21
20,780
THE TREND:
DECREASING, AFTER STEADY GAINS SINCE COVID-19 In September 2019, there were 22,147 people employed in this sector. By April 2020 that number dropped 6.9% to 20,611 as COVID-19 took hold. Employment climbed back to 21,301 in February 2021 but declined 2.4% to 20,780 by May 2021, erasing some of the gains.
15K
10K 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 Source: Federal Reserve Bank of St. Louis
New construction homes for sale in the Charleston region, 2016 - 2020 October 2017
974
Peak of New Construction Inventory
1,800
Drop in new construction inventory from peak
1,600
Top areas: New construction market share in 2020 Johns Island Goose Creek/Moncks Corner
1,400
Wando/Cainhoy Area Hanahan
1,200
Greater Summerville Area
34.7% 26.6% 25.3%
NEW CONSTRUCTION INVENTORY CONTINUES TO DECLINE Even before the onset of the coronavirus pandemic, the inventory of new homes for sale in the region had been on a decline. This puts extra pressure on the residential market and contributes to the extremely tight inventory we see on PAGE 9.
800
22
38.5%
THE TREND:
1,000
600 2016
39.8%
2017
CONSTRUCTION | www.charlestonbusiness.com
2018
2019
2020
Source: Charleston Trident Association of Realtors, 2020 Annual Report
COMMITTED TO WHAT’S NEXT LEARN MORE AT HITT.COM/CHARLESTON
Number of construction companies by county – Dorchester County
– Berkeley County
– Charleston County
1750 1,513
1500
1250
1,333
1,556
1,560
1,399
33.3%
1,170
Charleston County
1000
41%
750
500
250
THE TREND:
PERCENTAGE INCREASE IN COMPANIES FROM 2015 TO 2020 BY COUNTY
325
283
370
304
410
380
437
461
Berkeley County
327
322
348
358
26.5% Dorchester County
0
2015
2016
2017
2018
2019
2020 Source: S.C. Commerce Department Labor Market Analysis
24
CONSTRUCTION | www.charlestonbusiness.com
Average weekly wage for construction jobs by county – Dorchester County
– Berkeley County
– Charleston County $1,205
$1,200 $1,073
$1,100
$1,091
$1,117
THE TREND:
$1,143
PERCENTAGE INCREASE IN WEEKLY WAGE FROM 2015 TO 2020 BY COUNTY $1,006
$1,000
$949
$900
$936
$836
$943 $904 $843
$807
$800
$947
$825
Charleston County $908
$939
24.6%
$731
Berkeley County
$700
28.4%
$600
$500
2015
27%
Dorchester County
2016
2017
2018
2019
2020 Source: S.C. Commerce Department Labor Market Analysis
INDUSTRIAL CONSTRUCTION GROUP
TRIDENTCONSTRUCTION.COM
BUILDING TRUST AND ADDING VALUE TO EVERYTHING WE DO www.charlestonbusiness.com |
CONSTRUCTION
25
Total construction costs for S.C. metro areas THE TREND:
$1.80B
After decreasing for three straight years, construction costs have grown to record levels in Charleston and Greenville in 2020.
$1.61B
CHARLESTON AND GREENVILLE SURGE
$1.44B
$1.85B $1.63B $1.56B
$1.81B
$1.21B $1.08B
$760M
$672M
$1.5B
$1.41B $1.15B
$1.25B
$1.08B
$904M
Greenville-Anderson-Mauldin
$1.75B
$1.44B
$1.32B
Charleston-North Charleston-Summerville
$2B
$790M
$840M
$871M
$963M
$1.0B
$750M
Columbia
$329M
$387M
$434M
$425M
$460M
$232M
$171M
$500M
$250 M
Spartanburg
2014
2015
2016
2017
2018
2019
2020
0
Source: U.S. Census Bureau
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Housing building permits for S.C. metro areas = 200 homes, 2019
= 200 homes, 2020
= Percent change from 2019-2020
31.3% 9.4%
4,440
7.3%
2,596
Annual privately owned housing units
8,592
27.6%
8,622
6,754
6,541 4,861
2,786
Spartanburg
Columbia
Greenville-Anderson-Mauldin
Charleston-North CharlestonSummerville Source: U.S. Census Bureau
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CONSTRUCTION
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705 Old Trolley Rd
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843-873-9727 843-873-3727
705 Old Trolley Rd 705 Old Trolley Rd Summerville, SC 29485 Summerville, SC www.mandmstaff.com Summerville, SC29485 29485
705 Old Trolley Rd www.mandmstaff.com www.mandmstaff.com
Architecture, engineering and construction related occupations and wages, Charleston MSA – 2017
Architecture and engineering occupations Employment
Average hourly wage $39.90 $38.27 $36.36
7,940
7,020
– 2018
– 2019
Construction and extraction occupations Employment 15,860
Installation and repair occupations
Average hourly wage
Employment
16,900
15,560 15,580
$23.02 $19.35 $20.65
7,290
14,620
Average hourly wage
15,310
$21.60 $22.29
$23.96
Source: S.C. Commerce Department Labor Market Analysis
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CONSTRUCTION
29
S.C. construction costs mostly below U.S. average, 2020 To price jobs correctly, builders use area modification factors to estimate and adjust costs. Percentage factors in specific South Carolina cities are shown below. Aiken
Greenville
8% 7% 6% 5% 4% 3% 2% 1% U.S. Average -1% -2% -3% -4% -5% -6% -7% -8%
Myrtle Beach
Rock Hill
Spartanburg
Beaufort
Columbia
Charleston
South Carolina average Source: 2020 National Building Cost Manual - Craftsman
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n
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CHARLESTON UNDER CONSTRUCTION
Poinsette Senior Care 194 Spring St., Charleston Developer/owner: Liberty Senior Care, Wilmington, N.C.; Hamilton Development, Greenville Architects: McMillan Pazdan Smith Architecture, Charleston General contractor: Trident Construction, North Charleston Engineers: Fine Tuned Structures LLC, Summerville (structural); Echo Engineering LLC, Mount Pleasant (mechanical, electrical, plumbing); Forsberg Engineering, Charleston (civil); Terracon, North Charleston (geotechnical) Estimated completion date: February 2022 This project includes new construction and site work for an 87,000 square-foot assisted living and memory care facility in downtown Charleston near MUSC. Work on the building exterior is nearly complete. The approximately 100-bed facility has four residential levels as well as guest reception, spa, salon, fitness center and theater.
Landscape Architecture CHARLESTON 843.952.7817 WEB REMARKSTUDIOLLC.COM
741 Meeting Street commercial development 741 Meeting St., Charleston Developer/owner: Middle Street Partners Architects: The Middleton Group, Charleston; Sottile & Sottile, Savannah General contractor: Mashburn Construction Co., Charleston Engineers: Tobias & West LLC, Mount Pleasant (structural); Hensley and Goerling LLC, Charleston (mechanical, electrical, plumbing); Sitecast LLC, Mount Pleasant (civil); Wertimer + Cline, Charleston (landscape) Estimated completion date: Spring 2022 This project includes construction and site work for a 30,000 square-foot commercial building. The team recently poured the podium slab on the second floor, placed concrete masonry unit walls up to 28 inches, 11 inches from the finished floor slab, and poured the elevator shaft walls to the same elevation. They have also placed the CMU mockup panel walls and waterproofed them with the Sto Gold system and have installed all of the plumbing work along the underside of the podium slab.
commercial, neighborhood, institutional, residential, and multi-family landscape architectural services
PHOTOS BY LESLIE MCKELLAR
www.charlestonbusiness.com |
CONSTRUCTION
31
Charleston Water Systems Customer Technology Center 6330 Murray Drive, Hanahan Developer/owner: Commissioners of Public Works, Charleston Architects: LS3P Associates Ltd., Charleston General contractor: Choate Construction, Mount Pleasant Engineers: ADC Engineering Inc., Hanahan (civil, structural); RMF Engineering, Mount Pleasant (mechanical, electrical) Estimated completion date: Spring 2022 This project includes new construction and site work for a 34,000 square-foot, two-story Customer Technology Center for Charleston Water Systems. The scope of work includes all site-work, utility, structural, electrical and mechanical services. The center will feature offices, conference rooms, break rooms, open work space, and an emergency operations center. Additionally, a new employee and guest entrance will be constructed with a secure guardhouse.
Baker Collection Mount Pleasant 2121 U.S. Highway 17, Mount Pleasant Developer/owner: Baker Motor Co., Charleston Architects: Glick Boehm & Associates, Charleston Project Manager: Glick Boehm & Associates, Charleston General contractor: Hill Construction, Charleston Engineers: DWG Inc. (mechanical, electrical, plumbing); ADC Engineering (structural); Seamon Whiteside Engineering (civil) Estimated completion date: October 2021 Estimated total cost of project: $750,000 This project includes new construction and site work for a new 1,300 square-foot dealership. The building was designed to be the width of a parking space to take up as little space as possible, but to also create maximum impact to draw customers to the site. Exterior finishes include exposed steel structure, curtain wall glazing and a smooth gray drainable exterior insulation finishing system. Interior finishes include sliding glass partition doors and custom CNC milled backsplash behind the cafe area.
Smith Dray Line industrial facility 8350 Patriot Blvd., North Charleston Developer/owner: Smith Dray Line & Storage Co., North Charleston Architects: McMillan Pazdan Smith, Charleston General contractor: Choate Construction, Mount Pleasant Engineers: WGPM Inc., Charlotte (structural); Thomas & Hutton, Mount Pleasant (civil) Estimated completion date: Fall 2021 This project includes new construction and site work for a 63,000 square-foot warehouse for Carolina-based moving and storage company Smith Dray Line. The building will be constructed from precast panels and structural steel over concrete slab and equipped with five dock doors, hydraulic levelers and a drive-in ramp. Three-thousand square feet of the interior space will be transitioned into office space.
Market Square at Carnes Crossroads 2507 N. Main St., Summerville Developer/owner: Urban Core Advisors Architects: Glick Boehm & Associates, Charleston Project Manager: Glick Boehm & Associates, Charleston General contractor: Hill Construction, Charleston Engineers: Constantine Engineering (mechanical, electrical, plumbing, fire protection); Cranston Engineering (structural); HLA Engineering (civil) Estimated completion date: June 2021 Estimated total cost of project: $2.5 million This project includes new core and shell construction and site work for a 12,000 square-foot retail center broken into two buildings. One 8,000 square-foot retail building and a 4,000 squarefoot building with two restaurants. The buildings are on a concrete slab with wood and steel construction. Exterior finishes include white washed brick, artisan fiber cement shiplap siding, gray storefront glazing, gray architectural canopies and standing seam metal roof.
32
CONSTRUCTION | www.charlestonbusiness.com
677 King Street Mixed Use 677 King St., Charleston Developer/owner: Atlantic South Development, Greenville Architect: McMillan Pazdan Smith Architecture, Charleston General contractor: Trident Construction, Charleston Engineers: Forsberg Engineering and Surveying Inc., Charleston (civil); Britt, Peters and Associates, Mount Pleasant (structural); Barrett, Woodyard & Associates Inc., Norcross, Ga. (mechanical, electrical, plumbing, fire protection) Estimated completion date: Summer 2021 Estimated total cost of project: $14 million Project description: This project consists of a new five-story, 84,000-square-foot mixed-use building. It includes Class A office and retail space and will add 120 parking spaces, using Charleston’s first Car Matrix mechanical parking system.
The Cooper Hotel 176 Concord St., Charleston Developer/owner: Leucadia Coast Properties LLC, Los Angeles Architects: McMillan Pazdan Smith Architecture, Charleston (architect of record); Robert C. Glazier Architects, Santa Barbara, Calif. (design architect) General contractor: BL Harbert International, Birmingham, Ala. Engineers: ADC Engineering, Hanahan (civil, structural); Designworks, Charleston (landscape); Buford Goff & Associates, Columbia (mechanical, electrical, plumbing, fire protection); REI Engineers, Charleston (building envelope) Estimated completion date: Third quarter 2023 Project description: The Cooper Hotel will be a downtown full-service waterfront hotel. The 280,000-square-foot, 225-room hotel overlooks the Cooper River and includes multiple indoor and outdoor dining venues, a full-service spa and fitness center, a rooftop lounge and observation deck, as well as ground-floor retail spaces. The project will extend the River Walk along the Riley Waterfront Park to wrap the east side of the hotel and connect into Concord Street.
Charleston Southern University - Science and Engineering Building 9200 University Blvd., North Charleston Architect: Liollio Architecture, Charleston General contractor: Trident Construction, North Charleston Engineers: RMF Engineering, Charleston (mechanical, electrical, plumbing, fire protection); Forsberg Engineering Inc., Charleston (civil), 4SE Inc., Charleston (structural) Estimated completion date: End of June 2021 Estimated total cost of project: $7.825 million Project description: This 18,288-square-foot space will be completed in phases and initially include engineering labs, office space and work rooms. CSU plans to expand the building in future phasing to 28,000 square feet total to provide biology, chemistry and geology labs, a dedicated wing for the engineering and physics program, and additional offices and student lounge space.
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CONSTRUCTION
33
Financial Services While the number of banks in the Charleston region has remained relatively steady, total deposits have risen in the past year. Total deposits in the three-county region’s banks were almost $17.5 billion in 2020, a nearly 19% increase over 2019.
FAST FACTS
$31 BILLION
$14.11B
South Carolina’s annual budget for the
Total deposits in Charleston County
2021-2022 fiscal year.
banks in 2020.
PAGE 39
PAGE 36
SECTION SPONSOR
34
FINANCIAL SERVICES | www.charlestonbusiness.com
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Charleston area banks by county Number of offices
FDIC insured institutions
= 10 offices
131
29
2017
27
29
2018 2019 Berkeley
Total deposits
2017
$1.31B
126
125 35
29
2020
2017
2018 2019 Charleston
= $1 billion
2020
$11.06B
2020
34
35
2018 2019 Dorchester
2020
$11.74B
$1.485B $1.56B
$1.38B $1.48B
2018 2019 Berkeley
2017
35
$14.11B $10.56B
$1.20B
127
2017
2018 2019 Charleston
2020
2017
$1.61B
$1.88B
2018 2019 Dorchester
2020
Source: Federal Deposit Insurance Corporation
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FINANCIAL SERVICES | www.charlestonbusiness.com
Member FDIC. © 2021 United Community Bank
All financial activity employment in Charleston-North Charleston MSA 2021 trend
COVID-19
Recession
18K
- Increase from previous month - decrease from previous month
16K
1/21
15,775
2/21
15,745
3/21
15,709
4/21
15,571
5/21
15,585
6/21 14K
15,673
THE TREND:
VOLATILE RECOVERY FOR JOBS IN THE FINANCIAL SECTOR The financial sector has yet to reach its peak employment high of 16,036 in February 2020. Employment has moved up and down rapidly in the months since the pandemic began. However, jobs have held steadier than during the recession when employment in the sector dropped for two years.
12K
10K 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 Source: Federal Reserve Bank of St. Louis
Business lists are like bread: They’re best when they’re fresh.
BOOKoLf ISTS February 28,
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No. 5 | www. Charle
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BEST ADVICE
VOLUME 27 NUMBER 3 ■ CHARLESTONBUSINESS.COM
More consolidation
Cummins to bring Memphis operations to North Charleston facility. Page 5
Bobby Cummings, founder, president Cummings Wealth Management Part of the
network
By Teri Errico
New era
Chernoff Newman restructures, sees shifts in executive leadership team. Page 11
Home office tax deductions require more than COVID By Teri Errico Griffis
T
Metal merger
INSIDE
Rick Durkee
G
Trident Technical College plans to use space at the college’s Berkeley campus to provide a course for commercial driver training. (Photo/File)
Upfront ................................ 2 SC Biz News Briefs ................ 3 Best Advice .......................... 4 In Focus: Architecture, Engineering and Construction ............... 13 List: Engineering Firms ......24 At Work ..............................29 Viewpoint ........................... 31
FEBRUARY 8 -21, 2021 ■ $2.25
Griffis principal, Pernice Adams, offered tgriffis@scbiznews.com a life-changShe described the moment ing intervention. Adams encouraged she fell in the teen love with engineering to apply her skill set toward as a literal light bulb rowing up, Wysheka Austin pre-engineering moment — loved classes and connected connecting wires and batteries her with a teacher that class drawing, and excelled in math in to make her first bulb illuminate. and could provide hands-on experience. science. But she had no idea Today, Austin has carried that how to Austin admits she’d never heard passion into translate those skills into a career. of engi- a senior operations She consid- neering before manager at General Electhen. ered architecture. tric and is one of two Clemson “You don’t necessarily have alumni being With few resources at home to see where honored at the to guide her, you’re going BEYA STEM Global Competin order to go, though,” she said Austin turned to her career center where her of taking that first class. See ENGINEERING, Page 6
By design
MOVING STUFF
Trident Technical College receives $1 million foundation grant for the Truist Transportation and Logistics Center, the first part of a multiphase plan to renovate the 38-year-old Berkeley campus into a training facility for high-demand jobs. Page 10
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Bringing representation into STEM sector
Charleston’s new architect immersing herself in design of historic city. Page 8
Summerville metal company purchased by New Yorkbased company. Page 7
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he IRS may have pushed the start of tax season to Feb. 12, but it’s never too early to start preparing — especially if you’re thinking about writing off your home office as a tax deduction. Millions of Americans have been forced to work from home for most of 2020 because of the pandemic shutdowns, but that doesn’t mean W2 workers can suddenly claim their home office — especially when it’s a makeshift set up on your dining room table, local tax professionals said. With the Targeted Jobs and Tax Cut Act of 2018, W2 employees can no longer write off their home office, said Clint Hulsey, tax tor at Atlantic Coast Tax & Accounting direcInc. in West Ashley.
“It used to be that if you worked for an employer and had a W2 from them, and worked from home some of the time and out of that office, you were able to deduct some of those expenses, even working on behalf of your employer,” Hulsey said. “Things changed with the new tax laws in 2018. ” While some may be disappointed they can’t See HOME, Page 9
CHARLESTON UNDER CONSTRUCTION Who is building what in the Charleston area? Projects, companies, prices, projected timelines, photos and stories. Page 13
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37
What are your chances of getting audited in S.C.?
Y
ou know the moment of dread comes every time you sign that 1040: Could this end up with a trip to the local IRS office holding a box of receipts with sweaty palms? We understand your feeling, and so does ProPublica. Their journalists poured through mounds of data to analyze every county in the U.S. to determine how likely you are to get audited. We broke out the South Carolina stats to kick off 2021. Now you should definitely use a tax preparer, especially if you run a business, and consult a tax attorney if you think your tax situation might be an issue. Because these are statistics, you’re going to find that individual circumstances can sway one way or another. For comparison, the national rate of audits is 7.7 per 1,000 filings. The most audited county in the nation is Humphreys County, Miss., with 11.8 audits per 1,000 filings. The county near the Mississippi River Delta has a population of 8,257 people, according to the latest Census data. The reason for the high rates of audits in Humphreys County is because so many of the residents are poor. IRS data show that Americans with the lowest income and those who are exceptionally rich are audited at a higher rate than anyone else.
Most audited counties in S.C.
Least audited counties in S.C.
Federal tax audits in selected S.C. counties These selected counties represent a geographic cross section of the state, ranked by lowest to highest rate of federal tax audits. County
Audits per 1,000
Lexington
7.4
Berkeley
7.5
Dorchester
7.5
Greenville
7.7
Anderson
7.9
Charleston
7.9
Spartanburg
7.9
County
Audits per 1,000
County
Audits per 1,000
Horry
7.9
Allendale
10.3
Lexington
7.4
Newberry
8.0
Dillon
9.7
Berkeley
7.5
Richland
8.1
Marion
9.7
Dorchester
7.5
Florence
8.7
Marlboro
9.7
Pickens
7.5
Williamsburg
9.5
York
7.6 Sources: ProPublica, Census Bureau
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Accounting for S.C.’s finances South Carolina’s somewhat like a business when it comes to balancing the books and accounting for income, cash flow and expenditures. The S.C. Department of Administration offers a quick snapshot at the numbers in South Carolina’s books.
REVENUE STREAM
$35B $30B
South Carolina’s annual budget for the 2021-2022 fiscal year is more than $31 billion. The money comes from several revenue streams.
$31.06B
$25B $20B $15B $10B
$12.3B $9.3B
$9.5B
General funds
Federal funds
$5B 0 Other funds
Total
Emergency funds South Carolina’s constitution requires the state to maintain a rainy day fund for unexpected circumstances.
$458,961,225
By law, the General Reserve Fund must be 5% of the General Fund revenues and may be used to cover shorfalls from general funds receipts. For the current fiscal year, that amounts to nearly $460 million.
$183,584,490
The Capital Reserve Fund has to equal 2% of the General Fund. The money must be used to replenish the General Reserve Fund if necessary. However, if that money isn’t needed, then the General Assembly can appropriate that money for one-time expenditures, such as capital improvement projects.
What about schools?
Education is one of the largest expenditures for state government. For the current fiscal year, more than $4.3 billion, or 41% of the General Fund, has been allocated for educational expenses in South Carolina.
$3,545,719,579
K-12 education receives more than $3.5 billion from the General Fund, along with $987,285,024 from the state’s 1% sales tax, which is designated for education.
$800,452,070
Colleges and universities, on the other hand, receive less than $1 billion from the state General Fund, not counting lottery money.
$597,200,000
Nearly $600 million from the S.C. Education Lottery has been allocated by the state, including $68.6 million for K-12, $528.5 million for higher education, and $100,000 for other agencies. Source: S.C. Department of Administration, fiscal year 2021-2022
www.charlestonbusiness.com |
FINANCIAL SERVICES
39
Demographics and Economic Development The hospitality and tourism industries are vital to the Charleston region’s economy, and no sectors were hit harder during the pandemic in terms of financial and job losses. Prospects look decidedly better as we enter the second half of 2021, with airline passenger numbers and hotel occupancy rebounding sharply. Restaurants and bars still face hurdles in filling jobs, a fact that is limiting their ability to serve customers.
FAST FACTS
2,649%
-36%
Increase in total passengers at the Charleston
Drop in the total economic impact of
International Airport from April 2020 to May 2021.
tourism in the Charleston region.
PAGE 42
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EMPLOYMENT AND ECONOMIC DEVELOPMENT | www.charlestonbusiness.com
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Total passengers at Charleston International Airport, Jan. 2019 - May 2021 The airline industry was one of the hardest hit as COVID-19 spread across the world. However, as vaccines became widely available and COVID-19 cases began to decrease, travel activity at CHS took off. 500K
469,160
-97%
450K
decrease from July 2019 to April 2020
400K
409,463
350K
2,649%
300K 250K
increase from April 2020 to May 2021
Scan QR code
to see more CHS statistics
200K 150K 100K 50K 0
or go to bit.ly/CHSStats
1/19
2/19
3/19
4/19
5/19
14,896 6/19
7/19
8/19
9/19 10/19 11/19 12/19 1/20
2/20 3/20 4/20 5/20 6/20 7/20
8/20 9/20 10/20 11/20 12/20 1/21
2/21
3/21
4/21
5/21
Source: Charleston County Aviation Authority
Fueling South Carolina’s Innovation Economy SCRA fuels South Carolina’s innovation economy through the work of programs that advance academic research and development, and provide coaching, grant funding, world-class facilities, and industry match making for technology startups. Learn more at scra.org.
42
EMPLOYMENT AND ECONOMIC DEVELOPMENT | www.charlestonbusiness.com
Estimate of tourism’s economic impact in the Greater Charleston Area, 2020 Tourism in 2020 was defined by the coronavirus pandemic. Despite the unique challenges presented, the Greater Charleston Area attracted 5.12 million overnight visitors, who generated $6.15 billion in total economic impact throughout the region.
Visitors
Total economic impact
Hotel average occupancy
Labor earnings
decrease from 2019 to 2020
decrease from 2019 to 2020
decrease from 2019 to 2020
decrease from 2019 to 2020
-31%
-36%
7.43M
$9.67B 5.12M
2019
-38.4%
73.9% $6.15B
2020
2019
2020
-33%
$3.43B 45.5%
2019
$2.29B
2020
2019
2020
Source: College of Charleston Office of Tourism Analysis
BECOME A CORPORATE PARTNER
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South Carolina’s leader in Metal Recycling Container & Onsite Service Usable Steel Sales
Since 1893
Dismantling & Removal
Business leaders and teams can make a significant impact in the fight against hunger.
How you can help: Fund a specific Lowcountry Food Bank program or sponsor an awareness campaign Sponsor and attend Chefs’ Feast, our premier gala event in February Volunteer with your team at Lowcountry Food Bank Host a virtual fundraiser
Challenge your customers and employees to give through your company’s annual employee giving campaign Provide in-kind donations by donating products or professional services Join the Walk to Fight Hunger with your team in September
Contact Lowcountry Food Bank Development Department, Heather Perry, Director of Fundraising at 843-747-8146 ext. 162
843-722-7278 | charlestonsteelandmetal.com | 843-722-1340 www.charlestonbusiness.com |
EMPLOYMENT AND ECONOMIC DEVELOPMENT
43
South Carolina craft breweries, 2020
105,620
$905 Million Economic Impact
Barrels of craft beer produced per year Ranks 36 in U.S.
Ranks 26 in U.S.
Number of craft breweries operating per year
increased the amount of beer a person could consume at a brewery per day from 4 tasting glasses to 48 ounces.
allowed breweries to sell more than 3 pints of beer per customer if the brewery has a food service permit from the S.C. Department of Health and Environmental Control.
16
16
2011
2012
20 2013
31 2014
Ranks 44th in U.S.
Temporary order
On March 21, 2020, Gov. McMaster signed a bill allowing for curbside pick-up of beer and wine to limit in-person contact.
The Stone Law
The Pint Law
Gallons per 21+ Adult
th
th
One of the drivers of the expansion of the craft beer industry in S.C. has been the passage of bills by the state legislature that favor the industry.
0.8
36
2015
82 50
95
88
61 Two more bills signed
The first allows craft breweries to donate their product to charities and provides that brewers can participate in nonprofit events by pouring their beverages and providing equipment. The second bill allows breweries to sell liquor, which helps brewpubs planning to distribute their product.
2016
2017
2018
2019
2020 Source: Brewers Association
The pioneer of integrative solutions on land and sea • International & Local Shipping • Warehouse Storage • Deep Water Pier for Loading and Offloading Ships & Barges • ABS/Inland Barge and Ship Repairs
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843-779-0199 | www.carvercompanies.com 1400 Pierside St., Bldg. 190, North Charleston, SC 29405 44
EMPLOYMENT AND ECONOMIC DEVELOPMENT | www.charlestonbusiness.com
Population growth by county, 2010-2020 19.1% – Dorchester County
– Berkeley County
– Charleston County
increase from 2010 – 2020
450K
33
417,981
400K 350K
Number of new residents moving to the region each day
Source: Charleston Regional Development Alliance
350,998
31.5%
300K 250K 200K
179,492
150K
137,005
235,987
increase from 2010 – 2020
165,737
21.0%
100K
increase from 2010 – 2020
819,705
50K
Total Charleston MSA Population, 2020
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: U.S. Census Bureau
SCMEP now offers SCMEP Online, an online training portal specifically for manufacturers. We realize time is valuable and flexible online learning provides critical training in a wide array of operational disciplines.
115
SCMEP is a not-for-profit 501(c)3 organization affiliated with The National Institute of Standards and Technology’s (NIST) Hollings Manufacturing Extension Partnership (MEP), a network of 51 MEP Centers located in all 50 states and Puerto Rico.
www.charlestonbusiness.com |
EMPLOYMENT AND ECONOMIC DEVELOPMENT
45
Leisure and Hospitality employment in Charleston-North Charleston MSA, Jan. 2007 - May 2021 The Leisure and Hospitality supersector includes both the Accommodation and Food Services sector and the Arts, Entertainment and Recreation sector. COVID-19
Recession
60K
2021 trend - Increase from previous month - Decrease from previous month
55K
12/20
1/21
50K
2/21 4/21
+74.7%
40K
5/21
was the amount employment in this sector increased from April 2020, when employment dropped to 24,836, to May 2021, when employment reached 43,387.
35K
30K
2008
2009
2010
2010
2012
2013
2014
2015
2015
2017
2018
2019
42,305 42,410 43,387
THE TREND:
EMPLOYMENT REBOUNDING RAPIDLY, STILL A WAYS TO GO No sector was hit harder by the pandemic than hospitality. In the beginning, restaurants were only allowed to serve take-out. Hotels were reeling as tourism came to a halt and thousands of workers were rapidly laid off. Though the workforce has rebounded, it still needs to add 8,191 jobs to reach the high of 51,578 people employed in February 2020.
25K
20K 2007
41,770 42,644
3/21
45K
42,554
2020
2021 Source: Federal Reserve Bank of St. Louis
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46
EMPLOYMENT AND ECONOMIC DEVELOPMENT | www.charlestonbusiness.com
South Carolina statewide lodging outlook report, May 2021 – Percent Change from May 2020 to May 2021
Occupancy rate
Average room rate
+53.8% 90%
+73.2%
80%
66.5%
70% 60%
$138.81
$140
RevPAR RevPAR = Revenue Per Available Room, i.e., total room revenue divided by total number of room nights.
$140
$130
$130
$120
$120
$110
$110
$100 $90
$90.28
$90 $80
$70
$70
$60
$60
30%
$50
$50
$40
$40
20%
$30
$30
$20
$20
$10
$10
40%
38.4%
10% 0%
May 2020
May 2021
$0
May 2020
$92.37
$100
$80
50%
+166.1%
May 2021
$0
THE TREND:
LODGING NUMBERS REBOUNDING RAPIDLY Year-over-year numbers confirm that lodging is rebounding at a rapid pace. People are eager to travel after months of restrictions. Vaccine availability and a decline in COVID-19 cases have also led to people resuming more activities.
$34.71
May 2020
May 2021 Source: S.C. Department of Parks, Recreation and Tourism
See who the movers and shakers of the Lowcountry are and what they are up to.
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EMPLOYMENT AND ECONOMIC DEVELOPMENT
47
Education The coronavirus pandemic brought into sharper focus the disparities of educational attainment in the Charleston region. While those with college degrees largely held onto jobs and suffered less financial hardship during the most severe parts of the lockdown, many people with a high school diploma or less faced significant job and wage losses.
FAST FACTS
51.5%
$10,856
Percentage of residents in Charleston County
The amount S.C. spends per K-12 student.
with an associate’s degree or higher.
PAGE 54
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48
EDUCATION | www.charlestonbusiness.com
Your Purpose is our mission. Choose from a broad range of Undergraduate Studies including liberal arts and professional programs such as nursing, engineering, and more. We’re ready to help you join the Buccaneer family!
The Graduate School at Charleston Southern
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Charleston Southern Online offers bachelor’s and
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INTEGRATING FAITH IN LEARNING, LEADING, AND SERVING
Learn more at charlestonsouthern.edu/apply or call 800-947-7474
Enrollment analysis of technical colleges and research institutions, 2009 – 2019 THE TREND:
TECHNICAL COLLEGE ENROLLMENT CONTINUES DECLINE, FOR NOW
80,000
Technical college enrollment expanded during the Great Recession. As unemployment increased, many sought the cost-effective training necessary to embark on a new career that the state’s technical college system offers. As jobs became more plentiful, that enrollment has declined. The pandemic may have a similar impact as the thousands of unemployed workers began to reassess their professional trajectory; many have resigned their positions and look to change careers that may require additional training.
75,000 70,000 64,597
65,000
62,511
64,227
63,463
61,893
60,000 55,000 48,440
50,000
50,080
51,682
53,359
59,246
58,593
59,685
59,039
61,126
56,505
54,932
55,411
52,940
51,896
48,792
48,706
46,953
45,000 40,000 2009
2010
2011
2012
2013
2014
Technical Colleges: Aiken, Central Carolina, Denmark, Florence-Darlington, Greenville, Horry-Georgetown, Midlands, Northeastern, Orangeburg-Calhoun, Piedmont, Spartanburg CC, TC of the Lowcountry, Tri- County, Trident, Williamsburg, York
2015
2016
2017
2018
2019
Research Institutions: Clemson, MUSC, USC Columbia
Source: S.C. Commission on Higher Education
The S.C. Aeronautical Training Center at Trident Technical College is transforming how education and industry work together in the regional, national and global economies. The S.C. Aeronautical Training Center houses: • Aeronautical studies programs • High-tech manufacturing programs • readySC’s Boeing Training Center • Advanced manufacturing workforce training
For more information: 843.323.3501. AT20-016
50
EDUCATION | www.charlestonbusiness.com
Annual college tuition costs
- 2008—2009
- 2020—2021
- percentage change
For selected S.C. public colleges and universities.
CLEMSON UNIVERSITY
$10,608
$15,120 $11,731
MUSC**
USC COLUMBIA*
$8,838
$12,688
$8,428
THE CITADEL
$14,318
43% 22%
44%
$13,140
56% THE TREND:
COLLEGE OF CHARLESTON
$8,400 $7,806
SC STATE TRIDENT TECHNICAL COLLEGE
$3,330 $0
$2,000
$4,563 $4,000
$12,518 $11,060
42%
$10,000
$12,000
COST OF HIGHER EDUCATION CONTINUES TO RISE
49%
Tuition continues its upward climb, with no sign of coming down. The pandemic didn’t slow this trend, even when many institutions had to switch to online learning at various times.
37% $6,000
$8,000
$14,000
$16,000
Source: S.C. Commission on Higher Education for public universities *Excludes medicine, law and pharmacy **Excludes medicine, dentistry and pharmacy; includes nursing and health professions only
Dedicated to providing Charleston-area residents with convenient access to graduate-level academic programs from top S.C. institutions to further help you reach your goals. Earn a graduate degree or certificate in: Educational Leadership Social Work Engineering Management Healthcare Management Project Management
GET THERE, FROM HERE
LOWCOUNTRY GRADUATE CENTER Located on the main campus of Trident Technical College 2001 Mabeline Road, Bldg 920 | 843.574.6033 www.lowcountrygradcenter.org
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EDUCATION
51
The connection between education, earnings and job security The highest wage-earners in the Charleston region hold a college degree or higher. Someone who holds a graduate degree or higher makes over three times the wages of a person who dropped out of high school. As more skilled jobs come to the region, the opportunity for those holding a degree will grow. Increasing educational attainment improves work outcomes whether or not there is a crisis like the coronavirus pandemic.
Educational attainment for population 25 years and over, 2019
3+6+231782716 4+8+302411167 3+7+2824111710 2.4%
Less than 9th grade
15.7%
Graduate or professional degree
5.9%
CHARLESTON COUNTY
27.9%
285,759
8.2%
Associate’s degree
17.2%
Some college, no degree
3.4%
Less than 9th grade
Graduate or professional degree
22.7%
High school graduate (includes equivalency)
Population 25 years and over:
Bachelor’s degree
8.4%
9th to 12th grade, no diploma
3.5%
9.6%
Less than 9th grade
Graduate or professional degree
7.2%
16.6%
Bachelor’s degree
9th to 12th grade, no diploma
BERKELEY COUNTY
Population 25 years and over:
11.1%
Associate’s degree
18.6%
Bachelor’s degree
142,955
Population 25 years and over:
29.4%
High school graduate (includes equivalency)
DORCHESTER COUNTY
106,309
11.2%
6.8%
9th to 12th grade, no diploma
27.3%
High school graduate (includes equivalency)
Associate’s degree
23.0%
23.9%
Some college, no degree
Some college, no degree
Median earnings of population 25 years and over, 2019
Berkeley
Charleston
Dorchester
$70K $60K
THE TREND:
HIGHER DEGREE ATTAINMENT RESULTS IN HIGHER WAGES
$50K $40K
The highest median earnings are found in Charleston County, which also has the highest percentage of residents with an associate’s degree or higher at 51.5%.
$30K
52
$32,279 $28,408 $32,267
$38,305 $36,399 $39,572
$50,694 $53,796 $51,416
$64,132 $71,146 $60,816
$39,917 $42,686 $40,862
$10K
$25,751 $18,729 $21,520
$20K
Less than high school graduate
High school graduate (includes equivalency)
Some college or associate’s degree
Bachelor’s degree
Graduate or professional degree
Median Earnings
EDUCATION | www.charlestonbusiness.com
Source: U.S. Census Bureau American Community Survey five-year estimates, 2019
Educational attainment and job security in the U.S. during COVID-19 era Workers with higher levels of education had more job security as COVID-19 spread through the U.S.
Unemployment rates by education, Jan. 2020 - May 2021 Less than high school diploma 25%
High school graduate, no college
Peak: 21% Peak: 17.3%
15% May 2021: 9.1% 5%
Pre-recession: 5.7%
May 2021: 6.8% Pre-recession: 3.7%
Some college or associate degree
Bachelor degree and higher
25% Peak: 15%
15%
Peak: 8.4%
May 2021: 5.9%
May 2021: 3.2%
5% Pre-recession: 2.7%
Pre-recession: 2%
Jan. 2020
May 2021
Jan. 2020
May 2021 Source: Congressional Research Service
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EDUCATION
53
Southeast has lowest spending per pupil
National education spending Region Northeast Midwest West South
The South spends the lowest amount per student in the U.S., on average, according to the latest data from the U.S Census Bureau. The Census reports that spending has increased nationally for six years.
Average per pupil $19,953 $12,773 $11,582 $10,285
$14K
5 states that spend most $12K
State New York Washington, D.C. Connecticut New Jersey Vermont
$10K
$8K
$6K
5 states that spend least State Utah Idaho Arizona Oklahoma Mississippi
$9,377
$9,346
Georgia
Arkansas
Alabama
Tennessee
Carolina
Florida
$8,935
$9,544
S. Carolina
$9,696
Louisana
$10,139
$11,452
Virginia
$10,810
$12,216
0
$10,856
$4K
$2K
Average per pupil $24,040 $22,759 $20,635 $20,021 $19,340
Average per pupil $7,628 $7,771 $8,239 $8,239 $8,935
Mississippi Source: U.S. Census Bureau, May 2020, using 2018 data
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Business.c
Charleston-area school districts, 2019-2020 Berkeley County School District
107 E. Main St. Moncks Corner, SC 29461 www.bcsdschools.net Grades PK-12 Superintendent: Eddie Ingram Board Chair: Sally Wofford No. of Teachers.................................. 2,260
Charleston County School District
75 Calhoun St. Charleston, SC 29401 www.ccsdschools.com Grades PK-12 Superintendent: Gerrita Postlewait Board Chair: Rev. Dr. Eric Mack No. of Teachers...................................3,474
– Berkeley
– Charleston
Student enrollment
40,000
– Dorchester District 2
500 Ridge St. St. George, SC 29477 www.dorchester4.k12.sc.us Grades PK-12 Superintendent: Dr. Kelvin Wymbs Board Chair: Dr. Kenneth Jenkins No. of Teachers........................................171
– Dorchester District 4
Per-pupil expenditure
$55,461 $55,000 $53,000
36,812
$53,482
$53,022
$11,000
$51,000
$8,500
20,000
$49,000
$6,000
10,000
$47,000
$3,500
26,228
$13,574
$13,500
$51,734
30,000
Dorchester School District 4
115 Devon Road Summerville, SC 29483 www.ddtwo.org Grades PK-12 Superintendent: Joseph Pye Board Chair: Tanya Robinson No. of Teachers...................................1,600
Average teacher salary
49,495
50,000
Dorchester School District 2
$11,719 $10,836
$9,010
2,263 Berkeley
Charleston
Dorchester 2
Dorchester 4
Berkeley
Charleston
Dorchester 2
Dorchester 4
Berkeley
Charleston
Dorchester 2
Dorchester 4
Source: S.C. Department of Education
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EDUCATION
55
Import, Export and Distribution The S.C. State Ports Autority opened the first new container terminal on the East Coast in the last 12 years with the Leatherman Terminal in 2021. Aside from being a major milestone for shipping on the Eastern Seaboard, the Leatherman Terminal is part of a larger expansion of distribution assets in South Carolina. The first phase of the terminal, completed in March, added 700,000 TEUs to the Port of Charleston’s capacity.
FAST FACTS
1,418,865
38%
The total number of pier containers the
of tires exported from the U.S. were
S.C. Ports Authority handled in FY2021, up
exported from S.C. in 2020.
7.7% from FY2020.
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56
IMPORT, EXPORT AND DISTRIBUTION | www.charlestonbusiness.com
Your Complete Supply Chain Solution Your Complete Supply Chain Solution Your Complete Supply Chain Solution Your Complete Supply Chain 1400 Pierside St., Bldg. 190, North Charleston, SC 29405Solution | 843-779-0199
• International & Local Shipping • Warehouse Storage • Deep Water Pier for Loading and Offloading Ships & Barges • ABS/Inland Barge and Ship Repairs
• Container Storage • Trucking
• Dual served Rail Access
• Easy Intermodal Access
• Slip Services • Workforce Availability – access to local and qualified job force • Marine Construction and Earthmoving Services
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S.C. State Ports Authority, FY 2020 vs. FY2021 Total pier containers
Inland port rail moves Greer
+7.7% 1.4M
1,317,332
Dillon
1,418,865
1.2M
157,842
1.0M
140,155 0.8M
THE TREND: 0.6M
TOTAL PIER CONTAINERS SETS RECORD
0.4M
The 7.7% growth from FY2020 was enough to make FY2021 the highest year in total pier containers in history.
FY2020
FY2021
32,453
35,002
FY2020
FY2021
0.2M
0
FY2020
FY2021
Vehicles moving through the port FY2020
199,825
+27.1%
FY2021
253,981 THE TREND:
VEHICLE ACTIVITY ACCELERATES With the onset of the coronavirus pandemic, BMW and Volvo ceased operations, causing a dramatic drop in vehicles moving through the port in fiscal year 2020. With the plants back open, vehicles moving through the port grew 27.1% in fiscal year 2021.
Cruise passengers
217,673 0 FY2020
THE TREND:
FY2021
CRUISE INDUSTRY CEASES OPERATION COVID-19 shuttered the cruise industry. As of June 16, 2021, S.C. Ports did not have a confirmed date for when port of calls will resume operations in Charleston.
Source: S.C. State Ports Authority
Three vessels at SC Ports Wando Welch Terminal (Photo/Walter Lagarenne, SCPA)
58
IMPORT, EXPORT AND DISTRIBUTION | www.charlestonbusiness.com
8100 Palmetto Commerce Pkwy North Charleston, SC 29405 terminal: 843-767-8693 | fax: 843-767-8893 www.cowboyusallc.com
Building the Leatherman Terminal
700,000
The first phase of the Leatherman Terminal adds 700,000 TEUs, the equivalent number of 20-foot long containers, to the Port of Charleston’s capacity.
2,400,000
Once the third phase of the Leatherman Terminal opens, the port will have added 2.4 million TEUs, twice the existing capacity of the port.
The data behind the Hugh K. Leatherman Terminal at the Port of Charleston shows how the first containership terminal to open in the U.S. since 2009 operates.
20,000
The Hugh K. Leatherman Terminal can handle 20,000-TEU containerships, among the largest ships carrying cargo around the globe.
286
Number of acres the Hugh K. Leatherman emcompasses, including 134 developed acres for the first phase of the project.
47
The terminal’s container yard stretches across 47 acres, more than 35 football fields.
169
Scan QR code
to see the special section of the Charleston Regional Business Journal on the terminal opening
or go to bit.ly/CRBJ_HLT
The terminal’s five ship-to-shore cranes can lift containers 169 feet from the dock of the terminal and can reach 228 feet across the largest of containerships.
(Photo/Walter Lagarenne)
Source: S.C. State Ports Authority
South Carolina Ports Economic Impact $63.4 billion
annual economic impact on S.C.
1 in 10 jobs
in S.C. are due to the Port
Scan QR code
to see the full report
$1.1 billion
in tax revenue generated annually for S.C.
Upstate
58+42 25+75
or go to bit.ly/SCPortsStudy
$32.8 billion
51.8% percentage of total impact
economic impact
116,561 total jobs
$6.6 billion
percentage of total impact
Midlands
24.6% percentage of total impact
$15.5 billion economic impact
55,346 total jobs
$3.1 billion labor income
Source: The Economic Impact of the South Carolina Ports Authority - 2019
60
11+89 12+88 11.3%
labor income
IMPORT, EXPORT AND DISTRIBUTION | www.charlestonbusiness.com
Lowcountry $7.8 billion
12.3% percentage of total impact
economic impact
27,781
total jobs
$1.5 billion labor income
Pee Dee $7.1 billion
economic impact
25,275 total jobs
$1.4 billion labor income
South Carolina importing and exporting TOP 5 COUNTRIES SENDING IMPORTS TO S.C., 2020 Germany
-9.5%
from 2017
China
-12.2%
from 2017
Mexico
Canada
23.1%
-12.8%
from 2017
from 2017
TOP 5 COUNTRIES RECEIVING EXPORTS FROM S.C., 2020 Germany
Vietnam
11.9%
148.4%
from 2017
from 2017
$8B
5.8%
from 2017
$7B $7.268B
$7B $6.872B $6B
Canada
$6.620B
$6.921B
$5B
$4.451B
$3B $2.820B
$3.814B $2.961B
$4B
$2.813B
$2B
-30.4%
$2.457B $1.853B
$3.785B
$2.608B
$3.979B
$4.010B
$0.746B
0 2017
$0.738B
2018
2019
2020
$4.082B $3.886B
$2.770B $2.198B $1.813B $1.286B
$1B
China’s numbers have dropped 40% from 2019 to 2020. This steep decrease is likely due to COVID-19’s impact on supply chains, consumer demand and ongoing tariffs.
$4.006B
$3.768B
$2B $1B
$0.840B
137.6%
from 2017
$4.48B
$3.648B
$3B
Belgium
from 2017
$5.637B
$6.220B
$4.764B
$4B $3.615B
-34.4%
from 2017
$6.495B
$6B
$5.813B
$5B
Mexico
$6.230B
$6.835B $6.461B
China
$0.595B
0 2017
$0.764B
2018
2019
$1.414B
2020 Source: U.S. Census Bureau
62
IMPORT, EXPORT AND DISTRIBUTION | www.charlestonbusiness.com
South Carolina’s export market share in 2020 21 % of passenger vehicles
exported from the U.S. were exported from S.C., 2020 – 1% from S.C.
– 1% from all other states
38% of tires
exported from the U.S. were exported from S.C., 2020 – 1% from S.C.
– 1% from all other states
Source: S.C. Department of Commerce
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IMPORT, EXPORT AND DISTRIBUTION
63
Distribution and logistics in South Carolina $37.2 billion economic impact $1.5 billion
Announced capital investments by transportation, distribution and logistics (TDL) firms in S.C., 2011-2020
139,650 South Carolinians employed in the TDL business
208 million People within two days’ drive of South Carolina
41,000 Miles of
2,300 Miles of rail
state-maintained highways
Source: S.C. Department of Commerce
Aerospace industry’s effect on S.C. exports – Total value of S.C. Exports
$45B
– Total value of civilian aircraft, engines, and parts exports
$40B $35B
$32.2B
S.C.’s percent share of the U.S. total of civilian aircraft, engines, and parts exports
$41.5B
2017
$34.6B
2018 22.8%
$30.3B
$30B
13.3%
Since Boeing’s arrival in S.C., civilian aircraft, engines and parts have become the state’s number one export. Boeing’s successes and challenges have a direct — and significant — impact on S.C. exports. Boeing has had multiple challenges recently including the temporary suspension of 737 MAX production after two crashes, the shutting of plants during the pandemic and an airline industry that was reeling as the pandemic took hold. Recently, Boeing decided to move all 787 production to its North Charleston site, which is likely to help their numbers rebound and likely increase S.C. total exports.
$12.4B
$15B
$6.3B
$7.9B $4.0B
$5B
64
2020
29.9%
S.C. EXPORTS HEAVILY RELIANT ON BOEING
$20B
0
2019
THE TREND:
$25B
$10B
19.5%
2017
2018
IMPORT, EXPORT AND DISTRIBUTION | www.charlestonbusiness.com
2019
2020
Source: U.S. Census Bureau
®
20,000-TEU vessels welcome The Leatherman Terminal is now open, significantly enhancing SC Ports’ big ship capabilities and cargo capacity. #TOMORROWISHERE
SCSPA.COM/TOOLKIT
THE WORLD CONNECTS HERE
Medical and Health Care South Carolina’s COVID-19 vaccination rate of just nearly 45% by the middle of 2021 led health, political and community leaders to implore businesses, individuals and families to get vaccinated. The pandemic started as a health care crisis that quickly shifted into an economic crisis as businesses scaled down in 2020, and then struggled to find workers in specific sectors as the state began to reopen in 2021.
FAST FACTS
1,926,140
1,131
Total S.C. residents who have completed vaccination
Number of drug-related overdose
by August 5, 2021, 44.8% of S.C. residents.
deaths in S.C., 2019.
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MEDICAL AND HEALTH CARE | www.charlestonbusiness.com
Workplace Entry Solutions Get back to business – safely. Our workplace entry solutions can help you and your employees feel better about being back in the workplace by taking extra precautions coordinated through our wellness team. | Occupational Health – DOT Physicals – Drug Screens
– Workers’ Compensation – Pre-Employment Physicals
– Injury Care – Physical Therapy
– PPD/TB Gold Tests – OSHA (CAOHC) Hearing Screenings
| Corporate Health & Wellness On-Site Services – Flu Shot Clinics – Biometric Screenings
– Drug Screens – Health Coaching & Education
Contact your Employer Health Services representative today to discuss custom options for your needs.
– On-site Rapid COVID-19 Testing – On-site Medical Centers
– On-site COVID-19 Vaccines
Grand Strand and Lowcountry (843) 238-4520
Midlands (803) 726-0477
Upstate (864) 516-1274
Kitty Howell
Jonathan Pent
Ryan Martin
Director of Business Development
Business Developer
Business Developer
Corporate Health & Wellness (803) 726-3134
Danielle Hickson
Corporate Health and Wellness Manager
Employer Health Services Doctors Care provides occupational medicine and corporate wellness to more than 2,500 companies in South Carolina. We help employers reduce costs through efficient in-center scheduling and on-site service support, driving productivity through convenience.
With more than 50 locations across the state, your employees have unparalleled access to our high quality health care services.
Call toll free: 888-845-6887 Email: Sales@DoctorsCare.com Employers.DoctorsCare.com
COVID-19 in South Carolina
Once vaccines began being adopted in large numbers, reported cases of COVID-19 in S.C. dropped significantly. However, by mid-July cases began rising again due to the highly contagious Delta variant of the virus.
Daily count of total vaccine doses administered and reported, South Carolina 70K
4.5M
7-day moving average in S.C. 7-day moving average in U.S.
4.0M
60K
3.5M 3.0M 40K
2.5M The pace of vaccinations has begun to slowly pick up. This is likely from the resurgence of COVID-19’s Delta variant.
30K COVID-19 20K
10K
SOUTH CAROLINA
1.5M 1.0M 0.5M
STATE PROFILE REPORT | 07.30.2021
0
12/13/20
2.0M
0
1/21/21 3/1/21 4/9/21 5/18/21 67 hospitals are expected to report in South Carolina
6/26/21
8/3/21
HOSPITAL ADMISSIONS
Hospital admissions by age group Because of higher vaccination rates in this age group, those ages 70 and over are a much smaller percentage of the hospitalized compared to the COVID surges that occurred prior to the vaccines.
68
Source: Centers for Disease Control and Prevention
MEDICAL AND HEALTH CARE | www.charlestonbusiness.com
Doses in United States
Doses in South Carolina
50K
7-day moving average of reported COVID-19 cases, by public health region Lowcountry
Midlands
Pee Dee
Upstate
2,000 1,500 1,000 500 0
3/1/20
6/1/20
9/1/20
12/1/20
3/1/21
6/1/21 Source: S.C. Department of Health and Environment Control
2020 SYSTEM STATISTICS Doctors 1,000
Helipads 4
Experience Matters Emergency Rooms 6
Physician Partner Practice Visits 672,975
Surgeries 27,538
Express Care & Walk-In Care Locations 6 Visits 64,104
Outpatient Visits 205.012
Charity Care Giving Nearly $30 million
Teammates 5,974
Hospitals 4 acute & 1 rehab ER Visits 140,393
Beds 667
www.rsfh.com
Facilities 117 + in 5 counties Babies Born 3,327
Based on 2020 data
www.charlestonbusiness.com |
MEDICAL AND HEALTH CARE
69
Opioid crisis in South Carolina Prescription drugs are the leading cause of drug-related overdose deaths. The governor’s office has instituted rules that cover prescribing drugs for patients by doctors in an attempt to curb the abuse of painkillers across the Palmetto State.
Number of drug-related overdose deaths in S.C., 2019 Total
Unintentional
Suicid
1200
1,103
1,131
Number of Deaths
800
876
1,030
1,051
718
679 587
600
573
400
200
91
489
478
85
80
924
36
785
613 629
577
789
Total drug overdoses
123
1,001 1000
Number of drug-related overdose deaths by county, 2019
Charleston
713
2011
2012
106 74
74
66
2013
2014
2015
Note: Total also includes Homicide and undetermined which are not shown on the graph. Source: S.C. Department of Health and Environmental Control
70
Dorchester
Prescription drug overdoses
528
76
65
64
67
34
0 2010
Berkeley
20
MEDICAL AND HEALTH CARE | www.charlestonbusiness.com
2016
2017
2018
2019
Charleston
Berkeley
13 Dorchester
Primary care physicians per capita Primary care physicians include practicing non-federal physicians (M.D.’s and D.O.’s) under age 75 specializing in general practice medicine, family medicine, internal medicine and pediatrics. The ratio represents the number of individuals served by one physician in a county, if the population was equally distributed across physicians. For example, if a county has a population of 50,000 and has 20 primary care physicians, their ratio would be: 2,500:1
= 100 individuals
Berkeley County
3,200 to 1
Dorchester County
Charleston County
2,700 to 1
820 to 1 Source: County Health Rankings & Roadmaps
Proud to Be Recognized As One of America’s Fastest Growing Companies By Inc. 5000 Modern Advertising Agency Powered by Data. 635 Rutledge Ave, #201 Charleston, SC 29403 | digital-ignite.com
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MEDICAL AND HEALTH CARE
71
Business Resources and Government A variety of organizations, government agencies and educational institutions provide information for industrial growth, entrepreneurship and doing business among specific sectors and in different counties and communities. A lot of information found in Market Facts comes from these agencies after being distilled to the most comparative data for the Charleston metro region. Direct help can be found by contacting these organizations, which are dedicated to providing avenues for businesses to locate and expand throughout the region and state by offering reliable information and advice.
FAST FACTS
819,705
$353,544
Total Charleston MSA
Median home sales price in June 2021 in the
population in 2020.
Charleston region, up 22.8% from June 2020.
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Proud to Be Recognized As One of America’s Fastest Growing Companies By Inc. 5000
Modern Advertising Agency Powered by Data. 635 Rutledge Ave, #201 Charleston, SC 29403 | digital-ignite.com
Business Assistance Organizations BCD Council of Governments 5790 Casper Padgett Way North Charleston, SC 29405 843-529-0400 www.bcdcog.com Assist local governments develop local and regional plans within the region, as well as providing local governments with planning and technical support to improve the quality of life in the region Center for Business Research 4922 O’Hear Ave., Suite 101 North Charleston, SC 29405 843-577-2510 www.charlestonchamber.org/commerce/ economic-competitiveness Source for regional economic and demographic data Charleston Angel Partners LLC 469 Double Eagle Trace Seabrook Island, SC 29455 843-478-7483 www.chapsc.com Assists in investing for members and portfolio companies Charleston Digital Corridor 997 Morrison Drive, Suite 200 Charleston, SC 29403 843-607-1264 www.charlestondigitalcorridor.com Community-sourced initiative to attract, nurture and promote the region’s tech economy through an array of programs, products and events while leveraging Charleston’s livability Charleston LDC 2 Race St. Charleston, SC 29403 843-973-7298 www.charlestonldc.org Community-driven nonprofit dedicated to growing the local economy by providing flexible, affordable, customizable loans to small businesses and affordable housing developers in South Carolina Charleston Regional Development Alliance (CRDA) 4401 Belle Oaks Drive, Suite 420 North Charleston, SC 29405 843-767-9300 www.crda.org Full-service economic development organization for Berkeley, Charleston and Dorchester counties; serves as a confidential resource to help streamline the site selection process, assist companies
74
MEL BAR MAR 845 Lowcountry Blvd., Suite P Mount Pleasant, SC 29466 706-248-0720 www.melbarmar.com Norwegian Honorary Consulate 198 E. Bay St., Suite 101 Charleston, SC 29401 843-577-5782 www.norway.no Norwegian Consulate for South Carolina and North Carolina S.C. Works 1930 Hanahan Road, Suite 200 North Charleston, SC 29406 843-574-1800 www.toscc.org Connects businesses, job seekers, and training providers to create a pathway to employment in our region’s leading industries South Carolina Research Authority (SCRA) 315 Sigma Drive Summerville, SC 29486 843-760-3200 www.scra.org Fuel South Carolina’s innovation economy by accelerating technology-enabled growth in research, academia, entrepreneurship and industry U.S. Export Assistance Center 5790 Casper Padgett Way, Suite 220 North Charleston, SC 29406 843-746-3404 www.trade.gov/south-carolina-charleston Network of international trade specialists and commercial officers in 200 cities worldwide that supports exports of American goods and services Women Entrepreneurs Inc. 1415 Rivers Cotton Road Charleston, SC 29412 706-248-0720 www.womenentrepreneursinc.com Investment to be connected to a community of women to succeed; now seeking members, speakers and partners Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.
BUSINESS RESOURCES AND GOVERNMENT | www.charlestonbusiness.com
S.C. Trade Associations American Institute of Architects South Carolina Chapter 803-252-6050 Promote a culture of mentorship and collaboration among our members, in order to support personal and professional development across all firms and career stages American Lung Association in South Carolina 843-556-8451 Save lives by improving lung health and preventing lung disease Associated Builders & Contractors of the Carolinas 704-367-1331 Represent the interest of merit shop contractors and its employees in the protection and enhancement of the free enterprise system within the construction industry, policy making process of government provision of educational, marketing and informational programs Carolina Credit Union League 800-822-8859 Primary advocate for credit unions, focusing members’ collective political voice Carolina Ready Mixed Concrete Association 704-717-9199 Supports the continued expansion and improvement of the ready mixed industry in the Carolinas through product promotion, industry advocacy, education and technical services Carolinas AGC Inc. 704-372-1450 Providing business development opportunities, helping contractors manage their workforce and advocating for a legal and regulatory environment that ensures contractors success Home Builders Association of South Carolina 843-572-1414 A professional, non-profit; promoting housing for people of all income levels and the production of quality homes Independent Banks of South Carolina 803-537-0414 Advocate for and represent independent community banks in South Carolina
Independent Insurance Agents & Brokers of South Carolina 803-731-9460 Provide members with the tools, knowledge and protection they need to serve clients effectively and build a successful agency Manufactured Housing Institute 803-771-9046 Maximize opportunities for South Carolinians to enjoy the benefits of factorybuilt homes Maritime Association of South Carolina 843-577-7678 A member-based trade association which connects the Maritime Association industry and entities who support maritime commerce Mental Health America of South Carolina 843-974-4683 Improving the lives of people with mental illness in South Carolina, promoting mental health, preventing mental disorders and achieving victory over mental illness through advocacy, education, research and service Mining Association of South Carolina 803-772-5354 Promotes harmony within the industry and with the general public consistent with high standards of responsibility and integrity Municipal Association of South Carolina 803-799-9574 Offer the services, programs and tools that will give municipal officials the knowledge, experience and tools for enabling the most efficient and effective operation of their municipalities in the complex world of municipal government NAACP South Carolina State Conference 803-754-4584 Ensure the political, educational, social and economic equality of rights of all persons and to eliminate race-based discrimination National Golf Course Owners Association 843-881-9956 Serves as a resource for information and inspiration on how to operate golf facilities as efficiently and profitably as possible
75 Years of Legal Strength
More than 200 professionals serving the Lowcountry and beyond. 205 King Street | Suite 400 | Charleston, SC 29401 (T) 843.577.9440 Mary Shahid | Office Managing Partner
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nexsenpruet.com
National Guard Association of South Carolina 803-254-8456 Serve as the local arm of the National Guard Association of the Unites States to represent and protect the interests of our nation’s defense and SC Citizen Soldiers Palmetto State Teachers Association 803-256-2065 Organized as an alternative to the union, PSTA believes educators should have the right to join a professional association to have their voices heard Printing Industry of the Carolinas PICA 704-357-1150 Provide member companies with opportunities to access value-added resources and services designed to help them be more effective, efficient and profitable S.C. Alliance to Fix Our Roads 803-799-2518 Educate the public and our elected officials about the importance of improving and investing in our transportation infrastructure
S.C. Arts Commission 803-734-8696 Offer resources and support to artists, educators and community groups all across our great state S.C. Asphalt Pavement Association 803-252-2522 A non-profit trade association; protect, promote and advance the progress, interest and welfare of the producers of plant mixed asphalt paving materials S.C. Association of Convenience Stores 803-771-4438 Dedicated to unifying, serving and representing the convenience store industry of South Carolina S.C. Association of Counties 803-252-7255 Empower county officials through advocacy, education and collaboration S.C. Association of CPAs 803-791-4181 Protect and promote the value of the CPA credential S.C. Association of Health Underwriters 843-779-7009 Represents those individuals engaged in providing products and services that help finance the cost of health care for South Carolina consumers
S.C. Association of Nurse Anesthetists 803-931-0696 Promote continuing education among CRNAs in South Carolina S.C. Association of Railroads 843-727-2067 Bring information about our industry and its vital economic importance to the South Carolina legislature, government agencies and the general public S.C. Association of Realtors Inc. 803-772-5206 Ensure that the products, programs and services provided to members contributes to their success as real estate professionals S.C. Association of School Administrators 803-798-8380 Strive to have great leaders in every school and district in South Carolina who ensure the success of every student S.C. Association of Tire Dealers & Retreaders 803-748-9700 Advance and safeguard the business interests of Independent Tire Dealers and Retreaders and to promote cooperative relationships among those in the industry
Local and Family-Owned
76
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S.C. Association of Tourism Regions 800-868-8118 Promote and develop travel and tourism as an economic development activity in all areas of South Carolina S.C. Automobile Dealers Association 803-252-0205 Advocates on behalf of its members in public policy, regulatory issues and economic developments impacting the automotive industry S.C. Bankers Association 803-779-0850 Professional trade association organized to effectively represent the common interest and welfare of the banking industry in South Carolina and to promote the professional development of its members and their employees S.C. Bar 803-799-6653 Continually improve the administration of justice throughout the State S.C. Beer Wholesalers Association 803-779-3373 A non-profit trade association representing the State’s independent beer wholesalers S.C. Broadcasters Association 803-732-1186 The trade association for radio and television stations in the state of South Carolina
S.C. Cable Television Association 803-708-4851 A non-profit trade association whose members joined together to advance the common interests of the cable industry in South Carolina S.C. Chapter Alzheimer’s Association 843-571-2641 Eliminate Alzheimer’s disease through the advancement of research; provide and enhance care and support for all affected; educe the risk of dementia through the promotion of brain health S.C. Dental Association 803-750-2277 Represents member dentists in order to promote and provide optimal oral health care to all citizens of the state of South Carolina by serving as an advocate to advance the profession of dentistry S.C. Economic Developers Association 803-929-0305 A not for profit organization of members whose primary objective is to increase the effectiveness of individuals involved in the practice of economic development in South Carolina by encouraging cooperation, exchange of information and promotion of professional skills
S.C. Education Association 803-772-6553 Advocate for quality public education in South Carolina S.C. Farm Bureau Federation 803-936-4350 Promote agricultural interests in the state of South Carolina and optimize the lives of those involved in agriculture while being respectful to the needs and concerns of all citizens of our state S.C. Forestry Association 803-798-4170 Supporting SC’s wood and paper products industry including manufacturers, timberland owners, foresters, wood dealers and logging companies by promoting sustainable forestry, use of wood and paper products, and working forests S.C. Golf Association 803-732-9311 Promote, preserve and serve the game of golf S.C. Health Care Association 803-772-7511 Empower our members to help improve their patients’ lives by delivering healing and compassionate care to the state’s most vulnerable population - the elderly, frail and disabled
S.C. Hospital Association 803-796-3080 A private, not-for-profit organization made up of member hospitals and health systems and personal members associated with our institutional members; serve as the collective voice of the state’s hospital community S.C. Independent Colleges & Universities Inc. 803-799-7122 Provide information and resources to assist students and parents, while promoting independent higher education in South Carolina
S.C. Medical Association 803-798-6207 Provides a voice for the medical profession and creates opportunities to improve the health of all South Carolinians S.C. Newspaper Network 803-750-9561 Helping advertisers use newspapers effectively and efficiently S.C. Nursery & Landscape Association 803-743-4284 Education and research for nursery and landscape professionals in South Carolina
S.C. Law Enforcement Officers Association 803-781-5913 A professional association of law enforcement officers that have the common goal of advancing and enhancing the law enforcement profession in South Carolina S.C. Manufacturers Alliance 803-799-9695 Provides a vehicle for all manufacturers to advocate their interests at the legislative, regulatory and executive levels in South Carolina
S.C. Nurses Association 803-252-4781 Represent all South Carolina registered nurses in a membership organization to promote and advocate the role of the registered nurse to improve health for all S.C. Optometric Physicians Association 803-799-6721 Preserve, promote and advance the profession of optometry ensuring access to quality eye care in South Carolina S.C. Petroleum Council - Division of API 803-799-9588 To promote safety across the industry globally and to influence public policy in support of a strong, viable U.S. oil and natural gas industry
on
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S.C. Petroleum Marketers Association 803-765-9570 The voice for the petroleum marketers in South Carolina S.C. Pharmacy Association 803-354-9977 Serve its members, enabling them to advance the practice and science of pharmacy S.C. Poultry Federation 803-779-4700 Preserve, promote and protect the activities that bring value to stakeholders of the poultry industry in the State of South Carolina S.C. Primary Health Care Association 803-788-5058 Represent public and private partnerships working together to improve the health status of their respective communities S.C. Restaurant & Lodging Association 803-765-9000 Provide superior value and effective communication by being the voice of the foodservice and lodging industry in government and public relations, educational programs, offering operational benefits and creating opportunities for member involvement
S.C. School Boards Association 803-799-6607 Advocating for quality public education while ensuring excellence in school board performance through training and service S.C. Society of Professional Land Surveyors 803-771-4271 Advance the public welfare and the professional, social and economic interests of the Land Surveyor by promotion of education, legislation and public relations through the establishment and maintenance of high ethical standards and practices S.C. Specialty Food Association 803-734-2144 Non-profit association seeks to further the development and awareness of the South Carolina specialty foods industry through education, networking, peer support/ mentoring and promotions S.C. Telecommunications & Broadband Association 803-779-7282 Pursue statewide strategies that encourage the deployment of technologies that will enable SCTBA members to be the best providers of telecommunication and broadband products and services to South Carolina
S.C. Timber Producers Association 803-957-9919 Serve as the voice for timber harvesting and allied timber businesses; advance the ability of its members to professionally, ethically, efficiently, safely, environmentally and profitably harvest, produce and transport timber; providing continuing educational and training opportunities S.C. Trucking Association Inc. 803-799-4306 Advocate, educate and collaborate for successful trucking operations in S.C. South Carolina Home Care & Hospice Association 919-848-2355 Representing providers of home health, hospice, palliative care and personal care services South Carolina Vending Association SCVA 803-252-1087 Members can benefit from activities designed to keep them informed on industry issues that affect their businesses
Transportation Association of South Carolina Comprised of numerous entities involved in the business of providing quality transportation services United Way Association of South Carolina 803-929-1000 Maximize the capacity and effectiveness of local United Ways and provide leadership on issues that impact the quality of life of South Carolina residents Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. Researched by Paige Wills.
South Eastern Fabricare Association 877-707-7332 Serving professional drycleaners and launderers throughout the Southeast
ONE COMPANY. MANY SOLUTIONS. Audio • Video • Lighting • Staging • Scenic • Projection 843.554.3466 | pdastage.com
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BUSINESS RESOURCES AND GOVERNMENT | www.charlestonbusiness.com
Chambers of Commerce
Chambers in the Charleston Area, Ranked by No. of Members Chamber
Phone / Website / Email
Top Local Official(s) / Year Founded
No. of Members
Greater Summerville / Dorchester County Chamber of Commerce 402 N. Main St. Summerville, SC 29483
843-873-2931 www.greatersummerville.org membership@greatersummerville.org
Kevin Szostak, Caroline Titze, Rita C Berry 1922
Berkeley Chamber of Commerce P.O. Box 968 Moncks Corner, SC 29461
843-577-9549 www.berkeleysc.org info@berkeleysc.org
Mount Pleasant Chamber of Commerce P.O. Box 1635 Mount Pleasant, SC 29465
Geographic Coverage
Mission Statement
674
Greater Summerville; Dorchester, Berkeley and Charleston counties
Protect and promote the quality of life in the community, with specific emphasis in improving economic vitality and providing a favorable business climate
Elaine M. Morgan 1977
430
Greater Berkeley County
Serve as the voice of our members and business community in matters of economic development, education and legislative concerns; support and promote the success of our members through Chamber programs, professional development and leadership
843-800-2258 www.mountpleasantchamber.org info@mountpleasantbusiness.com
Chris Staubes, Eddie Phipps, Jennifer Maxwell 1992
335
Mount Pleasant, Daniel Island, Awendaw, McClellenville, Sullivans Island, Isle of Palms
Encouraging business and community success East of the Cooper
Tri-County Regional Chamber of Commerce - St. George 225 N. Parler Ave. St. George, SC 29477
843-563-8187 www.tri-crcc.com tricounty@tri-crcc.com
Mike Kullenberg, Sandy C. Price 1992
322
Berkeley, Dorchester and Orangeburg counties
To take a proactive role in improving the general welfare, prosperity and quality of life for all citizens of the Tri-County Regional Chamber of Commerce area
Edisto Chamber of Commerce 42 Station Court Edisto Island, SC 29438
843-869-3867 www.edistochamber.com chamber@edistochamber.com
Chelsea Ward Harrison 1987
207
Edisto Beach and Edisto Island
Promoting member businesses in our community and to the tourism industry; represent our members' voices in our local government; providing and sharing resources, leads, referrals and networking opportunities
North Charleston Chamber of Commerce 7679 Dorchester Road, Suite 400 North Charleston, SC 29418
843-410-0321 www.northcharlestonchamber.org info@northcharlestonchamber.org
Steve Nettles, Alan Thompson 2016
150
City of North Charleston and surrounding community
A catalyst for the economic growth of our members and the community through education; exchanging ideas and information; sharing experiences and solutions; networking and recognition
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.
Researched by Business Journal staff
Economic Development Organizations Ranked by No. of Employees in the Charleston Area Company
Phone / Website / Email
Top Local Official(s) / Year Founded
South Carolina Research Authority (SCRA) 315 Sigma Drive Summerville, SC 29486
843-760-3200 www.scra.org info@scra.org
Bob Quinn 1983
40
Fuel South Carolina’s innovation economy by accelerating technology-enabled growth in research, academia, entrepreneurship and industry
Charleston Regional Development Alliance (CRDA) 4401 Belle Oaks Drive, Suite 420 North Charleston, SC 29405
843-767-9300 www.crda.org alliance@crda.org
David T. Ginn 1995
14
Full-service economic development organization for Berkeley, Charleston and Dorchester counties; serves as a confidential resource to help streamline the site selection process, assist companies with issues such as buildings and sites, financing, talent attraction and workforce training; builds long-term prosperity by attracting the world’s best companies, talent and entrepreneurs
Charleston County Economic Development 4000 Faber Place Drive, Suite 200 North Charleston, SC 29405
843-958-4511 www.charlestoncountydevelopment.org info@charlestoncountydevelopment.org
Steve Dykes 1993
10
Charleston County Economic Development's mission is to lead the advancement of economic growth and shared prosperity in Charleston County
Charleston LDC 2 Race St. Charleston, SC 29403
843-973-7298 www.charlestonldc.org info@charlestonldc.org
Cindi Rourk 1979
8
The Charleston LDC is a not-for-profit community development lender whose mission is to ensure access to capital for small businesses and affordable housing developments that cannot secure traditional financing; serving the entire state of South Carolina, the LDC has more than 40 years of history lending to entrepreneurs who have been turned away from for-profit banks
South Carolina Association for Community Economic Development P.O. Box 20577 Charleston, SC 29413
843-579-9855 www.scaced.org kate@scaced.org
Bernie Mazyck 1994
6
Through our network of members and partner organizations, SCACED strives to improve the quality of life for low-wealth families and communities by advancing community economic development and public policy in South Carolina
Berkeley County Economic Development 1003 U.S. Hwy 52 N. Moncks Corner, SC 29461
843-719-4175 www.berkeleycountysc.gov webec@berkeleycountysc.gov
Kristen Lanier 1995
5
The Economic Development Department is directly responsible for industry attraction, retention, expansion and workforce development; we work in partnership with key stakeholders to ensure that Berkeley County has what businesses and industries need to succeed
Dorchester County Economic Development 402 N. Main St. Summerville, SC 29483
843-875-9109 www.dorchesterforbusiness.com info@dorchesterforbusiness.com
John M. Truluck 1989
5
Creating an environment that supports new business growth and retention, enabling companies to succeed for generations; working to strengthen and prepare our community for the future and providing our citizens with the opportunities to grow and prosper in Dorchester County
SCBIO 22 Westedge St., Suite 400 Charleston, SC 29403
864-397-5101 www.scbio.org info@scbio.org
Erin Ford 2010
4
To build the nation's most industry-friendly and innovative life sciences ecosystem and business environment to fuel the knowledge economy in South Carolina
Charleston Digital Corridor 997 Morrison Drive, Suite 200 Charleston, SC 29403
843-607-1264 www.charlestondigitalcorridor.com info@charlestondigitalcorridor.com
Elaine Whitfield, Ernest G. Andrade 2001
3
Community-sourced initiative to attract, nurture and promote the region's tech economy through an array of impactful programs, products and events while leveraging Charleston's renowned livability; focused on creating the business, education and social environment that is attractive to tech and tech-related companies and leverages its care
Employees
Mission Statement
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.
www.charlestonbusiness.com |
Researched by Business Journal staff
BUSINESS RESOURCES AND GOVERNMENT
79
Legislative Representatives S.C. Governor
Henry D. McMaster (R) State House 1100 Gervais St. Columbia, SC 29201 803-734-2100 www.governor.sc.gov
S.C. Lieutenant Governor
STATE SENATE All addresses are in Columbia, SC 29201
Pamela Evette (R) State House 1100 Gervais St. Columbia, SC 29201 803-734-2100 www.governor.sc.gov
Ronnie A. Sabb (D) District No. 32 —Berkeley, Florence, Georgetown, Horry and Williamsburg counties 504 Gressette Building 803-212-6032 RonnieSabb@scsenate.gov
U.S. SENATE
Stephen L. Goldfinch (R) District No. 34 —Charleston, Georgetown and Horry counties 513 Gressette Building 803-212-6172 StephenGoldfinch@scsenate.gov
Lindsey Graham (R) 290 Russell Senate Office Building Washington, DC 20510 202-224-5972 www.lgraham.senate.gov Local office: 530 Johnnie Dodds Blvd., Suite 202 Mount Pleasant, SC 29464 843-849-3887 Tim Scott (R) 104 Hart Senate Office Building Washington, DC 20510 202-224-6121 855-425-6324 www.scott.senate.gov Local office: 2500 City Hall Lane, 3rd Floor Suite North Charleston, SC 29406 843-727-4525
U.S. HOUSE OF REPRESENTATIVES Nancy Mace (R) 1st Congressional District – Beaufort, Berkeley, Charleston, Colleton, and Dorchester counties 212 Cannon House Office Building Washington, DC 20515 202-225-3176 mace.house.gov Local Office 2000 Sam Rittenberg Blvd., Suite 3002 Charleston, SC 29407 843-352-7572
80
Local Office 176 Brooks Blvd. Santee, SC 29142 803-854-4700
James E. Clyburn (D) 6th Congressional District – Allendale, Bamberg, Beaufort, Berkeley, Calhoun, Charleston, Clarendon, Colleton, Dorchester, Hampton, Jasper, Orangeburg, Richland, Sumter and Williamsburg counties 200 Cannon House Office Building Washington, DC 20515 202-225-3315 clyburn.house.gov
Lawrence K. “Larry” Grooms (R) District No. 37 — Berkeley and Charleston counties 203 Gressette Building 803-212-6400 LarryGrooms@scsenate.gov Sean M. Bennett (R) District No. 38 — Berkeley, Charleston and Dorchester counties 205 Gressette Building 803-212-6410 SeanBennett@scsenate.gov Vernon Stephens (D) District No. 39 — Berkeley, Calhoun, Colleton, Dorchester and Orangeburg counties 606 Gressette Building 803-212-6024 VernonStephens@scsenate.gov Sandy Senn (R) District No. 41 — Charleston and Dorchester counties 601 Gressette Building 803-212-6116 SandySenn@scsenate.gov Marlon E. Kimpson (D) District No. 42 — Charleston and Dorchester counties 508 Gressette Building 803-212-6132 MarlonKimpson@scsenate.gov George E. “Chip” Campsen III (R) District No. 43 — Berkeley, Charleston and Colleton counties 305 Gressette Building 803-212-6340 ChipCampsen@scsenate.gov
BUSINESS RESOURCES AND GOVERNMENT | www.charlestonbusiness.com
Brian Adams (R) District No. 44 — Berkeley, Charleston and Dorchester counties 613 Gressette Building 803-212-6056 BrianAdams@scsenate.gov
Joseph H. Jefferson Jr. (D) District No. 102 — Berkeley and Dorchester counties 304B Blatt Building 803-734-2936 JosephJefferson@schouse.gov
Margie Bright Matthews (D) District No. 45 — Allendale, Beaufort, Charleston, Colleton, Hampton and Jasper counties 502 Gressette Building 803-212-6108 MargieBrightMatthews@scsenate.gov
Lee Hewitt (R) District No. 108 – Charleston and Georgetown counties 327D Blatt Building 803-212-6297 LeeHewitt@schouse.gov
STATE HOUSE OF REPRESENTATIVES All addresses are in Columbia, SC 29201 JA Moore (D) District No. 15 — Berkeley and Charleston counties 432A Blatt Building 803-212-6890 JAMoore@schouse.com Joseph S. Daning (R) District No. 92 – Berkeley County 310C Blatt Building 803-734-2951 JoeDaning@schouse.gov Gil Gatch (R) District No. 94 – Charleston and Dorchester counties 310A Blatt Building 803-212-6871 GilGatch@schouse.gov Mandy W. Kimmons (R) District No. 97 – Colleton and Dorchester counties 310A Blatt Building 803-212-6973 MandyKimmons@schouse.gov Chris Murphy (R) District No. 98 – Dorchester County 3O8D Blatt Building 803-212-6925 ChrisMurphy@schouse.gov Marvin “Mark” Smith (R) District No. 99 — Berkeley and Charleston counties 327A Blatt Building 803-212-6719 MarvinSmith@schouse.gov Sylleste H. Davis (R) District No. 100 — Berkeley County 414C Blatt Building 803-212-6930 SyllesteDavis@schouse.gov
Deon T. Tedder (D) District No. 109 — Charleston and Dorchester counties 328A Blatt Building 803-212-6721 DeonTedder@schouse.gov William Scott Cogswell Jr. (R) District No. 110 – Charleston County 310B Blatt Building 803-212-6950 WilliamCogswell@schouse.gov Wendell G. Gilliard (D) District No. 111 – Charleston County 328B Blatt Building 803-212-6793 WendellGilliard@schouse.gov Joseph M. “Joe” Bustos (R) District No. 112 – Charleston County 308A Blatt Building 803-212-6880 JosephBustos@schouse.gov Marvin R. Pendarvis (D) District No. 113 — Charleston and Dorchester counties 328A Blatt Building 803-212-6716 MarvinPendarvis@schouse.gov Linda “Lin” Bennett (R) District No. 114 — Charleston and Dorchester counties 414D Blatt Building 803-212-6948 LinBennett@schouse.gov Elizabeth “Spencer” Wetmore (D) District No. 115 – Charleston County 422A Blatt Building 803-212-6872 ElizabethWetmore@schouse.gov Chardale R. Murray (D) District No. 116 – Charleston and Colleton counties 330A Blatt Building 803-212-6817 ChardaleMurray@schouse.gov
Krystle N. Matthews (D) District No. 117 — Berkeley and Charleston counties 414A Blatt Building 803-212-6879 KrystleSimmons@schouse.gov
Attorney General Alan Wilson Rembert Dennis Building 1000 Assembly St., Room 519 803-734-3970 info@scag.gov www.scag.gov
Leonidas E. “Leon” Stavrinakis (D) District No. 119 — Charleston County 522C Blatt Building 803-734-3039 LeonStav@schouse.gov
S.C. Comptroller General Richard Eckstrom 305 Wade Hampton Office Building 1200 Senate St. 803-734-2121 cgoffice@cg.sc.gov www.cg.sc.gov
OTHER CONSTITUTIONAL OFFICERS All addresses are in Columbia, SC 29201 unless noted. Secretary of State Mark Hammond Edgar Brown Building 1205 Pendleton St., Suite 525 803-734-2170 www.scsos.com State Treasurer Curtis M. Loftis Jr. Wade Hampton Building 1200 Senate St., Suite 214 803-734-2101 treasurer@sto.sc.gov www.treasurer.sc.gov
State Superintendent of Education Molly Spearman Rutledge Building 1429 Senate St. 803-734-8500 SCSuptED@ed.sc.gov ed.sc.gov Commissioner of Agriculture Hugh E. Weathers Wade Hampton Building 1200 Senate St., 5th Floor P.O. Box 11280 Columbia, SC 29211 803-734-2190 hweathe@scda.sc.gov agriculture.sc.gov
Adjutant General Maj. Gen. Van McCarty 1 National Guard Road 803-806-4217 www.scguard.com
Charleston SC Works Center 1930 Hanahan Road, Suite 200 North Charleston, SC 29406 843-574-1800
OTHER STATEWIDE OFFICES S.C. Secretary of Commerce Harry M. Lightsey III 1201 Main St., Suite 1600 803-737-0400 info@sccommerce.com www.sccommerce.com
Berkeley SC Works Center 325 E. Main St. Moncks Corner, SC 29461 843-761-4400 Dorchester SC Works Center 1325 Boone Hill Road, Suite A Summerville, SC 29483 843-574-1800
Commerce Director of Targeted Rural Strategy and Special Projects Maceo Nance, director 1201 Main St., Suite 1600 803-737-0440 mnance@sccommerce.com www.sccommerce.com S.C. Department of Employment and Workforce Executive Director Dan Ellzey 1550 Gadsden St. P.O. Box 995 Columbia, SC 29202 803-737-2400 dew.sc.gov dellzey@dew.sc.gov
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BEST ADVICE
VOLUME 27 NUMBER 3 ■ CHARLESTONBUSINESS.COM
More consolidation
Cummins to bring Memphis operations to North Charleston facility. Page 5
Bobby Cummings, founder, president Cummings Wealth Management Part of the
network
By Teri Errico
G
Trident Technical College plans to use space at the college’s Berkeley campus to provide a course for commercial driver training. (Photo/File)
INSIDE
Upfront ................................ 2 SC Biz News Briefs ................ 3 Best Advice .......................... 4 In Focus: Architecture, Engineering and Construction ............... 13 List: Engineering Firms ......24 At Work ..............................29 Viewpoint ........................... 31
Home office tax deductions require more than COVID By Teri Errico Griffis
T
Metal merger
New era
FEBRUARY 8 -21, 2021 ■ $2.25
Griffis principal, Pernice Adams, offered tgriffis@scbiznews.com a life-changShe described the moment ing intervention. Adams encouraged she fell in the teen love with engineering to apply her skill set toward as a literal light bulb rowing up, Wysheka Austin pre-engineering moment — loved classes and connected connecting wires and batteries her with a teacher that class drawing, and excelled in math in to make her first bulb illuminate. and could provide hands-on experience. science. But she had no idea Today, Austin has carried that how to Austin admits she’d never heard passion into translate those skills into a career. of engi- a senior operations She consid- neering before manager at General Electhen. ered architecture. tric and is one of two Clemson “You don’t necessarily have alumni being With few resources at home to see where honored at the to guide her, you’re going BEYA STEM Global Competin order to go, though,” she said Austin turned to her career center where her of taking that first class. See ENGINEERING, Page 6
By design
Chernoff Newman restructures, sees shifts in executive leadership team. Page 11
PAGE 4
Bringing representation into STEM sector
Charleston’s new architect immersing herself in design of historic city. Page 8
Summerville metal company purchased by New Yorkbased company. Page 7
Sign up for the electronic CRBJ business lists and spend more time building your business and less time endlessly scouring the internet on your own.
MOVING STUFF
tgriffis@scbiznews.com
he IRS may have pushed the start of tax season to Feb. 12, but it’s never too early to start preparing — especially if you’re thinking about writing off your home office as a tax deduction.
Trident Technical College receives $1 million foundation grant for the Truist Transportation and Logistics Center, the first part of a multiphase plan to renovate the 38-year-old Berkeley campus into a training facility for high-demand jobs. Page 10
CRBJ
T
Millions of Americans have been forced to work from home for most of 2020 because of the pandemic shutdowns, but that doesn’t mean W2 workers can suddenly claim their home office — especially when it’s a makeshift set up on your dining room table, local tax professionals said. With the Targeted Jobs and Tax Cut Act of 2018, W2 employees can no longer write off their home office, said Clint Hulsey, tax tor at Atlantic Coast Tax & Accounting direcInc. in West Ashley.
“It used to be that if you worked for an employer and had a W2 from them, and worked from home some of the time and out of that office, you were able to deduct some of those expenses, even working on behalf of your employer,” Hulsey said. “Things changed with the new tax laws in 2018. ” While some may be disappointed they can’t See HOME, Page 9
CHARLESTON UNDER CONSTRUCTION Who is building what in the Charleston area? Projects, companies, prices, projected timelines, photos and stories. Page 13
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POWER TO GROW
With resources like low-cost, reliable power, creative incentive packages and a wide-ranging property portfolio, Santee Cooper helps South Carolina shatter the standard for business growth. In fact, since 1988, Santee Cooper has worked with the state’s electric cooperatives and other economic development entities to generate more than $15.3 billion in investment and helped bring more than 83,000 new jobs to our state. It’s how we’re driving Brighter Tomorrows, Today.
POWERING
SOUTH CAROLINA
www.poweringSC.com
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BUSINESS RESOURCES AND GOVERNMENT
81
County Governments BERKELEY COUNTY GOVERNMENT
CHARLESTON COUNTY GOVERNMENT
Supervisor Johnny Cribb 1003 U.S. Highway 52 Moncks Corner, SC 29461 843-719-4094 johnny.cribb@berkeleycountysc.gov www.berkeleycountysc.gov
Lonnie Hamilton III Public Services Building 4045 Bridge View Drive North Charleston, SC 29405 843-958-4000 www.charlestoncounty.org
County Council Dan Owens, District 1 dan.owens@berkeleycountysc.gov Joshua Whitley, District 2 843-696-9094 josh.whitley@berkeleycountysc.gov Phillip Obie II, District 3 843-532-6243 phillip.obie@berkeleycountysc.gov Tommy Newell, District 4 843-442-2109 tommy.newell@berkeleycountysc.gov Brandon Cox, District 5 brandon.cox@berkeleycountysc.gov Jack H. Schurlknight, District 6 843-830-1804 jack.schurlknight@berkeleycountysc.gov Caldwell Pinckney Jr., District 7 803-492-3150 caldwell.pinckney@berkeleycountysc.gov Steve C. Davis, District 8 843-761-7727 steve.davis@berkeleycountysc.gov Economic Development Kristen Orvin Lanier, director 1003 U.S. Highway 52 Moncks Corner, SC 29461 843-719-4301 kristen.lanier@berkeleycountysc.gov www.berkeleymeansbusiness.com Auditor Janet Brown Jurosko P.O. Box 6122 1003 U.S. Highway 52 Moncks Corner, SC 29461 843-719-4309 janet.jurosko@berkeleycountysc.gov Treasurer Carolyn Umphlett P.O. Box 6122 1003 U.S. Highway 52 Moncks Corner, SC 29461 843-719-4040 carolyn.umphlett@berkeleycountysc.gov
82
East Cooper Service Center 1189 Sweetgrass Basket Parkway, Suite 400 Mount Pleasant, SC 29466 North Area Service Center Lonnie Hamilton III Public Services Building 4045 Bridge View Drive Charleston, SC 29405 St. Paul’s Service Center 5962 S.C. Highway 165, Suite 300 Ravenel, SC 29470 Administrator Bill Tuten 843-958-4000 www.charlestoncounty.org County Council Herbert Ravenel “Herb” Sass III, District 1, vice chairman 843-766-7500 hsass@charlestoncounty.org Dickie Schweers, District 2 843-513-9229 dickieschweers@tds.net Robert L. Wehrman, District 3, chairman 843-958-4030 rlwehrman@charlestoncounty.org Henry Darby, District 4 843-901-6793 henrydarby@msn.com Teddie E. Pryor Sr., District 5 843-958-4030 tpryor@charlestoncounty.org
Economic Development Steve Dykes, executive director 4000 Faber Place Drive, Suite 200 North Charleston, SC 29405 843-958-4511 sdykes@charlestoncounty.org www.charlestoncountydevelopment.org Auditor Peter Tecklenburg O.T. Wallace County Office Building 101 Meeting St., Room 101 Charleston, SC 29401 843-958-4200 ptecklenburg@charlestoncounty.org Treasurer Mary Tinkler O.T. Wallace County Office Building 101 Meeting St., Room 108 Charleston, SC 29401 843-958-4360 mtinkler@charlestoncounty.org
DORCHESTER COUNTY GOVERNMENT St. George Office (Main): Kenneth F. Waggoner Building 201 Johnston St. St. George, SC 29477 Summerville Office: Human Services Building 500 N. Main St. Summerville, SC 29483 843-563-0100 www.dorchestercountysc.gov Administrator Jason L. Ward 201 Johnston St. St. George, SC 29477 843-563-0100
Kylon Jerome Middleton, District 6 843-325-4577 kmiddleton@charlestoncounty.org
County Council Harriet Holman, District 1 843-563-0196 HHolman@DorchesterCountySC.gov
C. Brantley Moody, District 7 843-270-2483 bmoody@charlestoncounty.org
David Chinnis, District 2, vice chairman 843-801-2326 DChinnis@DorchesterCountySC.gov
Anna B. Johnson, District 8 843-795-3970 ajohnson@charlestoncounty.org
George Bailey, District 3, chairman 843-563-2314 GBailey@DorchesterCountySC.gov
Jenny Costa Honeycutt, District 9 843-693-6447 jhoneycutt@charlestoncounty.org
Todd Friddle, District 4 843-805-2258 SFriddle@DorchesterCountySC.gov
BUSINESS RESOURCES AND GOVERNMENT | www.charlestonbusiness.com
Eddie Crosby, District 5 843-832-0196 ECrosby@DorchesterCountySC.gov William R. “Bill” Hearn Jr., District 6 843-442-5787 Bill.WRHearn@gmail.com Jay Byars, District 7 843-324-6732 ByarsJ@gmail.com Economic Development John M. Truluck, director 402 N. Main St. Summerville, SC 29483 843-875-9109 jtruluck@dorchestercountysc.gov www.dorchesterforbusiness.com Auditor James “JJ” Messervy Jr. Main Office: 843-563-0118 Summerville Office: 843-832-0118 Treasurer Cindy L. Chitty Main Office: 843-563-0165 Summerville Office: 843-832-0165 cchitty@dorchestercounty.net www.dorchestercountytaxesonline.com
Regional Municipalities Awendaw Mayor Miriam C. Green 6971 Doar Road Awendaw, SC 29429 843-928-3100 miriamcgreen@gmail.com www.awendawsc.org Planning Director: Judy Muldrow, 843-9318125; planningawendaw@tds.net Bonneau Mayor Rembert E. Wrenn 420 Municipal Lane Bonneau, SC 29431 843-825-3385 Clerk to Council: Liz Wrenn, bonneau. clerk@tds.net Charleston Mayor John J. Tecklenburg 80 Broad St. Charleston, SC 29401 843-724-3727 tecklenburgj@charleston-sc.gov www.charleston-sc.gov Clerk to Council: Jennifer Cook, 843-7203830; cookj@charleston-sc.gov Folly Beach Mayor Timothy Goodwin 21 Center St. Folly Beach, SC 29439 843-588-2447 www.cityoffollybeach.com Director of Public Works, Facilities and Building: Eric Lutz, 843-708-9982; elutz@ cityoffollybeach.com Zoning Administrator: Aaron Pope, 843513-1839; apope@cityoffollybeach.com Goose Creek Mayor Gregory S. Habib 519 N. Goose Creek Blvd. Goose Creek, SC 29445 843-797-6220 www.cityofgoosecreek.com City Administrator: Natalie McKelvey Zeigler, 843-797-6220, ext. 1115; nzeigler@ cityofgoosecreek.com Hanahan Mayor Christie Rainwater 1255 Yeamans Hall Road Hanahan, SC 29406 843-554-4221 crainwater@cityofhanhan.com www.cityofhanahan.com City Administrator: Mike Cochran, 843-5765250; mcochran@cityofhanahan.com Harleyville Mayor Charles Ackerman 122 W. Main St. Harleyville, SC 29448 843-462-7676 www.harleyvillesc.com Clerk to Council: Amanda Childers
Hollywood Mayor John Dunmyer III 5150 S.C. Highway 165 Hollywood, SC 29449 843-889-3222 www.townofhollywood.org Planner/Zoning Administrator: Roy DeHaven, planner@townofhollywood.org Isle of Palms Mayor Jimmy Carroll 1207 Palm Blvd. Isle of Palms, SC 29451 843-886-6428 jcarroll@iop.net www.iop.net Administrator: Desiree Fragoso, desireef@ iop.net James Island Mayor Bill Woolsey 1122 Dills Bluff Road James Island, SC 29412 843-795-4141 mayorwoolsey@jamesislandsc.us www.jamesislandsc.us Building Official: John Porcelli, jporcelli@ jamesislandsc.us Planning Director: Kristen Crane, kcrane@ jamesislandsc.us Jamestown Mayor Roy P. Pipkin 7604 S.C. Highway 41 Jamestown, SC 29453 843-257-2233 Clerk to Council: Christine F. Pipkin Kiawah Island Mayor John D. Labriola 4475 Betsy Kerrison Parkway Kiawah Island, SC 29455 843-768-9166 jlabriola@kiawahisland.org www.kiawahisland.org Building Official: Bruce D. Spicher, 7685107; bspicher@kiawahisland.org Lincolnville Mayor Charles B. Duberry 141 W. Broad St. Lincolnville, SC 29485 843-873-3261 cdmayor@bellsouth.net McClellanville Mayor Rutledge B. Leland III 405 Pinckney St. McClellanville, SC 29458 843-887-3712 www.townofmcclellanville-sc.net Zoning Administrator: Kathryn S. Basha, mcclellanvillezoning@tds.net
Meggett Mayor Harry V. “Buster” Herrington 4776 S.C. Highway 165 Meggett, SC 29449 843-889-3622 busterherrington@comcast.net www.townofmeggettsc.org Clerk to Council: Ali Ravenel, clerk@ townofmeggettsc.org
Rockville Mayor Riley A. Bradham P.O. Box 9 Wadmalaw Island, SC 29487 843-214-0539 rileybradham@att.net www.townofrockville.com Town Clerk: Colleen Key St. George Mayor Kevin Hart 305 Ridge St. St. George, SC 29477 843-563-3032 mayor@townofstgeorgesc.org www.saintgeorgesc.org Business License Official: Annette L. Moore, 843-563-7161; g.town@bellsouth.net
Moncks Corner Mayor Michael A. Lockliear 118 Carolina Ave. P.O. Box 700 Moncks Corner, SC 29461 843-719-7900 mike@batesinsg.com www.monckscornersc.gov Town Administrator: Jeffrey V. Lord, 843719-7910; jeff.lord@monckscornersc.gov
St. Stephen Mayor John W. Rivers 124 Hood St. St. Stephen, SC 29479 843-567-3597 jrivers@townofststephen.com Chief Building Official: Henry Jackson
Mount Pleasant Mayor Will Haynie 100 Ann Edwards Lane Mount Pleasant, SC 29464 843-884-8517 whaynie@tompsc.com www.tompsc.com Town Administrator: Eric DeMoura North Charleston Mayor R. Keith Summey 2500 City Hall Lane North Charleston, SC 29406 843-554-5700 mayor@northcharleston.org www.northcharleston.org Clerk to Council: Sandy L. Brown, 843-7402502; slbrown@northcharleston.org Ravenel Mayor Stephen W. Tumbleston 5962 S.C. Highway 165, Suite 100 Ravenel, SC 29470 843-889-8732 stevetumbleston@gmail.com www.townofravenel.com Planning and Zoning Administrator: Michael D. Hemmer, 618-719-6556; mikehammer@comcast.net Reevesville Mayor Paul Wimberly 6800 Johnston Ave. Reevesville, SC 29471 843-563-9122 pwimb@ntinet.com
Seabrook Island Mayor John W. Gregg 2001 Seabrook Island Road Seabrook Island, SC 29455 843-768-9121 jgregg@townofseabrookisland.org www.townofseabrookisland.org Licenses and Permit Specialist: Lynda Stearns, lstearns@townofseabrookisland.org Sullivan’s Island Mayor Patrick M. O’Neil 2056 Middle St. Sullivan’s Island, SC 29482 843-883-3198 oneilp@sullivansisland.sc.com www.sullivansisland.sc.gov Administrator: Andrew Benke, 843-8835726; abenke@sullivansisland.sc.gov Summerville Mayor Ricky Waring 200 S. Main St. Summerville, SC 29483 843-851-4200 rickywaring@summervillesc.gov www.summervillesc.gov Town Administrator: Lisa Wallace
Ridgeville Mayor Clarence Hughes Jr. 105 School St. Ridgeville, SC 29472 843-871-7960 ceh.ridgevillemayor@gmail.com Town Clerk: Sandra Winn, ridgevilleclerk. treasurer@gmail.com
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BUSINESS RESOURCES AND GOVERNMENT
83
Index Real Estate.........................................................................................................6
Education.........................................................................................................48
Days on the market until sale, Jan. 2020 - June 2021................................................................................................ 8
Enrollment analysis of technical colleges and research institutions, 2009 – 2019................................50
Inventory of homes for sale in the Charleston region............................................................................................. 9
Annual college tuition costs.................................................................................................................................................51
Median sales price in the Charleston region...............................................................................................................10
The connection between education, earnings and job security.....................................................................52
New listings in the Charleston region.............................................................................................................................10
Southeast has lowest spending per pupil...................................................................................................................54
Charleston region office market, Q2 2021......................................................................................................................12
Charleston-area school districts, 2019-2020..............................................................................................................55
Office submarket comparison, Q2 2021...........................................................................................................................13 Charleston region industrial market, Q2 2021.............................................................................................................14
Import, Export and Distribution....................................................................56
Charleston-area apartment market.................................................................................................................................15
S.C. State Ports Authority, FY 2020 vs. FY2021...........................................................................................................58
Industrial Buildings...................................................................................................................................................................16
Building the Leatherman Terminal...................................................................................................................................60 South Carolina Ports Economic Impact........................................................................................................................60
Architecture, Engineering and Construction.............................................. 18
South Carolina importing and exporting......................................................................................................................62
New private housing units authorized by building permits Charleston MSA, Jan. 2005 - May 2021......................................................................................20
South Carolina’s export market share in 2020...........................................................................................................63 Distribution and logistics in South Carolina...............................................................................................................64
How builders handle building costs...............................................................................................................................20 Mining, Logging, and Construction employment in Charleston-North Charleston MSA.....................22 New construction homes for sale in the Charleston region, 2016 - 2020....................................................22 Number of construction companies by county........................................................................................................24 Average weekly wage for construction jobs by county........................................................................................25
Medical and Health Care................................................................................66 COVID-19 in South Carolina..................................................................................................................................................68 Opioid crisis in South Carolina...........................................................................................................................................70 Primary care physicians per capita.................................................................................................................................71
Total construction costs for S.C. metro areas.............................................................................................................26 Housing building permits for S.C. metro areas.......................................................................................................... 27 Architecture, engineering and construction related occupations and wages, Charleston MSA....29 S.C. construction costs mostly below U.S. average, 2020...................................................................................30 Charleston under construction...........................................................................................................................................31
Financial Services..........................................................................................34 Charleston area banks by county....................................................................................................................................36 All financial activity employment in Charleston-North Charleston MSA..................................................... 37 What are your chances of getting audited in S.C.?.................................................................................................38 Accounting for S.C.’s finances.............................................................................................................................................39
Demographics and Economic Development...............................................40 Total passengers at Charleston International Airport, Jan. 2019 - May 2021...............................................42 Estimation of tourism’s economic impacts in the greater charleston area, 2020..................................43 South Carolina craft breweries, 2020.............................................................................................................................44 Population growth by county, 2010-2020.....................................................................................................................45 Leisure and Hospitality employment in Charleston-North Charleston MSA, Jan. 2007 - May 2021.............46 South Carolina statewide lodging outlook report, May 2021.............................................................................47
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Business Resources and Government.......................................................... 72 Business Assistance Organizations.................................................................................................................................74 S.C. Trade Associations............................................................................................................................................................74 Chambers of Commerce........................................................................................................................................................79 Economic Develpment Organizations............................................................................................................................79 Legislative Representatives................................................................................................................................................80 County Governments...............................................................................................................................................................82 Regional Municipalities.........................................................................................................................................................83