Charleston Regional Business Journal - January 16, 2023

Economist: Expect ‘inevitable’ recession by 2024

By Andy Owens Contributing Writer

Business owners should expect a recession to hit the U.S. economy in the first half of 2024, a Daniel Island economist said during an annual economic forecast in December.

Stephen Slifer, a former chief economist for Lehman Brothers and former senior economist for the Federal Reserve, told hundreds of business owners, professionals and government officials in Charleston that the national economy continues to remain strong even with rising inflation fears and a looming recession.

“The stock market has gotten whacked pretty good this year,” he said. “Yet, the economy keeps hanging in there.”

If a recession does come in 2024, businesses could experience a recovery during the second half of that year, he said.

Slifer, who writes a column for SC Biz publications and operates a data analytics firm in Charleston, said several indicators that economists watch are predicting a recession.

“When are we expecting some sort of a recession?” Slifer said. “I don’t want to oversimplify this, but there’s a couple of things that I’m looking at. There’s all sorts of leading indicators.”

Slifer said the real funds rate and the yield curve, along with specific federal policy changes, give economists a reason to think a recession will occur in 2024.

The real funds rate is essentially the real interest rate with a subtraction for inflation, which indicates the actual cost of borrowing money and what a lender might expect as a return for lending money. Along with the real funds rate, Slifer said economists also look for an inverted yield curve.

“It’s just the difference between long rates and short rates,” Slifer said. “Usually,

Landmark Enterprises comes up with a strategy that creates a revenue stream for the company, yet keeps the bottom floor of the Old Charleston Jail open and accessible to the public. See Page 6.

(Photo/Jenny Peterson)

Locating SC’s employment centers

The Great Resignation continued to apply pressure to unemployment rates through the last few months of 2022 across South Carolina and the U.S. From June to November, South Carolina’s jobless rate averaged 3.2%, going no higher than 3.3% and as low as 3.1%, data from the S.C. Department of Employment and Workforce show.

South Carolina had a monthly average of 2.3 million workers employed through 11 months of last year, state and federal data show.

The latest numbers from November show 78,153 unemployed workers from a labor pool of nearly 2.4 million, giving the state a jobless rate of 3.3%, the same rate as the previous month. Federal economists say an unemployment rate of between 3% and 5% generally indicates a healthy labor climate, with the Federal Reserve considering anything below 4.1% to be full employment.

South Carolina’s three largest metropolitan areas had more than half of all jobs located in the state, according to data from the SCDEW. Manufacturing, health care, hospitality and retail were the top employment sectors across all of the state’s largest regions, the data show.

The state agency identifies 21 job sectors as the primary employers in South Carolina. Five of those sectors account for more than half of all jobs in the state, including the largest job sector by employment: health care. The top five, respectively, are health care, manufacturing, retail, hospitality and tourism, and education.

Regional employment across SC

South Carolina’s three largest metropolitan areas had more than 52% of all jobs located in the Palmetto State in November, data from the S.C. Department of Employment and Workforce reported

Largest employment sectros in SC metros

Five of South Carolina’s job sectors account for more than half of all jobs in the state, including health care, manufacturing, retail, hospitality and tourism, and education, respectively. Below are the top job sectors in each metro area in the state.

Metro

Greenville Manufacturing 60,328

Columbia Health Care 53,469

Charleston Health Care 48,351

Spartanburg Manufacturing 37,366

Myrtle Beach Hospitality/Tourism 33,338

Florence Health Care 16,696

Hilton Head Hospitality/Tourism 14,386

Sumter Manufacturing 6,828

Source: S.C. Department of Employment and Workforce

“They want to be happy with their jobs and feel connected, they want to understand the mission of their company, they want to be developed, they want proper communication, and I think they have no problem looking elsewhere if their current company can’t provide those things.”

— Herb Dew, CEO of HTI

SC Biz News Briefs

Proposed new building would tower over downtown Greenville skyline

By Krys Merryman kmerryman@scbiznews.com

Anew mixed-use development planned for downtown Greenville would add hundreds of residential units as part of a 19-story tower.

Developers submitted plans to the city of Greenville’s Design Review Board for the proposed 19-story Canvas tower that would sit at 301 College St., right at the corner of North Academy and College streets, adjacent to Buncombe Street, framing the Canvas Lofts and its iconic mural of former Greenville County educator Pearlie Harris.

The project was recently presented to the Greenville Design Review Board, at which, they “conceptually approved the height, massing, and articulation” of the proposed building, according to the city of Greenville.

Developer on the project is Charleston-based The Beach Co., alongside Chicago-based architecture firm Antunovich Associates including Brasfield and Gorrie as the general contractors, landscape architecture from Design Works, and civil engineering from Seamon Whiteside.

The building would consist of 264 apartments and 2,000 square feet of retail space, according to Tim Cotter, The Beach Co. development manager.

“The building will create an elegant architectural anchor at this important location on the new Cultural Corridor,” said Cotter.

The building will also include a full complement of residential amenities including a roof-top terrace with a pool, meeting facilities, exercise area, bicycle storage and repair, and multiple levels of parking for approximately 480 vehicles, according to Cotter.

The estimated project cost is undisclosed.

SC Biz News sent an email request for comment to Antunovich Associates on Thursday morning in which they declined to comment on the project.

According to Cotter, the building project would create hundreds of jobs supporting its construction, improve pedestrian connectivity from Main Street to Heritage Green, and increase access to the many museums and attractions along College Street.

“Future residents will contribute to the economic vitality of downtown, supporting local dining, retail and other small local businesses,” said Cotter.

Following the design review board’s approval on Thursday, The Beach Co. is working toward a late summer construction start date, said Cotter. CRBJ

Reach Krys Merryman at 864-640-4418.

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NLRB ruling falls in favor of longshoremen’s union

By Ross Norton rnorton@scbiznews.com

The International Longshoremen’s Association is calling it a major victory: a National Labor Relations Board decision that means only union members are permitted to operate heavy-lift equipment at the new billion-dollar Leatherman Terminal at the Port of Charleston.

“Today, ILA workers scored a great victory to protect their work jurisdiction while creating the potential to bring hundreds of good paying jobs to ILA-represented workers in the Port of Charleston, S.C., and elsewhere,” ILA International President Harold Daggett said in a statement. “It’s been a long and tough battle, but we have achieved victory for ILA represented workers, upheld our master contact, and protected our members’ work jurisdiction.”

In 2021 the ILA sued the U.S. Maritime Alliance Ltd. — USMX — which represents employers of the East and Gulf

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Coast longshore industry, including the S.C. Ports Authority. Also named in the lawsuit were shipping companies HapagLloyd and OOCL, sued for breach of contract for not using ILA workers at the new terminal, which was dedicated in March.

Carriers in Charleston have been allowed historically to use terminals that do not employ all workers covered by the Longshoremen’s Association contract, according to the ILA news release. So in 2012, the ILA got USMX and the carriers to agree to amend the master contract to promise that they would not utilize any newly built marine terminals that did not hire master contract workers for all master contract work.

S.C. government officials and employers traditionally have worked to keep union activity low in the state, which in fact has the lowest rate of union membership in the country.

The ILA said it will continue to fight for union operators at the terminal if the USMX appeals.

And S.C. Ports President and CEO Barbara Melvin indicated that an appeal

is indeed the next step.

“S.C. Ports Authority is disappointed in the split ruling of the NLRB, which overturned the September 2021 ruling by the administrative law judge that was in favor of S.C. Ports Authority,” Melvin said in a written statement. “We are still assessing the reasoning of the board panel’s opinion, but we intend to appeal to the federal court of appeals in line with the reasoning of the board’s dissenting opinion and the underlying initial ruling, which we believe is more consistent with applicable law and the facts of the case. We therefore remain confident in a favorable ruling from the courts.”

Melvin said the SCPA would continue working with the union.

“Regardless of the current decision, S.C. Ports remains hopeful that we can work with the ILA to achieve a solution that will allow for full utilization of the Leatherman Terminal and preservation of the growth trajectory our port has experienced that creates more jobs for both S.C. Ports employees and ILA members,” she said in the statement. CRBJ

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The state ports have experienced continual growth over the last few years, operating with a mix of union and nonunion employees. (Photo/Kim McManus)

Office space, event space slated for Old Charleston Jail

By Jenny Peterson Contributing Writer

New prime office and event space is actively being leased inside the renovated 200-year-old Old Charleston Jail in downtown Charleston.

Seven years ago, Landmark Enterprises purchased the Old Charleston Jail from an out-of-state investor in an off-market deal with a vision to transform the historic space into unique mixed-use space with modern offices.

The $15 million renovation of the three-story building began in earnest in September 2021 and four office suites on the second floor are set to be ready in March.

The suites will have exposed brick walls, 14 to 16-foot ceilings and metal bars on the windows and bars on some interior doors, the latter of which will be outfitted with custom glass inserts.

“We want to keep the attitude of the building,” said Jonathan Oakman, vice president of development with Landmark Construction and project manager on the renovation.

Event space is planned for the entire third floor. The first floor will remain open for tours by local company Bulldog Tours.

Landmark Enterprises is handling the renovation with the assistance of developer ASH NYC, which has experience in historic renovation. Historic tax credits are being used to help fund the renovation, Oakman said. The general contractor on the project is Charles Blanchard Construction and the architect is Liollio Architecture.

The building served as the Charleston County Jail from its construction in 1802 until 1939. It most recently served as the campus for the American College of the Building Arts.

The jail is on the National Register of Historic Places and historical elements of the three-story Romanesque Revival style structure and towers will remain intact, including a beadboard ceiling, fireplace cutouts in the corners and a historic central metal staircase forged in London and shipped overseas to Charleston.

“(Architects) probably to some degree built the building around the staircase,” Oakman said.

Modern upgrades to the building include adding an elevator within a tower on the side of the building, bathrooms on every floor and installing mini-split units for temperature controls in each suite. The first floor also may include a small café added for grab-and-go sandwiches and salads.

There is a large parking lot on-site to accommodate four cars per 1,000 square feet of leased space for workers and clients and the project will include landscaped gardens, a small wooden pavilion, gathering areas and room for outdoor

events.

“We have an agreement with our neighbor, the Charleston Housing Authority, to use some of the spaces in

the (nearby) alley. If someone wanted to lease one of the 2,000-square-foot suites, they could have nine to 10 parking spaces associated with that,” said Bart Langlois,

a broker with Landmark Enterprises, which is leasing the property.

Langlois said there has been interest in the office space from lawyers and financial planners, especially its location within walking distance to King Street, City Hall and courthouses on Broad Street.

Event planners also have shown interest in use of the third floor of the building.

“We’ve been talking to several of the hotels about using (the third floor) as an off-site conference space,” Langlois said. “However, if someone said, ‘we want the whole third floor for office space, we’d love to talk.’”

Restoring a jail is no small feat. For example, an interior wall that was built between prisoners and where the jailer lived on-site are four feet thick, making cutting out larger openings a challenge. Oakman said historic credits were vital in helping fund renovations.

“This is a poster child project for the historic tax credit program,” Oakman said. “This renovation is a slightly new direction that Landmark is taking. It’s one of the reasons we have the partner out of New York that brings a lot of that experience to the table. But this is a fun new direction.”

Keeping the building multi-use, with office space, event space and tours, allows Landmark Enterprises to keep a varied revenue stream and also keep the building open to the public.

“Everybody is interested in this building and it would be a shame if nobody could get into it anymore because it’s closed off and private,” said Oakman. “If special events are happening, corporate conferences are in town and people want to have lunch here, people will still get to see it.”

The entire third floor of Old Charleston Jail will be event space while Bulldog Tours will provide tours of the first floor of the 1802 structure. (Photo/Jenny Peterson)

Although not used as a jail since 1939, many of the formidable iron bars remain. (Photo/Jenny Peterson)

Choosing Boeing to fulfill large United Airlines Dreamliner order a no-brainer, executives say

By Jenny Peterson Contributing Writer

According to top executives from United Airlines, it was never a question about which airplane manufacturer they would use to fulfill the largest widebody aircraft order by a U.S. carrier in commercial aviation history.

Boeing was selected to build 100 new 787 Dreamliners, with an option for 100 more. During a Dec. 13 high-production event and contract signing at Boeing’s campus in North Charleston with media and hundreds of Boing employees, United Airlines executives touted the decadeslong working relationship between the airline and Boeing.

“It’s been a 90-year relationship. They have the right aircraft (and) they offer them at the right price,” said Gerry Laderman, United Airlines executive vice president. “I wouldn’t even call it negotiating; I don’t negotiate with The Boeing Co. It’s a collaboration.”

The event, held in front of roll-top doors with United airplanes parked in the background, brought executives from both Boeing and United Airlines together on stage to sign a contract for the historic order.

“You ready to build some airplanes?” asked Scott Kirby, United Airlines CEO, to the cheering crowd after the ink had dried.

United expects to take delivery of the new widebody planes between 2024 and 2032. The new aircrafts will replace its existing aging fleet with more efficient planes that can handle a variety of routes

both domestically and abroad. United Airlines can choose among the 787-8, 9 or 10 models, which vary in size.

“If you think about the number of aircraft that we now have on order from

(Boeing) in 2024 alone, one out of every six aircraft being built is being built for United Airlines,” Laderman said to the

An executive vice president for United Airlines said the Boeing Dreamliner’s efficiency makes them money makers for the airline. (Photo/United Airlines)

BOEING

crowd. “I know there’s one question on all your minds — can we actually pay for the aircraft? And I’m here to tell you, ‘Yes, we will have the money,’ and here’s why I know — because the aircraft you build are profit machines. We will make so much money with these aircraft that it’s the more the merrier as far as I’m concerned.”

Andrew Nocella, chief command commercial officer for United Airlines, told the crowd that the new larger, yet more efficient, planes are expected to be a revenue boost for the company.

“The 787-9 model … we fly it from San Francisco to Singapore; from Houston to Sydney. It’s an incredible machine that can do all kinds of long-range routes for us and do so profitably — these aircrafts are incredibly fuel-efficient carbon fiber and they burn up to 25% less emissions than the aircraft they replaced,” Nocella said. “The 787-10 is going to be the star of the show. It can double the cargo; that’s a new profit and revenue source for the company and really important to our bottom line. Its economics are unbeatable.”

Stan Deal, executive vice president of The Boeing Co., said the future will be building planes to run off biofuels.

“By 2030, we’ll have them capable of delivering a hundred percent biofuel,” Deal said.

Kirby reiterated the trust the company has in Boeing as their partner in this historic widebody plane order.

“Not just as an airline CEO, but as an

American

ufacturer,

said. “You’re our largest man-

IT’S

country are represented by what all of you here do each and every day.”

Other top-level executives from United Airlines and Boeing and S.C. Gov. Henry McMaster made speeches about the new fleet and the jobs it will create. The airline expects to take delivery of about 700 new narrow and widebody aircraft by the end of 2032, including an average of more than two every week in 2023 and more than three every week in 2024.

Kirby applauded the employees for working through the tough times over the past several years as COVID-19 severely impacted aviation and travel.

None of the speeches noted how the Federal Aviation Administration halted deliveries for the 787 Dreamliner program in 2021 to look into further production quality issues regarding tiny gaps found between the sections of the fuselage. In August 2022, the FAA said in a statement that Boeing has made the changes needed to resume delivery of the planes.

“The most important word I think when I think about working with Boeing is ‘trust.’ And that’s rare in corporate America these days,” Kirby said. “I have an immense amount of trust for Boeing and I also know that anytime something happens, like what happened with COVID, that all I need to do is pick up the phone and call Boeing and say, ‘I need help with this,’ and they say, ‘OK, tell us what you need to do.’ And that’s what partnership is about. And as much as anything, that trust is the reason we’re standing here today.” CRBJ

Coffee With

citizen, Boeing is one of the most important companies in our country,” Kirby

largest exporter, with great manufacturing jobs and high tech. All the things that we want to do more of in this

Boeing employees heard from a United Airlines VP at a celebration of the plane order. (Photo/Jenny Peterson)

long rates are higher than short rates, so the thing slopes upward. But then the Fed comes along and they start raising rates up, up, up, up, up, go short rates. Eventually short rates get to be higher than long rates and now the curve shows slopes downward. That’s known as an inverted yield curve.”

Slifer said that an inverted yield curve is typically a sign that Fed policy has become “too tight.” He said historically, going back about 50 years, when economists detect an inverted yield curve, a recession is about one year away.

“So both of my warning signals are telling me that something is going to happen by the middle of next year, so for that reason I’m looking for a recession in the first half of 2024,” Slifer said, adding, “No recession for now, but I think it’s inevitable.”

In a year that saw continually rising interest rates, inflation, a battered stock market and late-year massive layoffs, particularly in the tech sector, Slifer’s annual economic forecast sold out.

With several questions coming about federal policy, student loan forgiveness and the status of entitlements such as Medicare, Medicaid, Social Security, federal pensions, including veterans’ benefits, he said the U.S. needs to do better with its monetary policy, including finding the political will to deal with looming insolvency issues with some of those programs. He said the Obama Administration had a possible plan in hand that could have tackled these issues but decided against going forward. He said given the division in Washington, it’s unlikely any lawmakers would have the will to take on such thorny, difficult and costly issues.

Slifer said the status of the economy, with ever rising inflation but not a residual reduction in spending, can be found in the data and monetary policy decisions. Because inflation is tied to the real funds rate as an indicator of a recession, understanding how to navigate and mitigate that could become critical to emerging from an economic downturn.

“The last couple of years, I think that fiscal and monetary policy that we’ve got in this country has gone seriously off track,” Slifer said.

He said our current monetary issues can be traced back to a government overreaction beginning in March and April 2020 with shutdowns related to the COVID-19 pandemic and gross domestic product dropping 30% for the quarter.

“In dollar terms, that’s about $2.1 trillion, right? And yet it wasn’t consumers, it wasn’t businesspeople that did any of that. This was on the government. They did it,” Slifer said, referring to the shutdowns. “I think they felt a responsibility to make people whole.”

Slifer said that the first stimulus of $2 trillion might have made sense, but the money kept coming with stimulus payments coming to businesses and individ-

uals, in addition to the federal government buying debt.

By the time the stimulus packages had ended, the $2 trillion in economic aid had nearly quintupled. He said a lot of people likely paid down debt, giving them the ability to spend more now, which has resulted in a strong economy even with rising inflation based on consumer spending and a willingness to go into debt.

“Add it all up, we had $9.5 trillion worth of stimulus for Pete’s Sake,” Slifer said. “We were trying to solve a $2 trillion problem. That just seems like gross overkill to me, and we’re sitting here wondering … ‘I wonder why inflation is so high.’ Well, here’s a start.”

Slifer also said the Fed underestimated

the depth and causes of inflation. He said when he was at the Federal Reserve, politics did not figure into Fed policy, and he’s reluctant to say that has been happening now. He said instead he wanted to think it was just a miscalculation based on circumstances that were difficult to predict.

Slifer said the Fed thought inflation initially was just temporary, and said inflation was simply a result of supply disruptions and other things that had taken place during the pandemic. He said they just expected inflation to go away.

“They stuck to that theme for a year and a half,” he said. “They didn’t give up until December of last year, and then they finally said, ‘Uh, oh, you know this inflation is just not as temporary as what we thought. We’ve got a problem here, and by

the way, we’re way behind the curve and we’re going to start raising rates.’ The Fed, in my view, was about 18 months too late. That’s a long time.”

Being slow to react to inflation and an overreaction with stimulus payments going through March 2021, even though the pandemic recession ended in April 2020, has had a ripple effect that impacts inflation, fiscal policy, real estate and investments along with difficulties in the labor market, Slifer said.

“It absolutely was totally unnecessary in my view,” Slifer said. “There are consequences to that stuff. That’s why we’re sitting here looking at these really high inflation rates, interest rates have risen

dramatically, (and) government debt has exploded.”

One audience member asked if the Charleston area might be somewhat “insulated” from the recession he pre-

dicts a year from now considering that the region typically does not to fall as far and bounces back faster than other areas during economic downturns.

Slifer said with the strength of the housing market at different price points and the demographics of the many

people who continue to move into the market, he does not expect to see the decline in housing, GDP, and the labor markets that other areas might experience. But he said while there might be a diminished impact for the Charleston region, he said he would not use the

word “insulated.”

“Are we going to be insulated and not see (home) prices drop? I don’t think so,” he said, adding, “We are not insulated. We’re going to move in the same direction, but I guess with a lesser degree.”

Daniel Island economist Stephen Slifer gives his annual economic forecast during a packed room of business professionals at the Daniel Island Club in early December. (Photo/Andy Owens)

ECONOMIC FORECAST, from Page 9

Hosted By:

By Stephen Slifer Contributing Writer

Arecession is coming sometime in 2023 or 2024. We do not expect it to arrive until the first half of 2024. Why so late? Several reasons.

First, the real funds rate is likely to remain negative until the middle of 2023 which means it will have little bite and not slow the economy much until that time. Second, the economy is still producing more than 200,000 jobs per month which is keeping the unemployment rate near a 50-year low. Third, despite a precipitous decline in sentiment, consumer spending continues to climb at a moderate rate Fourth, the housing market has taken the brunt of the Fed’s tightening but with home prices now declining the housing market

STEPHEN SLIFER

should soon stabilize and sales should begin to climb somewhat in 2023. At the same time, with rents rising at a 7.0% pace, wages climbing rapidly as workers try to counter falling real earnings, and oil prices likely to climb somewhat as the drawdown of oil from the Strategic Petroleum Reserve comes to a halt, inflation will only slow gradually in 2023. To encourage slower growth the Fed will raise the funds rate from 4.4% currently to 6.0% by the middle of the year. That will (finally) raise the real funds rate into positive territory and produce enough of a drag on growth to trigger a mild recession in the first half of 2024. Once the recession arrives and inflation begins a rapid descent, the Fed will allow the funds rate to decline quickly in the spring of that year.

The real funds rate. The Federal Reserve boosted the funds rate from 0% at the end of 2021 to 4.4% at the end of this year. That is a lightning fast pace of tightening, but still leaves the real funds rate in negative territory. With the funds rate at 4.4% and the core CPI at 5.8% at yearend, the real funds rate remains negative at -1.4%. Going back to 1960 the U.S. economy has never gone into recession until the real funds rate was positive. For example, it was +3.0% prior to the 200809 recession, and an astonishing +8.0% in the 1979-80 period when the double-digit inflation rate was well entrenched. The current -1.4% funds rate will not slow the economy enough to bring inflation back under control. For that reason we believe the Fed will raise the funds rate to 6.0% by mid-2023. At that time inflation will have slowed somewhat to 4.6% so the real funds rate will have become positive at +1.4%, which may be enough to induce a mild recession in early 2024.

Jobs growth. Given the extent of Fed tightening in 2022 one might have thought that jobs would be declining. Not even close. In the most recent 3-month period the economy has generated 270,000 jobs per month. Earlier this year the economy was producing 600,000 jobs per month so jobs growth has slowed from on fire to merely hot. Firms are still struggling to find enough bodies to fill open positions.

Because the labor force has been growing more slowly than jobs, the unemployment rate fell 0.4% in 2022 to 3.5%. The Fed believes the economy is at “full employment” when the unemployment rate is 4.0%, at which point anybody who wants a job has one. The labor market is still extremely tight. To have any meaningful chance of raising the unemployment rate and thereby reducing wage pressures, the Fed needs to create some additional unemployed workers by inducing a mild recession. A 6.0% funds rate and a +1.4% real funds rate by the middle of 2023 may be enough to make that happen. Once that occurs wage pressures will diminish and the inflation rate will subside.

Consumer sentiment and spending. Consumer sentiment has plunged since the beginning of last year as the fear of

now than it was prior to the 2008-09 recession.

To maintain a moderate 2.0% pace of spending consumers have run up their credit card debt. That is not sustainable over the long haul, but it is manageable for some time to come simply because consumers had so little debt at the beginning of last year. Consumer spending will eventually slow, but it has not yet done so.

The housing market. The housing market has taken the brunt of the Fed’s tightening initiative as home sales have plunged since the beginning of the year.

The catalyst for the drop in sales was a dramatic increase in mortgage rates which

reaches +1.4%, that should be sufficient to produce a mild two-quarter recession in the first half of 2024, followed by a recovery in the second half of that year.

Inflation. We anticipate a slow path back to the 2.0% inflation target for several reasons. First, rents continue to climb. In the past 12 months the shelter component of the CPI has risen 7.1%, and it is unlikely that it has reached its peak. Given that this category represents one-third of the entire CPI index, it is difficult to imagine how inflation can quickly shrink when one-third of the entire index is rising at a 7.0% pace. Because the rent component of the CPI lags the change in home pric-

es by about a year, rents may not begin to

Second, the continuing tightness in the labor market is causing firms to bid up wages in an effort to steal workers from someone else. As a result, average hourly earnings have risen 4.6% in the past year. But because inflation has risen even faster,

tive for individual workers and unions to seek even bigger wage gains. The recently averted strike amongst rail workers was all about higher wages. Airline pilots for United and American Airlines settled for roughly a 20% wage gain spread over two years. Other unions will follow suit.

thirds of a firms total costs, higher wages are bound to translate into higher prices

es have fallen sharply since March when President Biden chose to tap the Strategic Petroleum Reserve for 1 million barrels of crude oil every day for six months. But that drawdown is complete and 1 million

barrels of oil per day are now off the market. The reduced supply could be offset by faster production. However, the EIA expects oil production to rise only slightly from 12.1 mbpd currently to 12.3 mbpd by the end of 2023. The 0.2 mbpd increase in production will not come close to offsetting the 1.0 mbpd drop in supply. That should translate into higher energy prices in 2023 which is in sharp contrast to the $35 drop in oil prices since March of this year.

Given all of these factors we envision a slow drop in the core CPI inflation rate

This graph shows the sudden drop at the outset and then rise and fall of home sales during the peak of the COVID-19 pandemic. (Image/Stephen Slifer)

Consumer sentiment has plunged since the beginning of last year as the fear of higher inflation and interest rates has spooked consumers. (Image/Stephen Slifer)

from 5.8% this year to 4.3% by the end of 2023. Unfortunately, that is still double the Fed’s targeted rate of inflation of 2.0%. With the inflation rate still that

high, the Fed cannot back away from the additional rate hikes that are required to bring inflation back to target.

Given GDP growth of 3.2% in the third quarter and a likely 2.0% increase in the fourth quarter, the economy still

has considerable momentum. For that reason we expect the Fed to raise the funds rate to 6.0% by mid-2023 which would finally create a positive real funds rate of 1.4%. That should be high enough to produce a mild recession in the first

two quarters of 2024. That, in turn, will cause a more rapid slowdown in inflation to 2.5% by the end of 2024.

As the economy slips into recession and inflation approaches its target, the Fed will allow the funds rate to decline quickly in the first few months of 2024. By year-end 2024 the funds rate will have dropped to 2.5% which the Fed believes is a “neutral” funds rate.

And, after rising to a peak of 4.6% during the recession, the unemployment rate will decline to 4.3% by the end of 2024 which is close to the full employment threshold of 4.0%.

All of the distortions created by COVID — the initial shutdown, the dramatic amount of fiscal and monetary stimulus, and the resulting supply chain difficulties may finally wash through the system by the end of 2024.

Unfortunately, the end of 2024 is still two years down the road. It would be nice if the recession were to occur sooner because as long as the specter of a recession looms, it will be hard to generate robust GDP growth and equally difficult to reignite the stock market.

Stephen Slifer of Number Nomics is a resident of Daniel Island. From 1980 until his retirement in 2003, he was the chief economist for Lehman Brothers in New York City, directing the rm’s U.S. economics group and responsible for the rm’s forecasts and analysis of the U.S.

economy

Slifer expects 2.0% GDP growth rate in the fourth quarter of this year, followed by 1.0% growth in 2023. (Image/Stephen Slifer)

The total monthly payments on a consumer’s rent or mortgage, auto loans, car loans, credit cards and student loans as a percent of income is far lower now than it was prior to the 2008-09 recession. (Image/Stephen Slifer)

By Krys Merryman kmerryman@scbiznews.com

With more people wanting to work from home post-pandemic, HTI Employment Solutions is a workplace staffing firm navigating their own staffing issues in addition to finding top talent for their clients.

Herb Dew, CEO and one of the firm’s founders, started HTI in 1999 in Greenwood with co-founders John Knight and David Sewell.

The company started as a white-collar headhunting group with a focus on manufacturing, Dew said, and now boasts locations in Oklahoma, Alabama, Mississippi, Tennessee, Georgia, North Carolina and Illinois in addition to South Carolina. Their clients include companies such as Bosch and Michelin.

HTI is headquartered in downtown Greenville and has been since 2001. The staffing company has grown from a boutique technical recruiting group to a company with several operating divisions: hiring placement, manufacturing project management, temporary staffing, human resources consulting, and workforce culture-building and talent development.

When the partners made the decision to move their headquarters to Greenville, it was during a time when the city was transitioning from a textile town to a city with a booming manufacturing base, in which they saw potential.

However, the COVID-19 pandem-

things — along with the way they did business with their clients also struggling to hire and retain top talent.

Across HTI’s locations, they have experienced hundreds of job openings left unfilled through the span of 2022.

“We are putting a lot more money into advertising and recruiters ourselves,” said Dew. “All locations are experiencing the same issues with high turnovers.”

Starting in 2019, the unemployment rate saw a drop, said Dew. If you look at the unemployment rate and it’s around 3%, about a third of them can’t pass a background check or a drug screen, which leaves a practical rates of 2%.

“Everyone is competing to try and hire within that 2% of those unemployed,” he added. “I would say the market is still really tough. Hourly pay rates (nationwide) have gone up around 25% over the last two years and white-collar salaries as well, but the labor competition, specifically in South Carolina, remains stiff.”

The last two years have been the most unusual Dew has ever seen in the job market, but in a way, he thinks it’s a good thing because it has challenged employers to be willing to change.

“We realized we were helping all these companies with their hiring and what we also needed to do was to help companies understand what they needed to do to be more attractive,” he said.

During the pandemic, all of sudden

Herb Dew co-founded HTI in 1999 and has followed trends in staffing ever since.

(Photo/Provided)

people were working from home, and it remains a common practice.

“Hybrid work is now the norm,” said Dew. “It’s not uncommon for workplaces to require maybe two days in the office and three days out of the office. But I don’t think companies were positioned on how to work through that.”

One of the changes HTI made as a result was to launch a new division — workplace strategies — to help companies retain their top talent.

“We still wanted to do our core work, which is to help people hire, but we also wanted to help them develop their strategy on how to keep those people, which in turn helps us hire better,” Dew added. “Our focus has shifted from being a labor provider to being a strategic partner on what our strategy is for employee retention.”

Companies spend a lot of time on recruiting but sometimes don’t stop to think much about first impressions, said Dew. For example, the first week an employee is on the job, how are they being handled and set up for success? Are supervisors also listening to their overall career goals?

“This is really important in the hiring process, but most companies don’t do that,” said Dew. “Having this new division speaks to not just hiring 100 people but focusing on the best strategies to actually keep them.”

Dew’s company is working on a hybrid schedule for HTI employees as well. Each department head meets with their team and decides for themselves what is most effective for their work schedules, Dew said. Some departments do require workers to be on-site every day but for others they can work remotely nearly 100% of the time.

“I think what COVID did was cause everybody to sort of rethink what they want out of work and what do they want out of their personal life,” he said. “I think it reset completely how we view work. And I think all companies are just trying to figure that out and adjust to it.”

One of the benefits HTI added to their employee packages last year, Dew said, which has been successful, was a “wellness benefit.” They gave every employee $500 to use at their discretion and two half days on top of their PTO to use as wellness days.

“I think pre-COVID that’s the sort of thing that would have been a benefit we would have never thought of,” Dew said. “But I think post-COVID, it has to do with work-life balance. I think balance is what younger employees are looking for and want to feel connected to their employer and community, family, what they’re doing on the weekends. We also help other companies do packages like this as well.”

In addition to staffing, another challenge HTI has faced over the last few years is people wanting more com-

munication and professional development, which is why they added a $1,500 stipend to their benefit package for those employees wanting to take a class that would help them develop in their current roles.

Another challenge they are facing is simply that there are more jobs available than there are people to fi ll them, said Dew.

More than 4 million Americans decided to retire early, and then families with two incomes decided to go to one income post-COVID, according to Dew. In other cases people went back to school, cutting down the workforce significantly in a short amount of time.

In previous generations, such as Baby Boomers, it was normal practice to start a job and stay until retirement, said Dew. But people under 40 don’t think that way now.

“They want to be happy with their jobs and feel connected, they want to understand the mission of their company, they want to be developed, they want proper communication, and I think they have no problem looking elsewhere if their current company can’t provide those things,” said Dew. “So that leads to more flexibility and mobility, and I don’t see that changing, so that’s a change companies have to adjust to. The companies that don’t find themselves adjusting to the wants of employees are going to not retain the people that help them grow.”

are adjusting well to matching the skills employers need for future generations, Dew said.

“We also need to go into high schools and speak to more students,” he added. “There is a misconception that students need four-year degrees, but they can go to technical colleges if they like working with their hands and can make $35 an hour right out of the two-year program.”

Dew said the labor pool is getting a boost from an increase in people moving to South Carolina, but he thinks employers will continue seeing these challenges for a long time.

Also a member on the S.C. Chamber of Commerce board, Dew said their biggest topic of conversation has been workforce development, whether manufacturing, hospitals, banks — whatever industry, people are experiencing the same challenges with finding and retaining good talent.

“As companies, we need to create cultures in which people want to join the team and stay,” said Dew. “And then as a state, we have to train and educate the workforce to be ready or think about how we attract people to come to the state to work. In the sectors we support, most of them have felt short-handed, so they are having to pay overtime or have disruptions in business that are caused by labor shortages, which results in the loss of billions of dollars nationwide,” Dew said. CRBJ

South Carolina technical schools

Vehicle manufacturer to expand Summerville operations

By Jason Thomas jthomas@scbiznews.com

Dennis Eagle Inc., a subsidiary of United Kingdom-based manufacturer Dennis Eagle Ltd., is expanding operations in Dorchester County.

The company’s $2.1 million investment will create 49 new jobs over the next five years, according to a news release from the South Carolina governor’s office.

Located at 104 G Pinnacle Way in Summerville, Dennis Eagle Inc. will be expanding its existing facility where the company produces chassis and powertrains,

to accommodate growing demand, the release stated.

“Our production facilities at Summerville, South Carolina, are expanding to cope with increased demand for the ProView truck,” said Geoff Rigg, interim president at Dennis Eagle. “It’s a ground-breaking vehicle, setting new standards in the industry for safety and efficiency, and it is generating a lot of interest across North America as operators seek a competitive advantage. As a result, our dealership network is expanding and our order books are growing.

“The key for us, however, is to expand at a controlled rate, with sales, production,

staff and the supply chain all orchestrated and growing together. And Summerville is proving to be an excellent base for Dennis Eagle.”

Part of the international Terberg Environmental Group, Dennis Eagle, Inc. is a leading manufacturer of garbage collection vehicles, the release stated. The company’s vehicles specialize in improving driver, passenger and pedestrian safety through low-entry cabins and large windshields that reduce blind spots.

Individuals interested in joining the Dennis Eagle Inc. team can visit the Terberg Group’s careers page.

The Coordinating Council for Economic Development approved job development credits related to this project. The council also awarded a $200,000 Set-Aside grant to Dorchester County to assist with the costs of building improvements.

“Dorchester County congratulates Dennis Eagle, Inc. on their recent expansion, and we appreciate the additional investment and jobs it will bring,” Dorchester County Council Chairman Bill Hearn said int the release. “We thank Dennis Eagle, Inc. for their ongoing confidence in our county and send our best wishes for continued success.”

Developers plan luxury hotel at Charleston Days Inn site

Staff Report

ATampa, Fla., real estate developer plans to put a luxury fivestar hotel and condominium in downtown Charleston at the site of a former Days Inn by Wyndham.

The 155 Meeting St. location also will house retail and restaurant space, the company said in a news release.

Strategic Property Partners selected Morris Adjmi Architects to design the project. Morris Adjmi will collaborate with Charleston architect Stephen

Ramos, according to the news release. Ramos has led efforts on other developments in the area including the Spectator Hotel and The Pinch, where he worked with Morris Adjmi Architects.

“We are excited to work alongside the community and our project partners to revitalize this site and look forward to sharing development plans as they evolve,” Brad Cooke, Strategic Property Partners’ senior vice president of development. “At 155 Meeting St., our goal is to deliver a mixed-use project that

embodies Charleston’s timeless character and human-scaled urban fabric. We understand the significance of building amongst some of the city’s most important civic buildings and intend to create something that complements the historic district that the community will be proud of for years to come.”

“We’re thrilled to have this opportunity to continue shaping the evolution of Charleston’s beloved historic district,” Morris Adjmi said in the release. “Our design approach will remain focused on

bridging the city’s past, present and future with architecture inspired by Charleston’s unique history, context and community.”

Hollander Design, which has designed private and public gardens, green spaces and landscapes such as The Pendry Baltimore and The Belnord in New York City, will lead the project’s landscape architecture.

Strategic Property Partners is currently developing Water Street Tampa, a 56-acre mixed-use neighborhood on the waterfront in downtown. CRBJ

Congratulations to our 2022 MVPs

Jake Bouley

Chris Burrell

Professional Staffing Agencies

Ranked by Average No. of Weekly Temp. Workers in the Charleston Area

Phone / Website / Email

Company

ProLogistix / ResourceMFG

3294 Ashley Phosphate Road, Suite 1A North Charleston, SC 29418

Alternative Staffing Inc. 1505 Remount Road North Charleston, SC 29406

Spherion Staffing 4995 Lacross Road, Suite 1050 Charleston, SC 29406

Express Employment Professionals 6541 Rivers Ave., Suite C North Charleston, SC 29406

Staff Zone 1653 Remount Road North Charleston, SC 29406

Hammes Staffing Ser vices

7685 Northwoods Blvd., Suite 8H North Charleston, SC 29406

Roper Staffing 201 Sigma Drive, Suite 300 Summer ville, SC 29483

Gallman Personnel Ser vices Inc.

201 Sigma Drive, Suite 300 Summer ville, SC 29486

M&M Staffing

705 Old Trolley Road, Suites F-G Summer ville, SC 29485

HTI 3691 Ladson Road, Suite 102 Ladson, SC 29456

Charles Foster Co. of S.C. Inc. 3436 Rivers Ave. North Charleston, SC 29405

Dunhill Staffing Systems

1459 Stuart Engals Blvd., Suite 300 Mount Pleasant, SC 29464

Catch Talent 1501 Belle Isle Drive Mount Pleasant, SC 29464

Fulcrum Staffing 410 Mill St., Suite 101 Mount Pleasant, SC 29464

Introductions

843-576-0800 www.prologistix.com team-charlestonsc@employbridge.com

843-744-6040 www.alternativestaffing.com recruiting@alternativestaffing.com

843-554-4933 www.spherion.com

843-744-2266 www.expresspros.com john.byrnes@expresspros.com

843-308-9663 www.staffzone.com cdeluca@staffzone.com

843-554-4720 www.hammeshr.com info@hammeshr.com

843-790-4499 www.roperstaffing.com information@roperstaffing.com

843-554-5555 www.gpsjobs.net gpssummer ville@gpsjobs.net

843-873-9727 www.mandmstaff.com info@mandmstaff.com

843-970-7860 www.htijobs.com ehegarty@htijobs.com

843-572-8100 www.charlesfoster.jobs cfs@charlesfoster.jobs

843-375-0031 www.dunhillstaff.com kwh@dunhillstaff.com

843-501-1847 www.catchtalent.com info@catchtalent.com

843-388-5280 www.fulcrumstaffing.com admin@fulcrumstaffing.com

Top Local Official(s) / Year Founded

Avg. Weekly Temp Workers In-House Employees Accounting / Financial Admin. / Clerical IT / T echnical Medical / Health Care Mgmt. / Executive Level

Jon Nicklas, Sara Mordente, Stephanie Barone 1965 600 14 1% 5% 11% - 8%

Jan Cappellini 1993 550 15 2% 10% 1% - 2%

Mar y Barrineau, Pam Thompson 1994 400 8 25% 15% 10% 10% 25%

John Byrnes 2004 300 12 10% 30% 5% - 5%

Costa DeLuca 2004 250 15 - - - - -

Brett Hammes Mike Powers 1965 245 8 5% 10% 5% - 5%

Barbara West, Billie Dekle, Kinya Curr y 1982 191 6 15% 60% - 15% 10%

R. Smith Richardson, Nanci Fields, MJ Sorrell 1985 171 5 6% 10% 1% 3% 10%

Lana Musti, Zoya Makarchenko 2007 150 8 - 20% - - -

David Sewell Herb W Dew John Knight 1999 112 7 - - - - -

Dottie Karst 1969 100 7 25% 40% 10% 10% 15%

Neil Whitman Katie Henderson David Abner 2001 70 6 10% 25% 5% - 10%

Thomas Bohrnstedt, Chad Norman, Christina Lock 2015 35 18 5% 5% 70% 10% 10%

Jamiel C.J. Kadri 2008 5 5 80% 5% 1% - 14%

HR & Payroll Companies

Ranked by W-2s issued in 2021

Company

Greene Finney CauleyLLP

39 Farmfield Ave. Charleston, SC29407

843-735-5805 www.greenefinneycauley.cpa susanna.garreau@gfhllp.com

Executive(s) / Year Founded W-2s issued / % of Business in PayrollServices Offered

EmilySobczak,LarryJ.Finney 1996

1,600 15%

Stacy E. Wiggins CPAPC

1409 Ashley River Road Charleston, SC29407

VerisCPA

1156 Bowman Road, Suite 100A Mount Pleasant, SC29464

Thiem McCutcheon Winkler CPAs P.A.

1040 eWall St. Mount Pleasant, SC29464

843-556-5567 www.sewcpa.com stacy@sewcpa.com

StacyE.Wiggins 2003 75 10%

843-881-4477 www.veriscpa.com marketing@veriscpa.com

MelissaA.Kiddy,JustinK.Kiddy, RussellDeal,ChrisKerr,JenaraNoel 1986 45 55%

Audit, advisory, review, compilation, tax planning and preparation, and outsourced accounting and payroll with focus on local government, nonprofits

Individual tax, business tax, tax planning, bookkeeping and write-up, QuickBooks and small business consulting

Proactive tax, audit and assurance, bookkeeping, outsourced CFO and consulting services for individuals and businesses; offices in MP, SV, WA

843-725-3838 www.tmwcpas.com info@tmwcpas.com

Glaser & Co.LLC

1859 Summerville Ave. Charleston, SC29405

843-849-0179 www.glasercompany.com eglaser@glasercompany.com

Samuel B.Winkler,J. Ben McCutcheon III,David E.Thiem 2009 8Tax preparation and planning; compilation and reviews; business consulting and client accounting services

ErikM.Glaser

Researched by Paige Wills

At Work

Business

Daniel Ravenel Sotheby’s International Realty closes record-breaking sale

Pine Island, listed with the Huguley team of Daniel Ravenel Sotheby’s International Realty, has closed for $8 million. The 56.1-acre private island in Okatie is the firm’s highest sale of the year and is the private community’s highest-recorded sale. A causeway connects Pine Island to the larger Spring Island. Photographs of the primary residence, which encompasses more than 6,000 square feet, appeared in such outlets as Mansion Global and Barron’s. Designed by architects William McDonough + Partners, the home shows the influence of Japanese style and features such green materials as recycled red western cedar and cypress logs reclaimed from the depths of ponds and rivers. The property includes several additional structures and a deep-water dock on Chechessee Creek, a short distance from Port Royal Sound.

Daniel Ravenel Sotheby’s International Realty co-listed Pine Island with Spring Island Realty, the community’s in-house firm. Spring Island’s private club offers a full spectrum of amenities that include golf, tennis, pickleball, fitness, a quail-hunting preserve, sporting clays, a community garden, equestrian facilities, dining, and security. The opportunity for membership in the club was a key selling factor for Pine Island.

Serving the Lowcountry for 40 years, Daniel Ravenel Sotheby’s International Realty has closed more than $3 billion in real estate sales. As of late 2021, the brokerage supports more than 110 agents throughout Charleston, with a newly expanded presence in Savannah, Hilton Head Island, and Bluffton. Each office is independently owned and operated.

the hungry citizens of the Lowcountry a warm Thanksgiving meal through its partnership with the Lowcountry Food Bank. Each year, the effort exceeds the year prior based on the Thanksgiving packages purchased by the Hamby following of more than 43 years.

Inaugural tournament raised $11K for local families living with dementia

The Argos USA Harleyville Cement Plant sponsored the inaugural Pull for the ARK Sporting Clays tournament raising $11,000 for the ARK of South Carolina. The ARK of South Carolina, a local nonsectarian nonprofit outreach program based in Summerville, helps families living with Alzheimer’s disease and related dementia through such support services as respite care, support groups, education, caregiver consultations, resource referrals, and community development.

A total of 15 teams competed in the tournament, with each team member attempting to hit 100 clay targets. The winning team hit 320 out of 400 targets, and the top gun hit 92 out of 100 clay targets. The day ended with an awards ceremony and a Lowcountry boil and oyster roast dinner. Event sponsors included Charleston Rubber Gasket Co., Jackson Kelly, Lee Mechanical Contractors, McNaughton-McKay Electric Co., and Personal Touch.

The second annual Pull for the ARK of SC Sporting Clays tournament will be in October 2023.

Hamby is also looking to extend its philanthropic reach by partnering with two local influencers — Ryan Smith of A Polished Palate and Elise DeVoe of Cookin’ with Booze.

A women-owned-and-operated, full-service caterer, Hamby Catering & Events has been served the Charleston area since 1979.

Hamby provides all food and beverage services, rental coordination, floor plan and timeline creation, and advice on all event logistics.

Two new Take 5 Oil Change locations coming to the Lowcountry Veteran NAI Charleston broker Will Sherrod, CCIM, recently facilitated transactions for two new Take 5 Oil Change locations in the Summerville and Myrtle Beach markets. Sherrod represented the developer on the purchase of about 1.18 acres at the corner of Ladson and Limehouse Road in Summerville and an about 0.67-acre outparcel to the Food Lion development on Highway 707 in Socastee.

Benjy Cooke of Oswald Cooke & Associates represented the seller of 3878 Ladson Road in Summerville, which sold for $775,000.

Neal Bowers of Paramount Development Corp. represented the seller of 9608 Highway 707 in Myrtle Beach, which sold for $850,000.

Take 5 Oil Change began in Metairie, LA in 1984 and has been in business for 35 years. The drive-thru style car services franchise has grown to more than 575 locations in 18 states. Take 5 Oil Change serves 17 markets in South Carolina with 5 locations in Charleston and a 6th on the way.

ECPI University named to Military Times’ 2022 Best for Vets: Employers

Military Times has included ECPI University on its 2022 Best for Vets: Employers list.

The Military Times Best for Vets: Employers rankings are based on the results of a voluntary survey that covers a company’s policies and practices for current employees and future job seekers within the military community. ECPI University was one of five educational institutions to make the employers list. Part of the assessment included the university’s efforts to recruit, retain, and support military-affiliated employees.

For the 11th consecutive year, ECPI University was also included in Military Times’ 2022 Best for Vets: Education list this August. Founded in 1966, ECPI University is a private university with 17 locations in Virginia, North Carolina, South Carolina, Florida, Texas, and online. The university is accredited by the Southern Association of Colleges and Schools Commission on Colleges.

Charleston Battery soccer team packed 1,000 meals for distribution to the community.

Hendrick Automotive Group has supported Lowcountry Food Bank for nine years, during which time it has hosted more than 30 Easter and Thanksgiving food drives for Lowcountry residents who would not otherwise have access to the holiday meals.

Through holiday meal drives and virtual food drives during the pandemic, Hendrick teammates purchased, assembled, distributed, and provided more than 800,000 meals to Lowcountry neighbors.

Throughout the nine-year partnership, Hendrick teammates also have packed thousands of food boxes and raised more than $275,000 in funding to support Lowcountry Food Bank’s mission to lead the fight against hunger in the local area.

Since fall 2020, Hendrick Automotive Group has donated more than $3.5 million to 27 food bank partners throughout the 13 states in which it operates. This event is part of Hendrick Automotive Group’s virtual fall meal drive, where teammates from their dealerships, collision centers, and support offices participate in the annual meal drive by making financial donations virtually.

Lowcountry Food Bank, which serves the 10 coastal counties of South Carolina, distributed more than 40 million pounds of food in 2021. The food bank works with more than 250 partner agencies, including onsite meal programs, homeless shelters, and emergency food pantries.

Pigtails & Crewcuts: Haircuts For Kids opens in Mount Pleasant

Hendrick Automotive Group donates

$75K

to Lowcountry Food Bank

Lowcountry Food Bank and Hamby Catering partner for ninth year

For the ninth consecutive year, Hamby Catering & Events committed to serving

NAI Charleston is a full-service commercial real estate firm whose industry experts have more than a century of combined experience in the Charleston commercial real estate industry and more than $1 billion in total transaction volume.

Hendrick Automotive Group has donated $75,000 to Lowcountry Food Bank to help feed food-insecure neighbors in the Charleston Tri-County. Steve Strickland, Hendrick Lexus Charleston’s executive general manager, presented the donation during an event on Nov. 14. As part of the event, volunteers from Hendrick Automotive Group and the

Pigtails & Crewcuts, a children’s hair salon, has opened in the Belle Center Shopping Center, on Long Point Road in Mount Pleasant. It is the franchise’s fifth location in South Carolina.

Each Pigtails & Crewcuts salon features themed vehicle chairs, bright colors, and a variety of video games and movies for before, during and after salon services. In addition to children’s haircuts, the Mount Pleasant salon offers braids, up-dos, shampooing,

CONSTRUCTION

RMF Engineering has promoted Craig Buck to chief buildings mechanical engineer.

Buck has technical expertise in building systems design. His background includes the planning, design and construction of new and renovated buildings in industries spanning health care, research laboratories, higher education and more.

Stantec has added Denise Bunte-Bisnett to its environmental services and community development practices in Charleston. Bunte-Bisnett, a senior consultant, brings more than 30 years of professional engineering and project management experience in the public power sector, having led cross-functional teams in hydro licensing and compliance and in environmental permitting for major projects. During her career, Bunte-Bisnett has served on committees under the International Joint Commission St. Lawrence River Board of Control and as president of the board of directors for the U.S. Society on Dams. Currently she is the U.S. representative to the International Commission on Large Dams Committee on Prospective and New Challenges for Dams and Reservoirs in the 21st Century. A resident of Mount Pleasant, Bunte-Bisnett earned a bachelor’s degree in civil and environmental engineering and a master’s in water resource engineering from Clarkson University.

cial responsibility for one of the firm’s most consistently successful divisions.

Zimmerman is leading the operations of the division. He also came to RMF in 1992 and he designed large utility infrastructure projects before joining the Charleston office in 2003. In recent years, he has provided design, engineering and construction management services for a wide variety of mechanical engineering projects for government, commercial, educational and industrial clients. His ability to understand workflow bottlenecks and to assist the staff in managing work ensures that RMF’s standard of quality is maintained.

Cullum Mechanical Construction has promoted David Helms to chief financial officer. The shareholders elected Helms to the Cullum Mechanical board of directors, who later appointed him as CFO and treasurer.

Helms earned his bachelor’s degree from the University of North Carolina in Charlotte with a concentration in finance. He began his career as a construction controller, working for a utility contractor.

In 2015, Helms joined Cullum to lead the accounting department. With more than 25 years of experience as a controller, Helms is both a Certified Public Accountant and a Certified Construction Industry Financial Professional.

Ken Henegar joined Thomas & Hutton’s civil department in Charleston as a designer. Henegar, who holds a bachelor of science in civil engineering from Ohio State University, previously worked as a structural designer in Ohio’s telecommunications and power transmission industries. He is an active member of the American Society of Civil Engineers.

As a designer, Henegar prepares site development construction drawings, site layout and design, utility design and drainage design for residential and commercial projects in coastal South Carolina, including Emblem at Cane Bay and Waring Vision Institute.

health leader Roland Gardner of Beaufort received the 2023 Riley-Wilkins OneSouthCarolina Civic Leadership Award.

The awards recognize outstanding leadership in South Carolina.

Dick Riley, former U.S. secretary of education and former two-term governor of South Carolina, and David Wilkins, former U.S. ambassador to Canada and former speaker of the South Carolina House, presented the awards at the Riley-Wilkins OneSouthCarolina Legislative and Civic Leadership Awards dinner.

Alexander has served at the Statehouse since 1987, first as a representative and then as a senator; in 2021 he was elected Senate president with bipartisan support. Alexander has led efforts and worked across the aisle on workforce development, equitable distribution of pandemic relief funds and the expansion of broadband internet into rural and underserved areas in South Carolina.

Gardner has improved the lives of residents of the Lowcountry and South Carolina by increasing access to quality health care during his 41 years as CEO of Beaufort-Jasper-Hampton Comprehensive Health Services until retiring in May 2022. Under Gardner’s leadership, the organization grew from a startup nonprofit into a multimillion-dollar corporation that spans three counties and serves more than 17,000 patients.

LAW

Jennie J. Steiner now works with the construction litigation practice group in Haynsworth Sinkler Boyd’s Charleston office.

at Chapel Hill and earned her juris doctor from the University of South Carolina School of Law. She focuses her practice on products liability, construction defect litigation, and general insurance defense.

Columbia attorney and Due West native Emma T. Dean has been named executive director of the South Carolina Bar.

A member of the South Carolina Bar for 16 years, Dean most recently served as chief counsel for the S.C. House of Representatives Judiciary Committee. Previously, she was in private practice in the appellate and civil defense areas at Nelson Mullins in Columbia and has served as a law clerk to South Carolina Supreme Court Justice John Kittredge.

As executive director, Dean oversees the bar’s day-to-day operations and implements policies adopted by the board of governors and house of delegates, which are the bar’s governing and representative bodies. In addition, she works with the bar’s strategic partners, including the S.C. Supreme Court, S.C. General Assembly, and S.C. Bar Foundation.

Dean is a recipient of the Silver Compleat Lawyer Award from the University of South Carolina School of Law, has served on the chief justice’s commission on the profession since 2010, is a member of the S.C. Supreme Court Historical Society Board, and is a member of the USC School of Law alumni council.

A graduate of the USC School of Law, she earned a bachelor of arts in economics and politics from Washington and Lee University. In the community, Dean served on the Trinity Learning Center board and coached basketball and YMCA youth soccer. She also is a member of the South Carolina Women Lawyer’s Association and the Richland County Bar Association.

Crutchfield joined RMF’s electrical engineering team in 1992 and has since worked on projects ranging from health care and education to research laboratories, with expertise in all phases of development. Since transferring to the Charleston office in 2003, she has remained the lead electrical engineer, helping to grow the Charleston office through a constant project pipeline, while also supporting leadership in helping to manage the division. Her training and education have prepared for taking over finan-

EDUCATION

Furman University’s Riley Institute gave its 2023 Riley-Wilkins OneSouthCarolina

Legislative Leadership Award to Sen. omas Alexander, president of the South Carolina Senate. Community

A magna cum laude graduate of Miami University, Steiner received her juris doctor from Wake Forest University and her nonprofit management certificate from the University of Texas at Austin. During law school, Steiner served as Notes and Comments editor for the Wake Forest Journal of Business & Intellectual Property Law and interned for Philip E. Berger Jr. at the North Carolina Court of Appeals.

Catherine Ava Leatherwood of Rogers Townsend was elected to the Defense Research Institute board of directors as a national director during the its 2022 annual meeting. DRI is the largest international membership organization of attorneys defending the interests of businesses and individuals in civil litigation.

Leatherwood did her undergraduate work at the University of North Carolina

omas Hughes has joined LawyerLisa’s Lexington office. Hughes, a graduate of Winthrop University and the University of South Carolina School of Law, practiced in Greenwood for a year before joining LawyerLisa. His practice is focused on estate planning, probate and elder law.

MARKETING AND PUBLIC RELATIONS

Waypost Marketing has promoted Karen Leon to production designer. As a production designer, she works to assist the creative department in understanding clients’ goals and implementing creative design solutions to achieve them.

Beth Crutch eld and Don Zimmerman have assumed leadership roles as division managers in RMF Engineering’s Charleston office.

Buck

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blowouts, ear piercing, first haircut packages, a retail section with hair accessories and gifts, and child-friendly hair care products. Services are also available for parents.

The Mount Pleasant location is open Mondays through Fridays from 10 a.m. to 6 p.m., Saturdays from 9 a.m. to 5 p.m., and Sundays from 11 a.m. to 4 p.m. Philip Zannella is the salon’s owner.

The Beach Co. breaks ground on The Assembly in North Charleston

The Beach Co. and ParkProperty Capital have broken ground for The Assembly, a new multifamily community in North Charleston. The Assembly is part of the Garco Park redevelopment located in the neighborhood of Park Circle.

The Assembly will offer 210 units featuring a mix of floor plans for studio and one- and two-bedroom residential apartments. Unit features will include stainless-steel appliances, tile backsplashes, large walk-in closets, vinyl plank flooring, and quartz countertops. Community amenities will include a resortstyle pool, fitness center, yoga room, pet spa, co-working lounge, and game room; restaurants, shops, and nightlife venues are within walking range.

The property is also close to Interstate 26 and the Interstate 526 Corridor for quick access to the Charleston Metropolitan Statistical Area’s submarkets, including Daniel Island, Mount Pleasant, and the beaches of Sullivan’s Island and Isle of Palms.

The Assembly is scheduled to be completed in late 2024, with pre-leasing available in summer 2024.

The Beach Co. has been an established presence in residential and commercial real estate brokerage, development, and property management for more than 75 years. ParkProperty Capital is a multifamily real estate investment firm backed by the Otto family, a high–net-worth German family with more than 55 years of global real estate investment experience. Its U.S. investment operations and portfolio management are based in Atlanta, with a fund management presence in Hamburg, Germany.

The Haases open 32 South Properties brokerage

Long-time real estate agents Terry and Tim Haas have opened their own brokerage, 32 South Properties. They serve Daniel Island, Mount Pleasant and the greater Charleston community in buying and selling real estate. The Haases have been in real estate in Charleston since 2007. At 32 South Properties, Tim Haas is broker-in-charge.

Terry Haas, the new brokerage’s team leader, has consistently been a top agent in the Charleston market and was the featured real estate expert on HGTV’s “Designed to Sell” and “House Hunters.” She is also frequently featured as an event emcee, public keynote speaker and community activist. Also part of the 32 South Properties team is real estate agent Kristin Abbate. She started her career with a national homebuilder in 2005. Previously, Abbate led marketing efforts in more than 50 communities, where

she specialized in internet marketing, staging and design, and event planning.

Lowcountry Food Bank receives $10,000 grant from Truist Foundation

Lowcountry Food Bank received a $10,000 grant from Truist Foundation to conduct three mobile pantry food distributions in the coastal South Carolina area that Lowcountry Food Bank serves.

The Truist Foundation grant is providing more than 600 families with approximately 24,000 pounds of food. Lowcountry Food Bank mobile pantry food distributions directly serve people in geographic areas of high need who have low access to food resources. These distributions provide a variety of food, including shelf-stable items, fresh produce, dairy and meat.

Mobile food distributions make food more accessible in underserved communities where residents with limited financial resources might not have access to food through traditional grocery stores or food pantries because they lack transportation or would have to travel a long distance.

The food insecurity rate in coastal South Carolina remains high, with almost 145,000 people facing hunger every day, including almost 43,000 children, according to a news release.

The Lowcountry Food Bank serves the 10 coastal counties of South Carolina and distributed more than 40 million pounds of food in 2021.

Social Venture Partners Charleston named an ‘outstanding’ organization

Social Venture Partners Charleston received the Association of Fundraising Professionals 2022 Outstanding Organization award as part of the South Lowcountry Chapter’s annual celebration of National Philanthropy Day.

Honorees also included Volvo Cars US as Outstanding Corporation; Dr. and Mrs. Joseph G. Reves as Outstanding Individual Philanthropists; Sydney Severance for Operation Upright as Outstanding Youth in Philanthropy; and Leigh Jones Handal as Outstanding Fundraising Professional.

In addition, Social Venture Partners Charleston received the Charleston Metro Chamber of Commerce Community Impact Award at the 2022 Honors Night. It held the finale of the 2022 Investment Cycle at Empower Charleston, celebrating six local nonprofit organizations. A total of $144,350 in co-investments was raised in support of mental health, economic mobility and elementary education challenges faced by Lowcountry youth and families.

For more than 20 years, in conjunction with the celebration of National Philanthropy Day, the S.C. Lowcountry Chapter of the Association of Fundraising Professionals recognizes outstanding achievements by local individuals, foundations, and corporate philanthropists who form a vital partnership with nonprofit organizations to ensure the needs of its citizens are being met.

Social Venture Partners Charleston operates under the aegis of the Coastal Community Foundation, the largest grant-making entity in South Carolina.

Rural South Carolina: Building healthier communities

As we celebrated National Rural Health Day, we were reminded that a strong community is rooted in its people. The Biden-Harris Administration is committed to serving those who live in the rural areas of this country, like the small towns and communities right here in South Carolina. At the United States Department of Agriculture, we are hard at work offering the resources to the rural and agricultural communities that feed and fuel our nation and provide the everyday essentials upon which America depends.

As I’ve traveled across South Carolina, I’ve seen firsthand the unique challenges people in rural communities and remote parts of the state have in accessing the health resources they need and deserve. We at S.C. Rural Development are committed to “going the extra mile” to ensure our programs and the benefits of our programs are equitable and accessible to all who call rural home.

At USDA Rural Development, we are committed to making sure that people, no matter where they live, have access to high-quality and reliable health care services like urgent care, primary care and dental care. That’s why I’ve been a proud champion of programs like the Emergency Rural Health Care Grants, which was created by President Biden’s historic legislative package, the American Rescue Plan Act.

In the last year, this program has helped rural health care organizations across the

state purchase supplies, deliver food assistance, renovate health care facilities and provide people with reliable medical testing and treatment.

Just recently RD has announced four projects that we funded which will help expand access to health care infrastructure and resources via the Emergency Rural Health Care Grants. For example:

Voorhees College received $770,250 in grant funding to make critical renovation upgrades to Voorhees University Health Center. This improvement will allow Voorhees University the needed assistance for food distribution, transportation, and mobile health care to provide expanded opportunities to members of the University community based on CDC guidelines. Through the Emergency Rural Healthcare Program Voorhees University will better position itself to provide adequate healthcare and expand the scope of its services. Through the University Health Center, the university provides primary health care services to its students. However, the onset of COVID-19 has caused the unit to extend its reach to the greater community to ensure that residents of Denmark and Bamberg County have free access to COVID testing and vaccinations.

Lee County Council of Aging Inc. received $117,500 in grant funding to purchase vehicles that will assist with food distribution, meal deliveries (approximately 600 meals per week), provide transportation to medical and business appointments for Lee County Council of Aging Inc.’s clients, repaving and expanding a parking lot, and paving a fitness track at the facility. Upgrading the vehicles will provide a more economical and practical way of supplying much needed services to the most vulner-

able citizens of Lee County. Lee County Council of Aging provides services for homebound, elderly and disable citizens of Lee County.

The vital Aging of Williamsburg County received a $1 million grant which will be used to construct the Murdaugh Senior Center in Kingstree.  The facility is a 14,000 square foot facility which will provide seniors of rural Williamsburg County access to medical care, tele-medicine, food distribution, COVID 19 vaccines and testing, exercise and nutrition, health and wellness instructions as well as daily meals and companionship, and transportation to medical appointments.

The Denmark Technical College received a $975,000 grant which will be used to expand the Denmark Technical College Nursing Program. The project expands the medical care services they provide to the students and community members including COVID vaccination/testing, mental health services, immunizations, health and nutrition services, general medical care,  transportation to medical appointments and advanced specialized care.

People in remote parts of the state often need to travel greater distances to see a health care provider, are less likely to have access to high-speed internet to utilize telehealth services and are more likely to live in an area that has a shortage of doctors, dentists and mental health providers.

Through programs like the Distance Learning and Telemedicine Grants Program, we are making it easier for people living in rural areas to access health care services remotely.

RD is continuing to help expand access to health care infrastructure and resources via the Distance Learning and Tele-

medicine Grant Program.

Health is about much more than medical care. Access to modern, reliable water and wastewater infrastructure is a critical necessity for the health and well-being of every American.

In South Carolina, we continue to work hand-in-hand with our partners and local community leaders to promote a healthy community and environment through our Water and Environmental Programs.

These programs help rural communities obtain the technical assistance and capital financing necessary to develop clean and reliable drinking water and waste disposal systems. Safe drinking water and sanitary waste disposal systems are vital not only to public health, but also to the economic vitality of rural America

Through these programs, we make sure people, children and families across the state have clean water and safe sewer systems that prevent pollution and runoff.

USDA Rural Development is a partner who invests in keeping rural people healthy. Join us this National Rural Health Day, Thursday, Nov. 17 as we celebrate the power of rural.

You can learn more about our programs by visiting our website, www. rd.usda.gov and clicking on “programs and services,” or by calling 803-765-5163.

Saundra Glover is the state director of USDA Rural Development in South Carolina.

ṢAUNDRA GLOVER