FLOYD LEE LOCUMS of Charleston
PAGE 4 VOLUME 28 NUMBER 1 ■ CHARLESTONBUSINESS.COM
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JANUARY 17-30, 2022 ■ $2.25
network
Island spike
Kiawah Island Real Estate records a 299% bump in sales compared to 2019. Page 11
Condo craze
Cane Bay welcomes first multi-family development, The Hudson. Page 9
Stepping up
New Palmetto Goodwill CEO focuses on people and the organization’s impact. Page 6
Movin’ East
Home Team BBQ prepares to open its fourth Lowcountry location. Page 12
INSIDE
Upfront................................. 2 SC Biz News Briefs................. 3 Small Business Spotlight........ 4 In Focus: 2022: The Year Ahead.......... 13 List: Hospitals..................... 19 Bonus List: Urgent Care Centers........... 20 At Work............................... 21 Viewpoint............................23
Turning Tassels Filling a gap in higher education for educators, Charleston Southern University launched a doctoral program, graduating its first cohort in December. Page 8
Members of CSU’s inaugural doctoral program celebrate graduation day. From left to right, April Sanders, Erica Taylor, Shene White, Priscilla Johnson, Arthea Simmons, Quencenia Dantzler, Paula Browne, Amanda Snipe. (Photo/Aneris Photography.)
CEO says ports positioned to navigate uncertainty By Teri Errico Griffis
I
tgriffis@scbiznews.com
n April 2020, the S.C. Ports Authority budget called for a 10% reduction in volume as the pandemic rolled across the global supply chain. Jim Newsome, SCPA President and CEO, had no idea if even 1.23 million containers would be achievable, but he couldn’t imagine articulating a 30% reduction — and wasn’t prepared to let go of any employees in such a skill-driven industry. “I was nervous,” he said. Like other CEOs, he had never managed a pandemic before.
Little did Newsome know that the SCPA would soon see record volumes that kept on climbing. He anticipated the port losing nearly 15% of cargo volumes in fiscal year 2021, when in reality numbers rose 10%. Newsome sat down with the Charleston Regional Business Journal to talk about the year that’s past, and more specifically, the year ahead as the country navigates year three of the pandemic.
Retail inventory
Newsome admits the SCPA was late to the game when the agency began focusing on retail in 2020, but coming on board when they
Film commission ready for action
did couldn’t have been more crucial. With the pandemic causing e-commerce to skyrocket, be it gadgets to pass the time, clothing and late-night QVC orders or home furnishings, the port has benefitted from increases in cargo imports. Newsome owed much of that shift to people being forced to stay indoors and avoid traveling, restaurants and group entertainment. While he expects at some point the scales will tip back, e-commerce is here to stay, particularly as inventory to sales ratio remains rather low, he said.
With pent up demand for streaming content, S.C. hopes to expand production opportunities statewide. Page 5
See SC PORTS, Page 10
Upfront
BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE
More people want move to these 3 states
T
he data is in, and South Carolina is one of the top moving destinations for 2021, according to the National Movers Study by United Van Lines. United moves people and their stuff across the country and analyzes migration trends each year, which can indicate where demand for housing, infrastructure and economic activity will be heading in the short term and over the next year. The Palmetto State wasn’t alone in being a destination of choice, though. In 2021, more residents moved into South Carolina than out, with 63% of the moves coming into the state, data from United’s national study show. But the Southeast as a whole continues to be a huge draw, with half of the in-bound states on the list in the Southern U.S. The United Van Lines’ study also showed that a lot of people are making moves based on pandemic-era living and selecting less dense areas of the country.
What’s the appeal of South Carolina United Van Lines asked why people decided to move to specific states. Out of 10 states, South Carolina was No. 1 for cost of living. Reason
Rank
Percentage
Cost of living
1
13.26%
Retirement
2
36.56%
Quality of life
3
23.66%
Places people moved to in 2021 Half of the in-bound states were in the Southeast, including South Carolina at No. 3. Rank
State
No. 1
Vermont
No. 2
South Dakota
No. 3
South Carolina
No. 4
West Virginia
No. 5
Florida
No. 6
Alabama
No. 7
Tennessee
No. 8
Oregon
No. 9
Idaho
No. 10
Rhode Island
Places people left in 2021 The Northeast isn’t the place for movers, United Van Lines data show.
Source: United Van Lines, 2021 National Movers Study
ON THE
RECORD
Rank
State
No. 1
New Jersey
No. 2
Illinois
No. 3
New York
No. 4
Connecticut
No. 5
California
No. 6
Michigan
No. 7
Massachusetts
No. 8
Louisiana
No. 9
Ohio
No. 10
Nebraska
“I think we all know we are in unprecedented times and that the success that Kiawah is experiencing in this market is a once-in-a-lifetime type of opportunity. We don’t know how long it will continue. We’re just enjoying it for as long as we can.” — Dan Whalen, Kiawah Island Real Estate president
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January 17-30, 2022
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SC Biz News Briefs UPSTATE
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Maryland investors acquire upstate retail center A 263,490-square-foot Easley property known in the area for its department stores and national brand names will be Greenberg Gibbon’s first South Carolina investment. The Maryland based investors recently purchased the Town ’n Country plaza, leased by Belk, Hobby Lobby, Ulta Beauty, HomeGoods, Ross Dress for Less, Staples and Five Below, for $23 million. It was the firm’s third acquisition in 90 days, according to a news release. The Town ‘n Country plaza is 98% leased with brand “We’re thrilled to further expand name tenants like Belk and Ulta Beauty. (Photo/Provided) Greenberg Gibbons’ footprint into South Carolina with the acquisition of Town N’ Country,” Thomas Falatko, senior vice president of acquisitions at Greenberg Gibbons, said in the news release. “This is already a high-performing asset, and we see exciting opportunities to introduce additional uses to the property that will further increase its value.” Rapid growth in the Easley area and the center’s current tenant portfolio — which have leased 98% of the building — piqued investor’s interest in property. The property was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched last March. The fund acquires shopping centers throughout the East Coast, Southeast and Midwest markets and is still on the hunt for similar investments in the area, according to the release, including grocery-anchored centers in need of revitalization. CRBJ
MIDLANDS
Learn about financial & exit strategies in Matt Pardieck’s upcoming book, released in Spring 2022. Visit: www.bigheartedbusinessowner.com
Columbia Regional Business Report
Pandemic effects continue to move through Columbia’s office space Columbia’s office market felt the effects of the COVID-19 pandemic during the fourth quarter of 2021, with the continuing work-from-home trend and rising construction costs contributing to negative absorption. A fourth-quarter analysis by Colliers International’s Columbia office found 218,787 square feet of negative absorption, fueled by staff of major office users continuing to work remotely. Vacancy rose in the fourth quarter to 15.5%, up from 14% in the third quarter and 13.9% in the fourth quarter of 2020, according to the report (.pdf). Total inventory remained at 14.5 million square feet, unchanged from both the third quarter of 2021 and the fourth quarter of 2020. The market saw no new supply, with 75,000 square feet remaining under construction from the third quarter of 2021, according to the report. Available office space is difficult to sublease, the report found, as it is either too large or expensive to subdivide. Rising construction costs also make upfitting existing space a challenge. “It is unlikely that this dynamic will substantially change until new product is delivered or older buildings with large amounts of vacancy have sufficient capital invested in them to make them competitive,” the report said. Class A rents increased to $21.68 per square foot in the fourth quarter, up from $21.44 in the third quarter and $21.36 in the fourth quarter of 2020. Class A rents in Columbia’s central business district remained stable at $23.65 per square foot.
Serving South Carolina for a combined 50+ years With ten professionals, including six attorneys, we’re part of Saxton & Stump, a Pennsylvaniabased law firm with over 140 professionals and attorneys providing solutions for complex legal issues. Together, we’re able to offer clients consulting services for human resources, cyber security, marketing and more. The lawyers at Spitz & Neville represent individuals, businesses, in-house counsel, co-counsel and insurance adjusters. Your goals become our goals as we work together serving as your trusted advisors.
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With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.
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January 17-30, 2022
Small Business Spotlight MATT FLOYD AND NATASHA LEE, FLOYD LEE LOCUMS MY COMPANY:
Floyd Lee Locums provides an elite staffing experience for physicians, dentists and advanced practice providers in health care facilities nationwide. Our team consists of staffing professionals with decades of experience. We were recently awarded Small Business of the Year by the Charleston Metro Chamber. We won Best Staffing Firm to Temp For in 2020 and 2021 by Staffing Industry Analysts, as well as Best Staffing Firm to Work For, based on employee submissions.
MY BUSINESS MODEL:
Designed as a concierge experience, our company places providers into roles that fit their career goals — and support the staffing needs of those facilities hiring them. Our hands-on approach to locums was created to deliver best-in-class service. We believe in serving those who serve others and creating personalized workforce solutions mindful of customer needs and in line with our founding beliefs.
MY CUSTOMER:
Floyd Lee Locums serves clinicians, such as physicians, dentists and other advanced providers to help them find the right roles for their personal and professional goals. We also serve health care facilities. We partner with staffing professionals within hospitals, clinics and similar organizations to learn about their staffing needs and where a concierge recruitment partner like us can help expedite the search and placement process.
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South Carolina’s Media Engine for Economic Growth
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January 17-30, 2022
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SC Film Commission seeks to grow resources statewide By Teri Errico Griffis
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tgriffis@scbiznews.com
his past year, there’s been a major shift in film and television consumption toward streaming services. Red Notice, starring Dwayne Johnson, Ryan Reynolds and Gal Gadot, went straight to Netflix becoming the most watched film in the service’s history at 364 million hours in the first month. Amazon, HBO, Netflix, Paramount and more services are churning out new products around the clock, and the S.C. Film Commission is ready to facilitate as many productions as possible in 2022. Matt Storm, the new S.C. Film Commissioner, said once the country eased up on heavy pandemic restrictions, allowing more flexibility to film, the floodgates opened. “And it’s not just us,” he said. “There’s no stage space in L.A., Atlanta. Every place that has filming has more filming than it can handle, and we’re among that.” At the Commission’s Columbia office, Storm said he and Project Manager Dan Rogers are inundated with interest in filming in South Carolina, mainly small-bud-
Outer Banks’ actors Rudy Pankow, Chase Stokes and Jonathan Daviss film a scene for the Netflix show in downtown Charleston. (Photo/Provided)
get features and series productions. Planning ahead, Avengers star Paul Bettany visited the Lowcountry in October with his writing partner, Dana Brown, to view locations for a movie they co-wrote. “It’s awesome that we have Paul Bettany and other stars coming down for Righteous Gemstones, which is a huge hit for HBO,” Storm said. “These guys are doing it because they love the script, and
they love the fact that they can shoot in Charleston. They can go get coffee and not get swamped by people versus shooting a cameo spot on another show in Atlanta where they have tons of pap.” Interest in filming in South Carolina has grown immensely over the years because there are now a lot more mediums to publish content, Storm said. “You don’t have to rely on movies and
movie theaters so much anymore. You have an easier avenue for people to consume the product,” Storm said. A tale of success to come out of the state is Netflix’s drama Outer Banks, which has primarily filmed in the Lowcountry since 2019. When the second season was released in July, the streamable series shot to the top and remains one of the service’s most watched series of the year. The attention has also drawn tourists to Charleston. Alex Goldstein, general manager and tour guide for Charleston Outdoor Adventures on Bowen’s Island, said since the summer of 2020, patrons have been loving their kayak tours for the overlap with Outer Banks, including marshes, waterfront homes and Bowen’s Island Restaurant, which was featured in season two — albeit with temporary signage changes and decorations. “I would do kayak tours and at least a couple times a week, someone on my tours — even when we’re not talking about anything like that — will ask if this is where Outer Banks was filmed or See MOVIES, Page 7
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January 17-30, 2022
Palmetto Goodwill CEO hopes to place 10,000 workers by 2025 By Alexandria Ng
D
ang@scbiznews.com
onating to Goodwill isn’t just about giving used belongings a new life; it’s about giving people a second chance too. That’s according to Brian Itzkowitz, the new president and CEO of Palmetto Goodwill. “The stories and being able to see how Goodwill can change the trajectory of someone’s life – that’s what gets me going every day,” Itzkowitz said. “Let’s go out, and do good. That’s in our name; it’s what we do, so the more people that know that and support it is the more that we can do.” Itzkowitz stepped into his new role late October. Previously, he served as chief member advancement officer at Goodwill Industries International, where he oversaw a network of 156 local nonprofit Goodwill organizations across the U.S. and Canada. Coming into the Lowcountry, Itzkowitz will lead the Palmetto Goodwill team in its Community Impact 2025 plan, a three-year roadmap to focusing on the organization’s four-pillar mission of “helping people achieve their full potential through the dignity and power of work.” These pillars include employment, sustainability, innovation and communication. Honing in on such a focus comes on the heels of a job climate where employers are having difficulty securing talent to keep up with open positions. What filling that need looks like for Palmetto Goodwill includes providing training and certification programs for its
Brian Itzkowitz (left), CEO and president of Palmetto Goodwill, stops by a military base where his team volunteered on Christmas Day, to give his thanks to service members. (Photo/Provided)
employees who work on the store floor, as well as others in the community, to quickly transition people into high-paying and high-demand jobs. A facet of this plan includes building on partnerships with other companies, creating a pipeline for employment as training programs can be tailored with and for the specific employer. By 2025, Palmetto Goodwill aims to have created 60 of these employer-partnered training programs. So far, they’re at 10. “It’s about just building a truly inclusive organization that gives everybody a sense of belonging and gives everybody an opportunity to thrive and live their
best life,” Itzkowitz said. “That’s what I want for anybody who comes in contact with us, so that’s my big personal goal, to help us be that place.” Other forms of community outreach will include a mobile Career Opportunity Center to help those who don’t have the means to access resources, amping up education efforts, as well as possible plans to address local recidivism rates further down the line. “We’re also making it a major focus to connect with the public, so people really understand how their donations are helping change lives and communities,” Itzkowitz said. According to Itzkowitz, between 86%-
90% of funds from Goodwill customers and donors go back into services and programs. Using these funds, the organization hopes to grow its job placement numbers within the next few years, especially to recover from the period of the pandemic where placements were put on pause. By 2025, Palmetto Goodwill’s goal is to increase its current 2,500 people placed in jobs annually to at least 10,000. “We’re all about second chances,” Itzkowitz said. “We’re giving the things that people used to love a second chance; we’re giving people that may have made a mistake or had some sort of barrier another opportunity to reinvent themselves.” As the new CEO and president, Itzkowitz’s other responsibilities will include expanding community partnerships, growing resources and mission services, and continuing financial stability. In previous positions, he has earned numerous professional recognitions, including the Goodwill Industries International Advocacy Leader Award and Arkansas Business Nonprofit Executive of the Year. He was past board of directors’ chair for the international organization, the governor-appointed chair for the Arkansas Workforce Development Board’s planning committee, and co-founder of the Arkansas Autism Foundation. He holds a bachelor’s degree from the University of Miami in international finance and marketing. Since 1979, Palmetto Goodwill has supported its 18-county territory through 31 thrift stores and donation centers, 12 Career Opportunity Centers and 14 commercial contracts. CRBJ
Reach Alexandria Ng at 843-849-3124.
Las Vegas company to turn historic Navy building into housing development By Teri Errico Griffis
A
tgriffis@scbiznews.com
Las Vegas company isn’t gambling with its first East Coast acquisition. Camino Verde Group recently acquired North Charleston’s abandoned Anchor Center in the Noisette area with strategic plans to convert the 158,000-square-foot building into a multi-family development. Designs include 118 units that will preserve the building’s history and character. The entire property at 2260 Noisette Blvd. consists of 3.67 acres, and Camino intends to develop an eight-story building with 295 units on the remaining vacant land, the company said. “This acquisition further exemplifies our firm’s investment strategies focused on markets with strong fundamentals
and economic growth,” said Kevin Romney, co-founder and managing director of Camino Verde Group. “This purchase is the first step of our portfolio expansion in the Eastern United States. We appreciate the fundamentals of the greater Charleston market because it is one of the fastest growing metropolitan areas that has seen substantial job development due to the recent influx of eminent companies.” Because of its age and status, the mid-century property qualifies for South Carolina Abandoned Building and Historic Credits. Decommissioned in 1996, the former military building was once home to the Navy commandant’s office and served a vital role the Vietnam War. CVG plans to restore the building’s historically significant features, including the commandant’s office and the 130-seat briefing auditorium.
“It’s essential to maintain the historic characteristics of this property to ensure the legacy is preserved.” Mike Ballard Co-founder, Camino Verde Group
“It’s essential to maintain the historic characteristics of this property to ensure the legacy is preserved,” Camino Verde Group co-founder Mike Ballard said in a statement. “We plan to revitalize the briefing room as a theatre for movie and comedy events, and the commandant’s office will be available to guests for tours and observation.” The former Navy Base has since become a burgeoning business desti-
nation with tech, shipping and medical companies, as well as a community park that’s home to festivals, concerts and dining at the newly opened Momo. Mayor Keith Summey announced in June plans to transform the 110-yearold Power House as a community asset. Nearby, international real-estate development firm Jamestown is planning the Navy Yard Charleston project. The future development is designed to include a 1.2 million-square-foot mixed-use neighborhood with office space, residences, shopping, dining, new green spaces, a concert hall and an outdoor events venue. “The central location and combination of both employment and entertainment centers make this the ideal destination for a vibrant multifamily development,” Ballard said. CRBJ
Reach Teri Errico Griffis at 843-849-3144.
January 17-30, 2022
MOVIES, from Page 5
say that the scenery looks like the show,” Goldstein said. While tours don’t intend to focus on the Outer Banks connection, Goldstein said she has had specific requests from fans of the show. One dad in particular requested a private tour for his daughter and a group of teen girls to learn about the places Outer Banks was filmed. Goldstein happily obliged and sent out a captain who was a mutual fan of the show. Heading into 2022, the state continues to be limited by its $15 million annual incentive budget, which primarily is allocated to Outer Banks and Righteous Gemstones. But an extra $15 million earmark the organization was awarded in the summer will help fund some of the newer projects. Storm would like to see what proposals come up in the beginning of the year before he plans how to spend the entirety of the earmark. He’d also like to use some of the funds to grow statewide outreach for more filming, in particular for increasing internship opportunities and furthering filming education. “There’s a really good program in Charleston through Trident Technical College that we partner with. They have interns on set, and they have a great indie grant program, which is awesome,” Storm said. “But I would love to do something not just Charleston-centric. That’s kind of my thought for the future. I don’t know what that’s going to look like yet, but I would love to use funds for that, for increasing awareness.” The S.C. Film Commission already has been in contact with a company in Greenville looking to bring the same kind of production energy to the upstate. Storm also hopes to collaborate with University of South Carolina, which recently increased its media art presence. The inevitable goal is to increase production interest statewide, to make incentive money worth it for everyone, not just the bigger markets, Storm said. If movies only film in Charleston, what’s in it for places like Clarendon or Marlboro counties? But more and more money is piping into Charleston because that’s where the talent and support services have been built. A potential film coming to Union County soon could change things — particularly create more reason to increase incentive money statewide. “If we had more money, we’d be able to have more resources, but if we don’t have more crew to back it up I don’t know if there’s a point,” Storm said. Righteous Gemstones and Outer Banks will get to work filing their third seasons later this year, and Storm said, “For now, we’re just keeping the train rolling and seeing where things go legislative-wise.”
www.charlestonbusiness.com 7
Bank relocates headquarters to Charleston By Teri Errico Griffis
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tgriffis@scbiznews.com
irst Capital Bank has accrued so much interest in South Carolina that the company has moved its headquarters from North Carolina to 304 Meeting St. in Charleston. As of Jan. 5, the bank, which has assets of $387 million in assets as of the end of 2021, has converted from a North Carolina state-chartered bank to a South Carolina state-chartered bank. The conversion will have no impact on the bank’s customers, the company said in a news release. “The majority of our growth and assets are in South Carolina, and the Charles-
ton area specifically. We believe converting to a South Carolina-chartered bank and moving the Bank’s headquarters to Charleston will enable us to best serve our customers and shareholders,” First Capital Bank Chairman and CEO Harvey Glick said in a statement. “We look forward to working with the South Carolina Office of the Commissioner of Banking and to our continued growth with the new Charleston headquarters. Glick added that the bank will remain “committed” to its North Carolina markets, primarily through the Laurinburg branch and loan production office in Pinehurst. On the same day of the conversion
announcement, FCB shared that the board of directors appointed Joseph S. Kassim as a director of the bank. The bank has five branches and one loan production office in the Carolinas, including locations in Summerville and a newly opened office in Mount Pleasant. After the conversion, First Capital Bank will remain a subsidiary of First Capital Bancshares, Inc., which is also headquartered in Charleston. The South Carolina Office of the Commissioner of Banking and the Federal Deposit Insurance Corp., however, are now the Bank’s primary regulators. CRBJ
Reach Teri Errico Griffis at 843-849-3144.
CRBJ
Reach Teri Errico Griffis at 843-849-3144. CHS - ADMAG - CRBJ - Mike Lata-4.14.21.indd 1
4/19/21 8:03 AM
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January 17-30, 2022
CSU graduates initial Ph.D.s in education in leadership By Jenny Peterson
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Contributing Writer
hough graduates’ faces were half covered, there was no mistaking the excitement in their march. Twenty-three students received a doctorate of education in leadership degrees from Charleston Southern University in December, the first group to graduate from CSU’s inaugural doctoral program. The first cohort of graduates to cross the stage received the highest academic achievement available — and the journey there was no easy feat. Students took three years of evening classes and unprecedented modified online learning during pandemic protocols. Although the doctorate degree fell under the department of education, graduates were professionals spanning many careers, including military, nursing, firefighting, criminal justice and more. Robert Doan, interim chair of the EdD program and assistant dean of the College of Education said prior to the track, there was a “big hole” in the Lowcountry for an in-person doctoral degree with only the University of South Carolina offering the program. CSU saw an opportunity. “We anticipated about 80% of our students would be K through 12 educators, but almost 40% of our students weren’t not in the education field at all because we framed it as an emphasis in leadership, and we were able to recruit anyone that’s pursuing leadership,” Doan said. Doan came to CSU in North Charleston three years ago to assist with getting the doctoral program accredited by the Southern Association of Colleges and Schools Commission on Colleges. Today, more than 100 students are
Graduates of Charleston Southern University’s first doctoral program in education leadership gather for a photo to commemorate the milestone. (Photo/Ty Cornett, CSU Media)
enrolled in the Ph.D. education in leadership program, with graduation expected every three years. Students enroll in cohorts of around 20 students per class and work closely with one another, holding each other accountable and encouraging one another throughout the three-year evening classes all the way through writing and defending their dissertations. The 23 graduates of the first cohort defended dissertations on topics that included intercultural communicative competence, reading intervention strategies, online education, military vs. non-military students in college, screen time and health motivation, mental health crisis intervention training for school resource officers, inequalities post-COVID on student learning, caring for nurses and hip-hop pedagogy on the teacher-student relationship. “Students really buy into the cohort model and buy into the idea that it’s not just an individualized degree. It’s also that, for three years, you and your (colleagues) are going to get together on Tuesday nights and do life together and learn about leadership and how to produce new knowledge,” Doan said.
“One of the statistics I found is that only 4% of doctoral graduates overall are Black women, so we definitely broke that percentage.” Pricilla Johnson, assistant principal at Joseph R. Pye Elementary School
A milestone in the first cohort was the inclusion of eight Black female graduates, representing more than 30 percent of the group’s total graduates. Pricilla Johnson, assistant principal at Joseph R. Pye Elementary School in Ladson, was in that group. “One of the statistics I found is that only four percent of doctoral graduates overall are Black women, so we definitely broke that percentage,” she said. Johnson’s dissertation focused on culturally responsive teaching and best practices to help support students, especially Black males, who are marginalized or underrepresented so that they are not inappropriately placed in special educa-
tion — information she can pass along to other schools in her district to spur change. “Each educational degree I’ve earned has given me access to a bigger seat at the table to speak about things I’m passionate about, with an emphasis on giving a voice to minority students,” Johnson said. “People see you a little different when they see ‘doctor’ in front of your name or additional letters behind your signature, and they tend to value what you have to say more.” A doctorate degree in her position also came with a pay increase through the State Department of Education. “When I think about how we had to get 60 credit hours and less than a year to produce a dissertation worthy of being produced in a database, it’s mind-blowing this was able to happen in a three-year span,” Johnson said. “I’m shocked at my ability to do that and work a full-time job, and many of us had families and children, so everybody had some adversity or obstacle. It was definitely the hardest thing I’ve ever done, but the most rewarding by far. This is my second time going through CSU, and I’m proud to again to be an alumni of CSU.” Following the success of the first group of cohorts, Doan said CSU plans to expand its doctoral program, which already includes a doctor of physical therapy program. Doan said the school will be looking at new disciplines in the future that can encompass many professionals. He adds that early on, the university’s leadership saw a demand that could lead to two cohorts a year — one starts in January, and one starts in June. “The world is always changing, and I definitely foresee more doctoral degrees coming,” Doan said. “The next step might be a counseling doctoral degree.” CRBJ
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The Hudson at Cane Bay is PassiveInvesting.com’s second multi-family property acquisition in the Charleston market. (Photo/Provided)
300-unit multi-family complex in Cane Bay sells for $79.5 million By Jenny Peterson
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Contributing Writer
he Hudson, a 300-unit multi-family apartment complex in Summerville’s Cane Bay neighborhood, was recently sold in an off-market transaction to a private equity firm for $79.5 million. The sale was announced in November 2021. New York-based developer Monday Properties sold the complex on Owl Lane to Columbia-based PassiveInvesting.com, which invests in multi-family properties in the Southeast and Texas. “This off-market transaction was an excellent opportunity for both the buyer and seller, and ultimately the residents within the community,” said Frank Craighill, vice president of development at Monday Properties. PassiveInvesting.com is now offering qualified investors a stake in The Hudson for a $50,000 minimum commitment. The Hudson is the only multi-family project located in the Cane Bay community. A Publix-anchored retail center was just added across the street. Monday Properties broke ground on The Hudson in October 2019 and delivered the first buildings in April 2021 with 10% of the project pre-leased and 21 units occupied. The Hudson experienced a steep pace of demand and is now more than 58% leased with 160 units occupied at sale. The spacious studio, one-, two-, and three-bedroom apartments have private balconies and patios, open-concept floor plans, stainless steel appliances and ninefoot ceilings. Amenities include a clubhouse and business center, fitness studio and a saltwater, zero-entry pool with sun shelf. Rent prices range from $1,258 for a studio to $2,344 for a three-bedroom unit. “The property was a great opportunity for our group to expand our footprint
in the Charleston (metropolitan area),” said Dan Handford, managing partner of PassiveInvesting.com. “The high-quality asset fits nicely into our portfolio of multi-family properties.” According to The Hudson’s investment offering, PassiveInvesting.com predicts a 26.3% annualized return on investment with a five-year hold period and the potential to more than double the investment through equity. This transaction serves as the second multi-family property acquisition in the Charleston market for the firm. In September 2021, PassiveInvesting.com bought the 350-unit complex Bluewater at Bolton’s Landing in West Ashley. PassiveInvesting.com’s total portfolio has a current value of more than $742 million with a total of 4,233 multi-family units. The sale of the Hudson at Cane Bay marks the second sale of a multi-family property by Monday Properties this year. The company sold The Mason, a 264unit multi-family community in North Charleston in June 2021 to American Landmark, a Florida company. While Monday Properties focuses primarily on real estate markets in New York City, the greater Washington, D.C. metro area, Los Angeles and San Francisco, the team will continue to keep an eye on development opportunities in Charleston. Monday Properties’ portfolio includes more than 2,700 multi-family units and more than 5 million square feet of commercial office space. “We are energized by the current activity in the market and intend to seek future development in Charleston and similar growing Southeast markets,” Craighill said. “The successful delivery and subsequent sale of The Hudson is a direct result of the strength of the Southeast market, specifically the exceptional economic growth of the Charleston area.” CRBJ
Ownership Expansion Announced
Surveying, Civil Engineering, Landscape Architecture, and Wetland Permitting design firm, HLA, announces Adriana Carson, Amy Chico, Ron Felkel, Richard Lacy, and Kyle Neff have joined HLA president, Barry Whalen, as owners.
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SC PORTS, from Page 1
“There is still some inventory retail to be done,” Newsome said. “I don’t know if you’ve been in a retail store lately, but they are a bit sparse on products on shelves.” The CEO believes the ports will remain strong through the first half of the year — and possibly even stronger after that because of Walmart Import Distribution Center 7’s opening in Ridgeville, a growing presence with Amazon and export projects that are expected to come online this year. “I think the fundamentals of our business outside of just normal growth in the Southeast makes the port business just a good place to be. People are moving south and we can still manufacture and we have land to do transloading and things like that,” he said.
An aerial view of Wando Welch Terminal, SCPA’s largest container terminal, which sits on more than 400 acres. (Photo/SCPA, Walter Lagarenne)
Cargo capacity
With the country importing 20% more cargo than the supply chain was built for, Newsome said the SCPA is bumping up against the same challenges as other ports, including congestion and overflows, but South Carolina is managing because measures were being put into place that helped mitigate some of the issues. The Hugh K. Leatherman Terminal was constructed to add more berth capacity. The Charleston Harbor was deepened to allow larger ships. A third start time was added at 1 a.m., allowing ships to be serviced between the original 12-hour gap of 7 a.m. to 7 p.m. Though the HLT hasn’t been fully utilized in year one as intended — seeing only 50% usage at best — the North Charleston Terminal has served as a buffer for the overloaded Wando Welch Terminal, maximizing its capacity and taking on small service ships that can be moved. “Just open the terminals 24 hours a day,” people tell the CEO as if it’s that simple a call to make. Newsome wouldn’t argue if it was possible, but to extend hours, he’d need 200 to 300 trucks an hour, or essentially trucks driving around 24/7. Such a number could never happen. Chassis shortages and empties sitting twice as long on lots have only created more chaos in the industry. Right now, container dwell times are up from an average 4-9 days to 15 as there aren’t enough distribution centers to support e-commerce, forcing companies to leave cargo indefinitely on SCPA terminals. “(Companies) don’t want empties back. They don’t have the space for them,” he said. “So guess what that does? That means you can’t pick up a full one, and it becomes a self-fulfilling prophecy of backlog.” One problem then begets another, Newsome said, and the country has created a chassis shortage, too. There are two ways to keep cargo in a container. One is to leave containers
The CMA CGM Brazil leaves Wando Welch Terminal. (Photo/SCPA, Marion Bull)
at SCPA terminals and pay for storage, while the second is to put it on a chassis, take the cargo offsite, park it at the distribution center “and hope for the day when it can be unloaded,” Newsome said. The result is putting the chassis pool at 100% utilization and companies aren’t playing nicely in the sandbox together. Like toilet paper hoarding, some businesses may corner thousands of chassis to the detriment of everyone else, Newsome said. In March 2020, SCPA had 6,000 inbound loads after a record month. By December 2021, the agency recorded 17,000, of which 5,000 had been sitting more than 15 days. “It’s like a traffic jam on 526. There’s just too much in the mechanism right now,” Newsome said.
Westward growth
Watching companies scoop up property westward down Interstate 26 has been gratifying for Newsome. “It’s what we thought would be the case,” he said. After Walmart chose to build its newest distribution center in Ridgeville, economic leaders believed it would only be a matter of time until other companies took notice. Since the state can’t grow east because of the water, or north and south
because of wetlands, westward is the only direction available. Companies are expanding into St. George, Holly Hill and Santee — towns that were previously quiet and not immediately associated with business booms. “We always felt that the global supply chain would locate near a port if we built the right infrastructure and we offered good product. We could attract the business,” Newsome said, adding that the pandemic helped the state because it forced people to look for alternatives. The pandemic gave South Carolina the opportunity to have a discussion with companies that might not have had a discussion with before. Spending more in drayage to get cargo out to St. George, closer to where domestic trucks handle the cargo that’s transloaded, is a better model, Newsome said. The land’s cheaper. Facilities are closer to the workforce. And companies aren’t competing with the Charleston workforce. “I believe I’m right in saying that what we did in Ridgeville for Walmart is a catalyst for that whole area of growth. And we felt that start,” Newsome said.
Retirement wrap up
With the end of fiscal year 2022 also comes the end of Newsome’s tenure at the SCPA. In October, he announced his retirement from the agency, and shared that
COO Barbara Melvin will take his place. The first female to run a top 10 operating container port in the U.S., Melvin was identified early on as someone who could ultimately succeed Newsome with the right steps, he said. But she had to run S.C. Ports operations first, initially tackling the Charleston Harbor Deepening Project and the Hugh K. Leatherman Terminal expansion. Melvin, who has been with the ports since 1998, has since earned an executive MBA to gain formal business training, as well as a supply chain MBA. By stepping down, Newsome hopes to create room for even more employees to rise up, noting that if he stayed too long, others might not see openings for themselves and leave. Already, Newsome’s been at SCPA longer than he has remained with any other agency, which is surprising to someone self-described as “restless.” He admits he considered his tenure when he signed his 2012 contract, ultimately having a 10-year timeframe in mind. “CEOs have a shelf life,” he said. “You get so many good ideas in the tank.” Leading up to June 30, Newsome promised to work hard “until whatever time I leave that day as I’ve always done.” Following his retirement, he then will continue to serve as advisor for the next year. “I’m looking forward to it,” he said. “I’ve got a lot of things I want to do in life both professionally and personally, so I don’t envision sitting at home looking at four walls… My wife has already told me that if I had that in mind, that she doesn’t want me there either.” Newsome remains hopeful for the port’s future regardless of what happens in 2022. “I’ve always said to y’all that I think we would grow up above the market in the ports in the Southeast, and I believe that to be true,” he said. CRBJ
Reach Teri Errico Griffis at 843-849-3144.
January 17-30, 2022
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Kiawah questions how to top 2021, find future inventory By Teri Errico Griffis
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tgriffis@scbiznews.com
wo years ago amid a looming pandemic and fears of an industry crash, Dan Whalen’s message to his Kiawah Island Real Estate team was clear: try and stay positive. Today, he’s constantly reminding them to stay grounded. “It’s crazy. It’s been great to be here, kind of surreal when you think about it,” Whalen said. As of Dec. 31, KIRE reported $1 billion in sales in 2021, with some houses that will close in 2022. The agency ended the year with $795.7 million in closed volume, a 40% increase year-over-year from 2020 and a 299% increase over 2019’s closed volume of $199.5 million. The island as a whole saw 734 closings for $1.05 billion in closed volume. Of that total, KIRE closed on 493 listings — a combination of homes and lots and villas. KIRE’s volume jumped 21% from 2020 and 165% from 2019. “I always tell the sales people out here, don’t get too high when things are good and don’t be too low when things aren’t good, cause it will always turn,” Whalen said. “It’s not a question of if, it’s a question of when.” Rather than a career-ending year, Whalen said 2020 was the catalyst for KIRE’s success, breaking 15-year-old records and ending with $567,859,407 in closed volume, a 185% increase from 2019. Islandwide, Kiawah reported $808,287,686 in closings volume. Whalen never expected to outperform those numbers as the country entered the second year of the pandemic. This year, he and his team are just living in the moment. “Don’t ask questions, keep your head down,” he said. “Just keep going 90 miles an hour and ride the wave for as long as you can.” The volume of 2021 transactions and average days on market continue to blow Whalen away. On average if a listing is priced right, home are sold within a week. “It’s almost next to nothing now,” Whalen said. “We still have plenty of buy-
The Vanderhorst Estate, which sold in June for $20.5 million, is the most expensive home sold on Kiawah Island. (Photo/Kiawah Island Real Estate)
ers. If we had more inventory, we would have sold even more. We’re limited in the number of properties that are for sale.” In a sellers market, loss is all too common for buyers nowadays, with many missing out on multiple offer situations or acting too late on homes they were watching. But buyers are serious and moving quicker than ever, Whalen said. Of the 734 homes sold islandwide last year, the 16.5-acre Vanderhorst Estate was the most expensive transaction in the history of the island. Closing at $20.5 million, the mansion on the edge of the Kiawah River dates to the early 1800s. It was sold on June 24. Vanderhorst is a legacy type of property where generations will come and use it, Whalen believes. “It’s a property that their intentions are to stay in the family for generations,,” he said. “It’s that kind of special property where you hope your grandchildren’s grandchildren will be coming down to it.” The mansion aside, average home sales in general are catching attention. Prices have climbed 40% since 2019 with the average single-family home jumping from $1.67 million to $2.5. In the third quarter, KIRE sold 62 homes priced at $2.5 million or above, which Whalen said would have been single digit volumes two years earlier.
“Our inventory has appreciated, but the high-end buyer has really kind of flocked here and as a result we are selling a lot of these homes that are much more expensive,” Whalen said. Though buyers come from all over, be it the Northeast, Mid Atlantic and North Carolina, Whalen has seen growing interest these past two years from younger families in drive-to markets — Charlotte in particular. “Charlotte has brought a lot of newer, younger buyers. When you go to the beach club on the weekend, and just enjoy the beach for the weekend, you see many more younger families there than you have in the past,” he said. Given how many sales occurred in the past two years, KIRE team members are left scratching their head as they roll into 2022 because inventory is low. But Whalen notes that there wasn’t much inventory at the start of last year either and KIRE went on to close $800 million in sales. Buyers are there. Agents just need to find the sellers, whether it’s one home here or there or keeping in contact with clients who may not have considered listing their home right now. The island also holds several developments on the horizon. Coming online, The Cape is a 14-acre oceanfront condominium focused on
sustainability and preservation that is already under construction. Developed by Colorado-based East West Partners, 35 of the 40 Phase I properties were swooped up on opening day. The original timeline wase to kick off Phase II a year later but with Phase I being such a hit, the second opened up early this past fall and expects a summer 2023 completion. Phase II will include 38 additional residences for a total of 78 homes across six buildings. Cape units include two-, three- and four-bedroom oceanfront floorplans ranging from 1,590 to 3,735 square feet. Prices for remaining units begin at $1.8 million, but KIRE has seen closings hit as high as $8 million. Kiawah Island Real Estate Sales Executive Patrick Brumfield sold the most expensive unit, a four-bedroom, four-and-a-half bathroom located in building six. The Burn at Cassique is another new neighborhood, introduced this month. A continuation of the British arts and crafts style, the seven planned homes will be built along the second hole of Cassique — also known as “the burn.” Each home will feature views of the second hole and the marsh, with some looking outward toward Eagle Island. With only two more developments remaining — neither of which Whalen could disclose at this time — Kiawah Island is almost officially built out. “Those two developments that I can’t really speak out are probably the last two parcels of undeveloped land to be built,” Whalen said, adding that Kiawah Island Golf Resort still owns some oceanfront property next to The Sanctuary, but he is unsure of their plans. The KIRE president understands that the country is still living through unparalleled times and that Kiawah’s current success is a “once-in-a-lifetime type of opportunity.” “We don’t know how long it will continue. We’re just enjoying it for as long as we can and living in the moment,” he said. “Enjoy it, be grateful for it. But we realize it won’t last forever.” CRBJ
Reach Teri Errico Griffis at 843-849-3144.
Benefitfocus building sold to Midwest company for $61.5M By Teri Errico Griffis
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tgriffis@scbiznews.com
Midwest company has purchased 215 Benefitfocus Way, the 145,800-square-foot building on Daniel Island for $61.5 million. CBRE arranged the sale of the Class A corporate headquarters office building, which Benefitfocus leases long-term,
CBRE said in a news release. Chicago-based Zeller, an office owner and operator that’s been active in the Southeast since 2017, purchased the four-story, single-tenant property from an undisclosed seller. The acquisition is part of a long-term commitment to invest in “growth-oriented markets with high-quality assets,” according to the release.
“Charleston’s impressive demographics, specifically job growth and population growth, continue to attract new capital sources from outside of the market,” CBRE’s Patrick Gildea said in a statement. “Class A properties with nearby amenities continue to be the top targets for capital.” CBRE’s Gildea, Matt Smith, Grayson Hawkins, Charles Carmody, Chip Shealy and Cathy Delcoco represented
the seller. The company’s Southeast Institutional Debt and Structured Finance Team, lead by Harris Ralston and C.J. Kelly, represented the buyer in the debt financing. Zeller currently has 1.3 million square feet of assets under management in the Southeast. CRBJ
Reach Teri Errico Griffis at 843-849-3144.
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January 17-30, 2022
Home Team BBQ takes over empty Mount Pleasant space By Jenny Peterson
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Contributing Writer
ne of Charleston’s most popular barbecue restaurants is expanding into north Mount Pleasant. Home Team BBQ will open a new location in the former Rusty Rudder restaurant at 3563 N. U.S. Highway 17, directly across the highway from Wando High School. The eatery has three more local locations in downtown Charleston, West Ashley and Sullivan’s Island. After six years, The Rusty Rudder announced on social media it was closing its doors in March 2020, leaving the location vacant. The Home Team BBQ group plans to rehab and rejuvenate the modest wooden building to bring their smoked meats, full restaurant and bar in 2022. Aaron Siegel, chief operation partner and pitmaster, said the location “feels like a Home Team to us. We love rehabbing an old school spot, and this place already has the feel of a fish shack or barbecue shop.” The renovation will be designed by Jenny Keenan Design, McGinnis Leathers
Home Team BBQ, which is expanding with a fourth Lowcountry location, also has restaurants in Greenville, Columbia and Aspen, Colo. (Photo/Home Team BBQ)
and the four operating partners: Aaron Siegel, Taylor Garrigan, Sean Daniher and Tony McKie. The company worked with long-time real estate partner Peninsula Development to find its fourth Lowcountry space. Upon Rusty Rudder closing, Peninsula purchased the property in 2020.
At the future Mount Pleasant Home Team, the company said guests can “expect to find the same good vibes, multi-regional barbecue, creative daily specials and extensive bar program folks have come to know and love.” A large outdoor space will serve as an open-air courtyard at the new location,
with plenty of television screens for game day and space for socializing. In keeping with other Charleston-area locations, Siegel said the Mount Pleasant restaurant is expected to hold regular events, including live music, oyster roasts, pig pickings and more. The new location will offer a family-friendly atmosphere for the nearby north Mount Pleasant neighborhoods — and is also in proximity to Roper St. Francis Hospital. Since 2006, Home Team BBQ has built a thriving business with a collection of restaurants in the Charleston area, as well as outpost locations in Columbia, Greenville, and Aspen, Colo. Home Team BBQ has been featured in several national publications, including Travel + Leisure, Esquire, USA Today, Southern Living and Food & Wine. Home Team BBQ specializes in slowcooked meats, multi-regional barbecue platters and sandwiches that include pulled pork, pulled chicken, chopped brisket and ribs, along with sides, smoked chicken wings and a full-bar program with cocktails and a variety of craft beers curated by beverage director and director of operations Adam Rothstein. CRBJ
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THE YEAR AHEAD LISTS: Hospitals, Page 19 | Urgent Care Centers, Page 20
Forecasting the Year Ahead
Former Lehman Brother economist Stephen Slifer recaps his forecast for 2022, discussing liquidity after the government oversold the recovery and the ongoing impact of tech in helping us adapt beyond a pandemic
T
he coming year is likely to be characterized by surprisingly robust GDP growth at 4.9%, and inflation is almost certain to remain far higher than the Fed would like to see at 4.8%. Because the Fed continues to believe that the recent run-up in inflation is caused by supply chain disruptions and not by excessive growth in the money supply, it still concludes that the flare-up in inflation is “temporary.” As a result, it is inconceivable that it will choose to aggressively fight inflation any time soon. It may well raise rates three Slifer times in 2022, which would boost the funds rate from near 0% today to 0.75% by the end of 2022, but it
would still be far below its “neutral” level of 2.5%. Fed policy will remain stimulative for years to come. The combination of robust GDP growth next year, a substantial increase in inflation, and still low rates will keep corporate earnings on a roll and the stock market soaring.
Economy continues to roll
The recession in March and April of 2020 was caused by federal government action. It chose to fight COVID by shutting down the U.S. economy. As a result, GDP growth in the second quarter plunged by 31% and fell $2.2 trillion below its potential growth path. Twenty-two million Americans lost their jobs. Given that government action was the cause of the recession, our leaders in Washington felt an obligation to make people whole. But they overdid it. The
combination of $5.3 trillion of stimulus checks and $4.2 trillion of Fed purchases of securities have provided $9.5 trillion of stimulus to counter a $2.2 trillion shortfall. No wonder the economy has been on a roll, and because much of that excess liquidity remains, we are bullish on the 2022 outlook and anticipate GDP growth of 4.9%.
Tech helps us adapt
In addition to excessive stimulus, the tech sector played a pivotal role in lifting the economy out of recession, and we believe that economists have underestimated its importance. Think of the bio-tech sector and the development of the COVID vaccine. Vaccine development is typically a 10-year process but the COVID vaccine was developed in a single year thanks to technology.
When the economy was shut down a firm could not meet face-to-face with its employees. Sales people could not meet face-to-face with their clients. But along comes Zoom and Microsoft Teams to allow them to approximate face-to-face meetings when they could not otherwise do so. During the pandemic, consumers could not go to local stores to shop. They had to buy things online. Amazon was well positioned to do that but, with the help of technology, brick-and-mortar stores like Walmart and Target did a wonderful job of educating their customers to order online and pick up their merchandise at the store. Many people were sick. No one wanted to sit in a doctor’s office among a bunch of See YEAR HEAD, Page 14
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YEAR HEAD, from Page 13
other sick people waiting to see a doctor. Along came tele-health. In-restaurant dining was eliminated. In order to survive, restaurants had to develop delivery or take-out services. Along came UberEats, DoorDash and Grubhub to fill the need. Tech played a critical role in helping the economy emerge from recession, and will continue to help it adapt to this significantly revamped and ever-changing economic environment. We are confident that technology will help the U.S. economy’s speed limit climb from 1.8% currently to 2.5% or more in the years ahead.
Easing pandemic panic
Our relatively optimistic view of the economy next year could become unraveled if COVID resurfaces. We do not expect that to happen despite the recent appearance of the Omicron variant. When COVID arrived in early 2020 it had a pool of 330 million unvaccinated Americans as prime candidates to infect. But today 233 million Americans have received at least one dose of the vaccine and another 48 million have already contracted COVID and have developed natural immunity. Thus, 281 million people now have some sort of immunity, which means the pool of potential candidates for COVID to attack has shrunk to 49
million, and COVID spreads almost exclusively amongst the unvaccinated population. Our sense is that Americans will
become progressively less fearful of COVID as the year progresses, and it will cease to be a significant factor in determining the economic outlook.
Need a fresh start for the new year?
If one can eliminate COVID from the confluence of factors likely affecting GDP growth in 2022, the rest of the economy appears poised for growth.
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Don't just GO online, GROW online Do you have the skills you need for the job you want? At Charleston Southern University, we’ve been helping students design their pathway to success with rewarding and affordable online degrees for decades. Invest in your own economic recovery so you can secure the career you deserve. Daniel Island economist Stephen Slifer delivered his economic forecast in December to a group of regional professionals and business leaders online. (Photo/Mary Wessner)
Out of balance demand
The demand for goods and services far exceeds supply in virtually every sector of the economy. For example, in the housing market, properties fly out the door once they are listed. The typical property sells in 17 days which is the shortest length of time between listing and sale on record. Because properties have been selling so quickly, Realtors have only a 2.5month supply of homes available to show potential buyers. They need roughly a sixmonth supply for demand and supply to be in balance. There is a similar shortage of rental properties on the market. The vacancy rate for rental units is the lowest it has been since the 1980s. Thus, there a significant shortage of both single-family homes and apartment units. The solution is for builders to step up the pace of construction. But they are hampered by both a shortage of skilled workers and materials constraints. While the pace of construction will accelerate, it will be impossible for builders to eliminate the substantial backlog of demand during this coming year.
Expect issues in manufacturing
Manufacturers are facing similar difficulties. The Institute for Supply Management’s index for the manufacturing sector is near a record high level. Orders keep flowing in. Firms step up the pace of production as best they can, but they suffer from supply side constraints – delays in getting required materials, the
Because properties have been selling so quickly, Realtors have only a 2.5month supply of homes available to show potential buyers. They need roughly a six-month supply for demand and supply to be in balance. high cost of raw materials, a shortage of critical inputs such a semiconductors, delays at ports, a shortage of truck drivers, a shortage of warehouse space, and an inadequate supply of skilled labor. As a result, manufacturing firms have been forced to dig dip into inventories to satisfy as much of the demand for orders as they can. In the first three quarters of this year, inventories subtracted 1.6% from GDP growth. But eventually these supply issues will be resolved and the economy will receive a tailwind of roughly that same 1.6% in 2022. The Institute for Supply Management’s index for the service sector was at a record high level in October. It blew through that previous high by almost five points in November to establish an even more impressive record at 74.6. See YEAR HEAD, Page 16
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YEAR HEAD, from Page 15
With no remaining slack and the economy continuing to expand at a 4.9% rate, far in excess of its potential growth rate of 1.8%, inflation is not going to retreat to the 2% pace the Fed would like to see any time in the foreseeable future.
Help wanted everywhere
Throughout this past year firms have complained about an inability to get the number of workers they need. Help wanted signs are posted everywhere. Job openings have soared to a record high level and, indeed, there are more job openings in the U.S. at 11 million than there are unemployed workers at 6.9 million. Part of the problem firms are having is that roughly 1.5 million of their former employees appear to have retired. Given massive gains in the stock market and rapidly rising home prices older Americans might be seizing the opportunity to downsize and use their newfound wealth to fund retirement. Others appear to have rejected the idea of working for someone else and are, instead, choosing to venture out on their own by becoming gig workers or starting their own business. Since the recession ended in April 2020 “payroll employment” has increased by 18.5 million workers. “Civilian employment,” which is derived from a separate survey and is used in calculating the unemployment rate, has climbed by 21.8 million. Civilian employment includes not only
GDP and inflation concerns
workers on payrolls, but also self-employed workers. Typically these two series move in tandem. But that is not the case currently. The impressive gains in civilian employment have caused the unemployment rate to fall far more rapidly than anybody expected. It now stands at 4.2%, which is a shade above the Fed’s estimate of the full-employment threshold of 4%. That level should be reached by January 2022.
As a result of all of the above, we anticipate GDP growth of 8% to report from the fourth quarter of 2021, followed by a 4.9% pace in 2022. If those growth rates are accurate, any remaining slack in the economy will be eliminated by the second quarter of 2022. With no remaining slack and the economy continuing to expand at a 4.9% rate,
far in excess of its potential growth rate of 1.8%, inflation is not going to retreat to the 2% pace the Fed would like to see any time in the foreseeable future. Ever since the recession ended in April of last year, the Fed has been hawking the notion that the recent run-up in inflation was caused by the supply constraints, and once they ran their course, inflation would quickly retreat to the targeted 2% mark in 2022. We reject that idea because money supply growth is soaring. In the 1970s, Milton Friedman won a Nobel Prize for concluding that “inflation is always and everywhere a
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monetary phenomenon.” For years, money growth was steady at about 6%. But when the Fed bought $2.5 trillion of securities in March and April of last year, money growth soared and the Fed has continued to purchase securities since then. As a result, the gap between the current level of the money supply and its 6% trend rate has widened to $3.8 trillion. That represents surplus liquidity just waiting to get spent. When the economy was mired in recession, surplus liquidity was a good thing and helped get the economy back on track. But today with the economy at full employment that surplus liquidity will only serve to boost the inflation rate. We expect the personal consumption expenditures measure of inflation to rise 4.9% next year. It will not return to the Fed’s targeted 2% pace until such time as the Fed gets serious about fighting inflation. That time is not on the foreseeable horizon. For more than a year, the Fed has concluded that the flare-up in inflation would be temporary. But in early December it concluded that the supply chain issues were not being resolved as quickly as anticipated and, as a result, inflation might remain elevated for some time to
www.charlestonbusiness.com 17
come. But it still believes that the inflation jump is caused by supply chain difficulties. It makes no mention of growth in the money supply as a possible catalyst. For a central bank to be unconcerned about growth in the money supply is unconscionable. Given its misplaced view about the cause of inflation, it is inconceivable that the Fed might begin to act aggressively to fight inflation in 2022. Early in the year, it will have met its two goals of full employment and inflation. That sets the stage for perhaps three rate hikes in 2022 which would put the
funds rate at 0.75% by the end of that year. Another four rate hikes in 2023 would boost it to 1.75%. The Fed will not achieve a “neutral” funds rate of 2.5% until late 2024. Thus, the Fed has no intention of becoming serious about its desire to tame inflation for years to come.
Expect earnings to soar
With robust GDP growth next year, an increase in the inflation rate, which will give firms pricing power, and still low interest rates, corporate earnings should soar. In the past year, firms have
experienced an increase in the cost of raw materials, sharply higher transportation costs, and higher wages. Despite those challenges corporate earnings have risen dramatically. In the decade prior to the recession corporate earnings grew 7% annually. In the six quarters since then they have climbed at an impressive 23.7% pace. As we see it, 2022 should be characterized by 4.9% GDP growth, 4.9% inflation, and a modest increase in the funds rate to 0.75%. Thus, the outlook for 2022 appears particularly bright. If the Fed raises rates as slowly as we envision, it may ultimately have to raise the funds quickly to a point far above the 2.5% neutral level to corral the steady increase in the inflation rate. At that point the danger of recession will increase. But that is a worry for some year beyond 2024. CRBJ
From 1980 until his retirement in 2003, Daniel Island economist Stephen Slifer was the chief U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group and responsible for the firm’s forecasts and analysis of the U.S. economy. Reach Slifer at www.numbernomics.com.
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S.C. economic forecast sunny with patchy clouds By C. Grant Jackson Contributing Writer
Amid concerns that new COVID-19 variants could derail the national economy again, South Carolina’s economy is booming and has recovered almost all of its losses from the pandemic, according to state experts at the University of South Carolina’s annual economic conference. South Carolina is doing well, said Doug Woodward, director of the Division of Research at USC’s Darla Moore School of Business, “because we make things” that people want. Much of the state’s recovery has been fueled “by the fact that South Carolina has really been at the center of our national recovery on both the supply and the demand side,” said University of South Carolina research economist Joey Von Nessen. Consumer spending on goods is currently about 25% higher than it was before the pandemic began, according to data presented at the 2021 conference. This has generated a significant consumer goods bubble and is part of the reason for
the supply chain issues that are currently impeding parts of the national recovery. “The general high level of demand has been great news for South Carolina manufacturers over the past year, spurring growth and demand for the products they are supplying,” Von Nessen said. “That sizeable increase in demand and consumer spending is benefitting manufacturers and explains why the Upstate — which has the largest concentration of manufacturing jobs in South Carolina — has been among the state’s leaders recently in terms of the rate of recovery of lost jobs.” In addition to the Upstate’s manufacturing might, coastal South Carolina has also had a strong recovery fueled by growing logistics and construction industries as well as a growth in population. The economy’s comeback was the message at the Moore School’s 41st Annual Economic Outlook Conference, held in-person this year after moving to an entirely online version in 2020. About 120 people attended the conference at the USC Alumni Center, with another 60-70 attending online. In addition to Von Nessen and Wood-
ward, attendees also heard a keynote address on inflation concerns from Mick Mulvaney, former White House chief of staff, S.C. congressman and acting director of the Consumer Financial Protection Bureau. “South Carolina’s economy really is in good shape going into 2022,” said Von Nessen. Metrics show the state can anticipate being fully recovered from the COVID recession in 2022, barring any new setbacks from additional variants, he said. “One reason for that is that this was a very unique recession,” Von Nessen said. “This was a recession not because of any economic failing, but because of a government-imposed shutdown.” As a result, when South Carolina’s economy reopened, it was able to recover far faster than expected, he said. For example, it took the state about six years to recover all the employment losses from the Great Recession in 2008. “Contrast that with what is going on now, and we anticipate full employment recovery in South Carolina sometime in 2002,” Von Nessen said. The state’s unemployment rate already has fallen to 3.9%
as of October, down from 12% during the darkest days of the pandemic, “well below the traditional measure of full employment of 5%,” he said. But the rapid recovery has led to concerns as South Carolina enters 2022: a tightening labor market and higher inflation. The tight state labor market is largely the result of strong demand, Von Nessen said. “Consumer spending on goods is currently about 25% higher than it was before the pandemic began,” he said. In South Carolina, much of that demand has come from population growth. “South Carolina had the second-largest in-migration rate in the country last year in 2020, and that has persisted into 2021,” Von Nessen said. By some projections, the Southeastern states are expected to see the nation’s highest population growth during the next 20 years, at least into 2040, Von Nessen said. “That spurs housing demand and is why both construction and the logistics industries in South Carolina are fully recovered now,” he said. CRBJ
The right care. The right place. The right time.
Changing What’s Possible in South Carolina MUSC’s vision is to lead health innovation for the lives we touch. As the state’s only comprehensive academic health system, changing what’s possible is not just a tagline, it’s an imperative. With collaboration at our core, we’re leading health innovation and working to elevate, support, and enable best local care through partnership and presence. And when more is required, we seek to provide seamless access to MUSC Health’s strength - high quality, complex care.
Learn how MUSC Health is checking all the boxes at MUSChealth.org/statewide
January 17-30, 2022
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Hospitals
Ranked by No. of Beds Company
Phone / Website / Email
Top Local Official(s) / Year Founded
MUSC Health 1 171 Ashley Ave. Charleston, SC 29425
843-792-2300 www.muschealth.org muschlth@musc.edu
Patrick J. Cawley, David J. Cole 1824
839
-
Jeffrey DiLisi 1852
657
645 1,562
Christina Oh 1975
445
600 800
Scott R. Isaacks 1966
152
252 704
Patrick Downes, Patrick Beaver 1986
130
-
Timothy Miller 2000
108
-
Brad Hollinger 2004
59
-
Carey Capell 1843
38
-
W. Beatty 1996
22
-
Brian Kendall 1986
10
-
Roper St. Francis Healthcare 125 Doughty St. Charleston, SC 29403
• • •
843-724-2000 www.rsfh.com
2
Trident Health 3 9330 Medical Plaza Drive Charleston, SC 29406
843-797-7000 www.tridenthealthsystem.com trid.questionscomments@hcahealthcare.com
Ralph H. Johnson VA Health Care System 109 Bee St. Charleston, SC 29401
843-577-5011 www.charleston.va.gov
East Cooper Medical Center 2000 Hospital Drive Mount Pleasant, SC 29464
843-881-0100 www.eastcoopermedctr.com tracy.hunter@tenethealth.com
Palmetto Lowcountry Behavioral Health 2777 Speissegger Drive Charleston, SC 29405
843-747-5830 www.palmettobehavioralhealth.com
Vibra Hospital of Charleston 1200 Hospital Drive Mount Pleasant, SC 29464
843-508-8911 www.vhcharleston.com
The Citadel Infirmary 171 Moultrie St. Charleston, SC 29409
843-953-6847 www.citadel.edu/infirmary
Sheriff Al Cannon Detention Center - General Infirmary 3841 Leeds Ave. North Charleston, SC 29405
843-529-7300 www.charlestoncounty.org/departments/sheriff/detention.php
Lieber Correctional Institute Infirmary Ridgeville, SC 29472
803-896-5257 www.doc.sc.gov/institutions/lieber.html corrections.info@doc.sc.gov
Beds
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. 1 Locations include MUSC Medical Center and MUSC Health Rehabilitation Hospital. 2 Locations include Bon Secours St. Francis Xavier Hospital, Mount Pleasant Hospital, Roper Hospital and Roper St. Francis Berkeley Hospital. 3 Locations include Trident Medical Center and Summerville Medical Center.
Active Staff Physicians / Registered Nurses
Source: South Carolina Department of Health & Environmental Control; researched by Business Journal staff
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Urgent Care Centers
Ranked by No. of Physicians in the Charleston Area Physicians
Employees / PAs
Charlestonarea Locations
Christina Oh, Rod Whiting 2014
600
600 100
1
24/7 emergency services, telemedicine for stroke and behavioral health patients, lab, imaging
843-761-8721 www.tridenthealthsystem.com trid.questionscomments@hcahealthcare.com
Christina Oh, Rod Whiting 1986
600
2,800 100
1
Patients receive ER care and have access to lab and imaging services, which include 3D mammography, DEXA scan, X-ray and CT
Doctors Care Urgent Care 1014 St. Andrews Blvd. Charleston, SC 29407
843-556-5585 www.doctorscare.com info@doctorscare.com
Alice Savage 1981
15
400 20
13
Urgent care, family care, occupational medicine, workers' comp., telemedicine, online check-in
Roper St. Francis Express Care 319 Folly Road Charleston, SC 29412
843-402-LATE www.rsfh.com/express-care
Kathy Guatteri, Robert Oliverio 2005
12
139 8
6
On-site lab and x-rays; minor injuries or illnesses such as cold or flu symptoms, sore throats, sinus infections, earaches, upset stomachs, diarrhea or vomiting, sprained ankles and minor cuts
CareNow Urgent Care 515 St. James Ave. Goose Creek, SC 29445
843-507-8925 www.carenow.com tiesha.trappier@hcahealthcare.com
Tiesha Trappier 2018
3
18 7
2
Urgent care; medical staff trained in family practice, emergency medicine and occupational health services; range of primary and urgent care services for family
Holy City Med Urgent & Primary Care 2039 Savannah Highway Charleston, SC 29407
843-465-9248 www.holycitymed.com info@holycitymed.com
Frank Wells 2020
3
60 5
2
Onsite X-ray, EKG, in house labs, prescriptions, flu testing, strep, testing, UA testing, A1C testing, CBC testing, lipid testing, drive thru COVID testing, flu shots, primary care, physicals
Company
Phone / Website / Email
Top Local Official(s) / Year Founded
Centre Pointe Emergency 5249 Emmett I. Davis Jr. Ave. North Charleston, SC 29418
843-746-2400 www.tridenthealthsystem.com
Moncks Corner Medical Center 401 N. Live Oak Drive Moncks Corner, SC 29461
Services
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
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At Work
BUSINESS DIGEST | PEOPLE IN THE NEWS
People in the News
Business Digest
Pinnacle opens new location in Summerville at Nexton Pinnacle Financial Partners opened its new loan production office in Summerville at Nexton. The office is located at 1247 Nexton Parkway, Suite 102, in the Home Telecom building. This is the firm’s second office in Summerville and 12th in the Charleston metro area. It will house financial advisors able to serve most banking needs for businesses and individuals, but because it is not a full-service office, it will not have deposit capabilities or an ATM.
ing sustainable South Atlantic seafood, has launched lunch service 11 a.m. to 3 p.m., Monday-Friday. Created by chef partner Jamie Lynch and executive chef Will Cammer, the lunch menu includes traditional seafood favorites such as the Shrimp Po Boy with chili aioli and fresh herbs. Tempest is located at 32C N. Market St.
The Citadel to cover costs for qualifying ROTC scholars
The Citadel will now cover the cost of room and board for incoming freshmen enrolling for fall 2022 who have Reserve Officer’s Training Corps Scholarships. This portion of The Citadel Service to Country Scholarship 2026 represents an estimated total savings of about $32,000 per qualifying cadet over their four years. Additionally, because some ROTC Scholarships cover only three years of tuition, The Citadel will cover tuition and fees for that gap year for accepted ROTC Scholarship freshmen, representing as much as $36,400 in additional savings per student.
doors with a new name and menu items. Following the successful opening of Church and Union in Nashville, Tennessee by the 5th Street Group, Church and Union Charleston debuted Jan. 1. New logos, signage and refreshed menus make up the extent of the rebrand. Staples such as the hand-painted ceiling with verbiage from Sun Tzu’s The Art of War by artist Jon Norris remain the same, as does the kitchen and front of house staff. A fourth Church and Union in Colorado is planned for 2022.
United Community Bank expands with new Mount Pleasant branch
United Community Bank has opened a new office location at 602 Coleman Blvd. in Mount Pleasant. This new facility offers an ATM, drive-through and access to mortgage and commercial lenders. This is United’s fourth location in the Charleston metro area.
Tempest, an upscale restaurant offer-
5th Street Group announces rebrand for 5Church restaurants
5Church Charleston has reopened its
Cullum Constructors Inc. has promoted Mendi Arnold to corporate secretary and Mike Shirley to assistant superintendent. During her 17 years with Cullum, Arnold has overseen human resources, marketing, administration and safety. She has served on numerous advisory boards throughout the Lowcountry and works to advance trades that Arnold minimize the skills gap affecting the construction industry. As corporate secretary, Arnold will serve as the official record keeper, ensure board compliance with the corporate bylaws and Shirley record and maintain the board meeting minutes and resolutions. Shirley entered the workforce after graduating from North Charleston High School and advanced to the level of firstclass pipefitter in three years before joining Cullum in February 2000.
CONSULTING The Winkler Group has hired Kate Combs to serve as the firm’s first client services coordinator. Combs is an experienced team leader who has supported many nonprofit organizations throughout her 15-year career. She earned her Bachelor of Arts at ColumCombs bia College.
Gravity Fitness opens on upper Meeting Street
Upscale restaurant Tempest launches new lunch service
CONSTRUCTION
Gravity Fitness, a specialty gym with classes focused solely on mobility, flexibility and balance, recently opened its doors on upper Meeting Street. They offer weekly classes for everyone from beginner bodyweight training to intermediate acrobatics and advanced calisthenics. Personal training sessions and private lessons are also offered from Coaches Jermain and Noel.
Dee Norton Child Advocacy Center has hired Cait Przetak as communications coordinator. Przetak joins the Dee Norton team after two years at WCBD 2 News where she covered daily news and public interest stories. She is a graduate of Coastal Carolina University, where she earned her bachelor’s degree in mass communications and business administration.
EDUCATION Trident Academy announced that Kyle Brown has received the Professional Achievement Award, given annually by the National Business Officers AssociSee PEOPLE, Page 22
22
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January 17-30, 2022
ation to recognize those who have made significant and lasting contributions to the operations or financial health of their schools. As Trident’s director of educational technology, Brown Brown moved Trident’s faculty into online instruction with step-bystep instructions, self-produced videos and lots of one-on-one virtual handholding. He worked weekends and holidays so the teachers, students and parents would have trouble-free classes each day.
ENGINEERING Greg Cenker, Calibrations.com product manager for IndySoft, has been named the recipient of the 2021 Woodington Award by the Measurement Science Conference. Cenker The annual award is named in memorial to the late Andrew J. Woodington. The award’s purpose is to honor an individual who represents the highest level of professionalism and dedication to the metrology profession. Cenker’s career started in the United States Marine Corps. Post-military, he has held metrology roles at American Technical Services, SpaceX, Southern California Edison, Fluke and Northrop Grumman. He joined Charleston-based software developer IndySoft in December 2020, where he is responsible for directing the team building the Calibrations.com platform with the end goal of making it the go-to source for calibration-related content, software and support.
HOSPITALITY Carol Preisinger, Kiawah Island Club’s director of instruction, has been recognized by the Ladies Professional Golf Association in the 2022–2023 Top 50 LPGA Teachers Preisinger list. This list identifies and recognizes the best LPGA instructors from more than 1,800 LPGA certified professionals worldwide. Preisinger has been added to the “Elite” category, a distinction for those who have reached the pinnacle of the instruction profession. She has previously been named a Golf
Digest Top 50 Women’s Best Teacher, Golf Digest Best in State, GOLF Magazine Top 100 Teacher in America since 2005 and was recognized as the LGPA National Teacher of the Year in 1998 and 2017. Explore Charleston, the official destination marketing organization for the Charleston region, has appointed seven new members to its board of governors: Dan Battista, senior vice president at Lowe; David Bennett, executive director at the Charleston County Parks & Recreation Commission; Jonathan Kish, CEO of Queen Street Hospitality Group; Matt Barba, vice president of operations at Charlestowne Hotels; Michael Blake, director of food and beverage at the Sanctuary Hotel; Michelle Woodhull, president at Charming Inns; and Oliver Rooskens, managing director at the Charleston Harbor Resort & Marina.
LAW & GOVERNMENT Haynsworth Sinkler Boyd has hired Guy M. Dabbs IV to the firm’s Charleston office as special counsel. Dabbs represents clients in a variety of transactional matters. A significant portion of his practice focuses on commercial real estate, including acquisition and development, title review, leasing and lender financing. His clients include individuals and local companies to larger corporations operating around the world. Active in the community, he volunteers with Be A Mentor and the SC Alzheimer’s Association. He is also a member of the Urban Land Institute SC Chapter and the Young Bankers Division of the South Carolina Bankers Association. The S.C. Retail Association board of directors has appointed Lee Ann Watson to serve as the organization’s executive director. Watson formally assumed her new role in November, succeeding Rebecca Leach. She most recently served as general counsel of the S.C. Human Affairs Commission after practicing law in the Myrtle Beach area. She is president-elect of the Columbia Capital Rotary Club and has volunteered with the S.C. Bar Association’s mock trial programs. She is also a graduate of the S.C. Certified Public Manager Program and a Riley Fellow through the Diversity Leaders Initiative. In her new role, Watson will represent the retail industry of South Carolina before the legislature and regulatory agencies. She will be the source of information and insight to decision makers in Columbia and beyond on the industry that employs more than any other in South Carolina.
Viewpoint
VIEWS, PERSPECTIVES AND READERS’ LETTERS
Moving innovations out of the lab and into the market By Sohail Malik
SCRA SC Academic Innovations
Innovation ecosystems and economic growth in the U.S. and across the world depend on an efficient lab-to-market process. A lab can be a highly sophisticated and wellequipped place at a research university or federal research facility. On the other hand, it can be in a garage or a SOHAIL basement, which MALIK have historically served as home for several famous startup companies like Amazon, Google, HP and more. Research conducted in a lab either at academic institutions, federal laboratories, or in the private sector, can lead to new products in the market, creating an impact on multiple levels including improving quality of life, establishing new businesses, creating new jobs, saving lives, improving productivity, and addressing global pressing needs, and challenges. The lab-to-market process is often described as technology transfer or R&D commercialization. It involves several steps from inception of an idea to commercialization of a product or service. In academic institutions, this process is managed by a technology transfer office, which is comprised of a team of highly skilled professionals who work with inventors in commercializing their discoveries. This technology transfer operates under federal legislation called the Bayh-Dole Act, which was passed in 1980 and gives universities and small businesses the ownership and title to their inventions created in whole or in part by using federal funds. It allows universities and small businesses the right to offer license and eventually financial benefits from these federally funded inventions, which supports more research and rewards university researchers, promoting creativity, innovation and entrepreneurship. Once a researcher submits an invention to the TTO, it is evaluated for novelty, benefits, and commercial potential followed by the filing of a patent, copyright or trademark application to protect the intellectual property. IP, protected by law under the U.S. Constitution, is defined as creations of mind such as inventions, literary works, art and designs, names,
images and symbols. According to the World Intellectual Property Organization, “IP rights enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.” After protecting the IP, the TTO can choose multiple pathways to commercialize the technology, including providing translational funding for further development, which depends on technology readiness level, finding industry partners to license technology, or assisting researchers in establishing a startup company for further development and commercialization. The speed of the lab-to-market process of an invention depends on multiple factors including regulatory requirements and the type of, and need for, a specific product. Some research discoveries have immediate potential for reaching the market while others could take years. For example, pharmaceutical products, such as drugs and vaccines, generally take much longer for lab-to-market versus new software. However, there are exceptions such as the development of COVID-19 vaccines.
The COVID-19 pandemic posed one of the greatest challenges for scientists in recent times. It has also brought the global scientific community closer to collaborate and find a solution in a fastest possible way for lab-to-market entry of new vaccines. Development of COVID-19 vaccines by Pfizer and Moderna are great examples of human resilience in the time of adversity, forming global alliances and rapid lab-to-market entry to combat this challenge. Moderna, a Cambridge-based pharmaceutical and biotechnology company, collaborated with the U.S. National Institute of Allergy and Infectious Diseases while BioNTech, a German biotechnology company based in Mainz, partnered with Pfizer, a New York-based multi-national pharmaceutical and biotechnology company, to develop mRNAbased COVID-19 vaccines. These two vaccines are the fastest to develop and most profitable in the entire history of vaccines. Global sales of these vaccines are projected to be over $50 billion in 2021. Lab-to-market entry of COVID-19 vaccines exemplified a win-win for all including researchers, companies, investors, government and, most importantly, the people around the globe who got access to vaccines. Millions of lives have
been saved thanks to a collective effort of many who made this rapid lab-to-market process possible. The contributions of universities, hospitals and other research institutions toward lab-to-market and its impact on the economy is surveyed and published annually by the Association of University Technology Managers, a non-profit entity which supports professionals in the technology transfer community. According to its most recently published data, the benefits to society from the lab-to-market process from 19962017 have been enormous, contributing $1.7 trillion toward U.S. gross industrial output, $865 billion toward U.S. gross domestic product, and 5.9 million new jobs. In the state of South Carolina, SCRA is playing a critical role in supporting the innovation ecosystem by working closely with academic institutions, entrepreneurs, and industry. SCRA assists in the lab-to-market process on multiple levels, including providing research funding and investments, promoting collaborations, and assisting in the commercialization process. Please visit SCRA’s website for more information at www.scra.org. Sohail Malik, Ph.D, is director SC Academic Innovations for the S.C. Research Authority.
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