Charleston Regional Business Journal - May 8, 2023

Investing

HISTORIC DEAL

SkyDrive

Flying

Impact of the rise

Experts discuss options as small businesses grapple with rising interest rates. Page 14

(Photo/Keen Eye Marketing)

A 7,000-square-foot home on land once crossed by George Washington sells for a record amount in Mount Pleasant. Page 7

Sourcing South Carolina’s tax burden

South Carolina taxpayers pay 4.9% of their annual income in taxes according to an analysis of data from the Census Bureau and the Tax Foundation, a nonprofit think tank based in Washington, D.C. The state also has one of the lowest corporate tax rates in the nation at 5%, with 2.4% of taxes coming from businesses and corporations.

In total, South Carolina ranks among the lowest in taxes in the Southeast and across the U.S. An analysis by 27/7 Wall Street found that tax burdens for Americans range from 2.2% to more than 10%. Alaska has the lowest tax burden as a share of average income, and Vermonters pay the most at 10.3% of their income.

Among Southeastern states, South Carolina’s 4.9% is third-lowest in the region, behind Florida and Georgia. Arkansas taxpayers pay the most as a percentage of overall income at 7.7% the data show, putting the state seventh overall.

The Tax Foundation also analyzes data on the source of tax revenue in each state. In South Carolina, property taxes account for the highest percentage of taxes at more than 32% of taxes collected. Corporate taxes are the lowest area of taxation in the Palmetto State at 2.4%.

Discounting states without any business taxes, including Wyoming, Washington, Texas, Nevada, South Carolina ranks 15th-lowest among all 50 states and Washington, D.C., and below the national average of 3.3% for business taxes. New Hampshire has the highest percentage of corporate taxes at 11%. Among states with corporate tax laws, Hawaii is the lowest at 0.4%. By

Andy Owens

South Carolina tax stats

$10,845

Average amount of taxes paid by Americans in 2020. $4,596

Total tax burden per capita in South Carolina in 2021.

55.7%

Percentage of that tax burden attributable to state tax collections in South Carolina in 2021.

77 cents per gallon

South Carolina’s beer tax, which is the fifth-highest in the U.S. 0.57%

South Carolinians pay the fifth-lowest taxes on owner-occupied housing, paying less than 1% of a home’s value in taxes each year.

Source: Tax Foundation

32.4% Property taxes

24.5% Individual inclome taxes

22.1% Sales taxes

2.4% Corporate taxes

18.6% Excise taxes

Tax collection sources in SC

Most South Carolina tax collections come from property, income taxes and sales taxes, which is comparable to national averages.

Percentage of tax burden in Southeast

South Carolina taxpayers pay the third-lowest percentage of their annual income among the following 11 states in the Southeast.

“Increased cost of funding is definitely having small business owners take a closer look at how they are securing their capital needs, whether through traditional bank funding, a specialty financial group or other cash reserves.”

— Mike Tecosky, Pinnacle Financial Advisors

THE

SC Biz News Briefs

BMW extends plan to recycle and use methane gas from Upstate landfill

BMW Manufacturing has extended its partnership with the company that helps the manufacturer recycle and use methane gas from a landfill.

BMW Manufacturing says the effort has reduced 9,200 tons of carbon emissions every year for the last 20 years since the company first started using the technology to provide electricity and hot water for the plant.

The partnership with Ameresco Inc. will be extended another eight years, which will reduce emissions by the equivalent of vehicles driving 23.5 million miles annually, BMW Manufacturing said in a news release. The renewed agreement will reduce carbon dioxide emissions by nearly 74,000 tons, the release said.

Ameresco constructed the 9.5-mile pipeline from the Palmetto Landfill to Plant Spartanburg.

“For two decades, this project has been a win-win for Upstate South Carolina,” Robert Engelhorn, president and CEO of BMW Manufacturing, said in the release. “It greatly reduces CO2 emissions, resulting in cleaner, healthier air for everyone to breathe. Intelligent resource management and the fight against climate change are expressions of our sense of responsibility.” CRBJ

Tuesday Morning will close stores

Texas-based home goods retailer Tuesday Morning will close its remaining 13 stores in South Carolina, including locations in the Midlands, Upstate, along the Grand Strand and in the Charleston area.

According to reports from the store’s Dallas headquarters, the company was sold out of bankruptcy for $32 million to a liquidation company, Hilco Merchant Resources.

Tuesday Morning first filed for bankruptcy in the early months of the COVID-19 pandemic in 2020. Earlier this year the store had about 480 stores nationwide, down from more than 700 prior to the pandemic.

After filing for bankruptcy a second time in February, the company closed more than 250 of its stores nationwide, including six in South Carolina.

An employee at one of the Columbia-area locations confirmed that employees had been notified of the stores’ closing, but no details have been released on when liquidation begins. CRBJ

At the BMW Energy Center, pipes carry landfill gas to two gas turbines. (Photo/Fred Rollison/BMW)

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SkyDrive, local leaders gather to discuss ‘flying car’ initiative

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Japan-based SkyDrive Inc. and local economic development leaders for the first time will gather in the Palmetto State to reveal details of the company’s launch in South Carolina.

The event will take place May 23 at the North Charleston Business Expo presented by the Charleston Regional Business Journal and the city of North Charleston. During a panel discussion at the Charleston Area Convention Center, William Fugate, U.S. business development manager for SkyDrive; John O’Toole, executive director of the Beaufort County Economic Development Corp.; and Frank Murray, director of planning and facilities at the Columbia Metropolitan Airport, will discuss SkyDrive’s entry into the U.S. market via South Carolina.

Go to https://northcharlestonexpo. com/ to register to attend.

In January, SkyDrive, a Japanese electric vertical take-off and landing aircraft manufacturer headquartered in Toyota, Japan, announced during a symposium in Arizona its plans to enter the U.S. market and establish its home base in Beaufort County.

SkyDrive, which is developing a commercial “flying car,” has outlined its plan to develop an advanced air mobil-

ity ecosystem in South Carolina while focusing on building a variety of practical use cases originating from two of its key airports in cooperation with local and state government agencies.

Details of what the development of that ecosystem entails will be a focus of the panel discussion at the North Charleston Business Expo.

SkyDrive’s focus has been on working with South Carolina to study practical use cases originating from several of its major airports utilizing the Japanese manufacturer’s eVTOL aircraft, the SD-052.

In addition to the power lunch event, the North Charleston Business Expo will also feature a morning panel discussion about the evolution of South Carolina’s supply chain and navigating today’s landscape.

The event will feature Joel Britt, vice president of terminal operations at the South Carolina Ports Authority; Taylor Jackson, director of SC Logistics for the South Carolina Council on Competitiveness; and Daniel Schlegel, vice president of customer service and operations for Kion North America.

Prior to the power lunch event, the Small Business Development Centers will present its Entrepreneur of the Year award.

SkyDrive, which is developing a commercial “flying car,” has outlined its plan to develop an advanced air mobility eco-

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system in South Carolina while focusing on building a variety of practical use cases originating from two of its key airports in cooperation with local and state government agencies, according to an announcement in January.

The company, which made the announcement at the 2023 annual VFS eVTOL Symposium in Mesa, Ariz., has plans to open an office in Beaufort County.

SkyDrive’s focus has been on working with South Carolina to study practical use cases originating from several of its major airports utilizing the Japanese manufacturer’s eVTOL aircraft, the SD-052, the release stated.

“The decision to make South Carolina our home base and our window into the U.S. market was an easy one considering that it is a significant player in both the commercial and military aviation industries, and it is home to more than 400 aerospace and aviation companies including Boeing and Lockheed Martin. I sincerely believe that the vast number of resources available in South Carolina will provide SkyDrive with a substantial platform that enables us to achieve our goals,” said Tomohiro Fukuzawa SkyDrive’s founder and CEO, in the release. CRBJ

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BridgeTower

In January, SkyDrive, a Japanese electric vertical take-off and landing aircraft manufacturer said it would establish home base in Beaufort County. (Photo/SkyDrive)

Charleston company partners with NY firm to develop NC properties

Staff Report

Charleston-based EYC Companies has partnered with Kalikow Group of Westbury, N.Y., on two residential developments totaling 294 rental units in North Carolina. Construction will begin soon, the companies said in a news release.

Construction is expected to start in June on Heartsease at Calabash, which will bring 158 single-family rental homes on 40 acres in Calabash, N.C., according to the news release. The new community includes single-level floor plans, one-

DoD contractor set to expand

By Jason Thomas jthomas@scbiznews.com

Aveteran-owned and service-disabled contractor for the U.S. Department of Defense is expanding in Charleston County.

Defense Engineering Services, a governmental engineering company, will invest $2.5 million in an expansion that will create 45 new jobs, according to a news release from the S.C. Department of Commerce.

Located at 6920 Weber Blvd. in North Charleston, DES’ new facility will accommodate manufacturing space for large scale projects and add manufacturing capabilities to its prototype and low-rate initial production shop, the release stated.

The approximately 53,000-square-foot facility will allow the company to continue offering quality solutions guided by technical excellence through mechanical and electrical engineering, research and development, analysis, test support, prototyping and LRIP.

“DES is excited to expand our engineering and prototype manufacturing operations in Charleston County,” said Bob Cole and Greg Gordon, managing principals at DES. “Operations have grown year over year for a decade. This growth can be attributed to the business-friendly environment and technically capable workforce of South Carolina and Charleston County.”

DES services the U.S. Department of Defense through vehicle systems integration, automotive design, survivability solutions, reverse engineering and obsolescence issues, while also serving the U.S. Army with medical training systems and innovative armor, the release stated.

Founded in 2013, DES provides engineering and manufacturing services for the aerospace and defense industry. The company tackles problems on high-performance systems involving mechanical and electrical engineering, testing and evaluation, design and systems engineering, and survivability engineering, according to the release. The expansion will be complete in this month. CRBJ

and two-bedroom duplex units as well as one-, two- and three-bedroom cottages. Rents will range between $1,700 and $2,000 per month.

In August, construction is scheduled to begin on Heartsease at Ocean Isle, which will bring 48 duplex rental cottages and 88 apartment units in 11 buildings on 22 acres in Ocean Isle, N.C. The cottages will feature one- and two-bedroom floor plans with attached garages, private yards and driveways. The two-story garden-style apartment buildings will consist of one-, two- and three-bedroom floor plans.

A third project from the developers, Heartsease at Shallotte, is 80% leased and full occupancy is expected next month. The 23-acre project in Shallotte, N.C., has a mix of studios, one-, two- and three-bedroom rental units with monthly rents ranging from $1,500 to $2,550. Amenities include walking trails, pickleball courts, clubhouse, saltwater pool, fitness center, community kitchen and lounge.

“To say we are bullish on the American Southeast is an understatement,” Ed Kalikow, president of Kalikow Group, said in a company statement. “With the

cost of building and running New York City real estate becoming less profitable and more arduous, it makes far more sense to invest where we can work collaboratively with local government and fill a need for amenity-filled, market-priced housing that is attractive to your professionals and families.”

The Kalikow Group is a family-owned real estate development, investment and management group.  EYC Companies is a privately-owned, vertically integrated real estate firm in Charleston specializing in the development of multifamily, commercial and mixed-use properties. CRBJ

Boat maker to invest $10 million in HQ, production area

By Jason Thomas jthomas@scbiznews.com

ACharleston area luxury boat manufacturer will expand its Dorchester County headquarters with a $10 million investment.

The investment by Scout Boats will expand and renovate the company’s corporate headquarters and will facilitate the production of the new 67 LX series yacht, one of the largest outboard-powered sportfishing yachts to be built in the world, according to a news release from the South Carolina Department of Commerce.

Scout Boats plans to enlarge its 36-acre campus by expanding and renovating its corporate headquarters located at 130 Spaniel Lane in Summerville. Scout Boats will build a new 35,000-squarefoot facility, which will allow the company to build component parts for its yacht division and support its new product line for the 67 LX series, a 67-foot model that debuted at this year’s Miami International Boat Show in February.

“We meet with the craftsmen and women in each of our four plants every month for award ceremonies, and I often remind them that we ship our boats all over the world to some very affluent customers who choose our brand because of the pride they put into each and every build,” Scout Boats CEO Steve Potts said in the release.

Scout Boats designs and manufactures world-class, luxury models ranging currently from 17 feet to 53 feet, according to the release. The company’s portfolio includes custom, state-of-the-art sportfishing center and dual consoles, and inshore and bay boat models.

“We have a long-standing partnership with Scout Boats and are proud to see its continued growth in Dorchester County,” said South Carolina Secretary of Com-

merce Harry M. Lightsey III in the release. This expansion underscores not only the strength of South Carolina’s growing boat manufacturing sector but speaks to the ability of our workforce to produce luxury products that are available worldwide.”

Renovations are expected to be complete by spring 2024, and operations are expected to be online by summer 2024.

“Since 1989 Steve Potts and Scout Boats have been important assets to Dorchester County,” Dorchester County Council Chairman S. Todd Friddle said in the release. “We are thrilled at Scout Boats’ newest commitment to our community, their employees and recreational boating. Dorchester County looks forward to supporting many more years of Scout Boats’ growing success.”

The company said in January that it was on pace to hire 200 workers, in part to build the new yachts, which come with a sales price that starts at $5 million.

The first 670 LXF model is scheduled to be complete in the first quarter of 2024 with full production beginning in the second quarter, the release said. The new construction project is expected to complete by summer 2024.

“Over the years, we’ve continually invested in our company and our dedicated team,” Potts said in the January announcement. “We’ve created one of the most sought-after work environments in the state by our culture and our family-driven philosophies. We currently employ 425 world-class craftsmen and craftswomen, who utilize our 5S culture,

the latest in composite methodologies, and supportive processes to collectively help produce the most incredible models on the water today for our customers.”

“Our manufacturing processes are part of our innovative edge in the industry,” Potts said in the release. “Our epoxy infusion, carbon fiber/e-glass, Light RTM, 5-axis routers, CAD programs, 3-D printers, and all the other state-of-the-art processes, tools, equipment and training we have invested in making Scout the absolute best boat in its class with a Class A finish and the best strength-toweight ratio. We’ve even developed our own in-house boiler system to post cure (heat) all our epoxy composite parts prior to de-molding, ensuring a consistent and thorough cure.” CRBJ

Developers break ground on luxury apartments in Charleston

Staff Report

Developers have broken ground on a 336-unit luxury apartment community in Charleston near the intersection of Clements Ferry Road and Charleston Regional Parkway

Aventon Companies, a multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, announced the start of construction in a news release.

Aventon Mikasa will house 336 units built over 19 acres and consist of four-story elevator-serviced buildings. Construction is expected to be complete to starting leasing for fall 2024.

Options are one, two and three-bedroom floorplans, the news release said. Also included are a clubhouse with remote

working lounge, game room and fitness center as well as a resort-style pool.

“With the debut of Aventon Mikasa, we

look forward to deepening our footprint here in Charleston, a high-end and rapidly growing, yet still underserved, communi-

ty,” Ron Perera, senior managing director, said in the news release. “The property will not only offer close proximity to the historic downtown Charleston peninsula but will also serve as the ideal commuting location for residents in this ultimate live, work and play destination.”

Aventon Mikasa’s buildings were designed by Scott + Cormia of Orlando, Fla., with interior design curated by Studio 5 Interiors Inc. of Alpharetta, Ga. Civil and landscaping for the property was created by Charleston engineering firm Thomas & Hutton.

Since 2019, Aventon Companies has assembled $2 billion portfolio of groundup developments bringing more than 9,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas and the Mid-Atlantic, the company said in the release. CRBJ

Construction is expected to be complete in time for the first residents in fall 2024. (Image/Provided)

The company’s expansion is, in part, to create room to build its newest product, a 67-foot yacht with a price tag that starts at $5 million. (Image/Provided)

Sale of Mount Pleasant home sets residential real estate record

By Jason Thomas jthomas@scbiznews.com

Aproperty on land significant to the history of Mount Pleasant has sold for a record-setting price.

William Means Real Estate facilitated the sale of 100 Haddrell St., according to a news release.

Setting the town’s residential sales record, the 1.32-acre property features panoramic views of the Charleston’s downtown skyline, Ravenel Bridge, Fort Sumter, Sullivan’s Island, Castle Pinckney and Patriots Point across the mouth of Shem Creek, the release stated.

With the sale of 100 Haddrell St., William Means Real Estate is the No. 1 boutique firm in Mount Pleasant with $45 million in sales with an average sales price of $2.1 million so far this year, the release stated.

According to the town of Mount Pleasant Historical Commission, Haddrell’s Point extended along the waterfront from Shem Creek to Cove Inlet and was named for the early settler, George Haddrell, the release stated. The land bordering Shem Creek became home to important industries including factories, canneries, as well as rice and sawmills which drew power from the tides of the creek. With ceremonial fanfare, President George Washington embarked from Haddrell’s Point to Charleston, during his Southern tour in 1791.

“This house is a gem in the heart of Mount Pleasant, offering the best views of our area,”

said Lyles Geer, president and broker-incharge of William Means Real Estate, in the release. “It is a reflection of the demand for property with natural views with a bit of seclusion and room to breathe while still being close to Charleston’s history and charm.”

Sparing no expense during the 2003 construction, this 7,015-square-foot house has five bedrooms, and five-anda-half baths, the release stated. Interior

features include 12-foot ceilings, custom cypress cabinetry, a large gourmet kitchen, as well as reclaimed, wide-planked antique heart pine floors throughout.

In addition to a pool facing Charleston Harbor, there is a 30-foot deepwater covered dock on Shem Creek. With views from virtually every position inside and outside this house, the property remains secluded from the street, according to the release.

As one of the oldest real estate companies in Charleston and an exclusive affiliate of Christie’s International Real Estate, William Means Real Estate has sold more than $107 million so far this year, the release stated In addition to its top ranking in Mount Pleasant so far this year, the firm ranked as the No. 1 company in downtown Charleston and South of Broad during the first quarter. CRBJ

With ceremonial fanfare, President George Washington embarked from Haddrell’s Point to Charleston, during his Southern tour in 1791. (Photo/Keen Eye Marketing)

Iconic Charleston building revived as luxury condo development

By Jim Tatum

Contributing writer

An iconic Charleston building is about to take on new life and luster after an extensive makeover.

The building at the corner of Wentworth and King streets, 71 Wentworth, is an especially interesting iconic structure in a city known for interesting, iconic structures. Designed by 19th century Charleston architect John Henry Devereux, 71 Wentworth was originally a Masonic Lodge built in the Tudor Gothic Revival style, complete with all the accents and gadgetry available at the time, including richly molded and arched windows as high as 18 feet tall and cathedral ceiling heights of 20 to 40 feet.

The original second-floor Grand Lodge Room, some 4,200 square feet, seated more than 1,000. However, by the late 1870s, the Masons found themselves financially challenged and agreed to share the building with a state militia unit. Around 1940, the building would morph into use as retail, office, theater and other sporadic uses. And like many iconic historic Charleston structures, while it would never lose its character, it did get a little down at the heels.

Then, in 2019, East West Partners, a real estate development firm specializing in high end luxury properties, acquired the building. The idea, noted East West managing partner Miller Harper, was to renovate the building to its former glory without compromising the character of the building or the neighborhood.

“71 Wentworth is a restoration that deserves and will receive the utmost respect for the past and true passion for Charleston’s future,” said Harry Frampton, founder/chairman of East West Partners.

Plans call for the building to house 12 luxury condominium units ranging from 1,416 to 2,626 square feet. With a price point starting at $1.7 million, each unit will feature 19 to 25 foot ceilings, historically replicated 12 to 18 foot tall Gothic-style

windows, covered, open-air courtyards in select residences, exposed antique brick, salvaged heart pine timber and beams,

luxury kitchens with integrated appliances, custom, handmade islands and custom-designed cabinetry. Interiors will be

finished in plaster and reclaimed original heart pine accents.

In addition, homeowner services will be provided by Inspirato, a company that specializes in maintaining and servicing luxury vacation homes.

The financial investment for the project was not revealed.

East West, which has done several projects in the Charleston area, including downtown’s Vendue Range, partnered with Courtney Bishop Design and Kevan Hoertdoerfer Architects, both Charleston-based firms, to help bring the project to fruition.

“I’ve waited for the last ten years to have the opportunity to bring this landmark property to life and we will do so with a keen respect for the extraordinary bones of the building, the vibrant neighborhood in which it will live, and the residents who will soon call it home,” Harper said.

All 12 units have already sold; completion of the project is expected in fall 2023.

Jim Tatum is a contributing writer for SC Biz News. CRBJ

Firm to manage property on last oceanfront parcel on Kiawah Island

By Jason Thomas jthomas@scbiznews.com

AColorado-based hospitality services company has added another Charleston-area property to its portfolio.

East West Hospitality has been selected to provide property management services for The Cape on Kiawah, a new enclave of 78 oceanfront condominium residences and penthouses set to open on Kiawah Island in November, according to an East West news release. Located on the last available oceanfront parcel on the island, The Cape is also home to The Cape Club, a new beach club in Kiawah Island’s west end neighborhood.

From care and maintenance of the residences, common spaces and building exteriors to professional management of The

Cape’s homeowner association, East West Hospitality’s South Carolina-based team of experts in engineering, finance and asset management will oversee all operational

aspects of the luxury development spanning 14 acres, according to the release.

“The Cape is a stunning addition to the East West Hospitality portfolio of

managed luxury properties, and we are delighted to deploy our Charleston-based team’s considerable experience on behalf this iconic new destination,” said Colleen Weiss-Hanen, president and CEO of East West Hospitality, said in the release.

The Cape joins other South Carolina properties under East West Hospitality management, including the Waterfront on Daniel Island, the Tides IV in Mount Pleasant, and Anson House, 71 Wentworth and the Gadsden in Charleston, according to the release.

East West Hospitality now manages more than 130 homeowner associations and more than 7,300 residences across South Carolina, Colorado, California, and Hawaii, from condominiums and townhomes to luxury private residences, resort hotels, restaurants and retailers. CRBJ

Plans call for 71 Wentworth to house 12 luxury condominium units ranging from 1,416 to 2,626 square feet. (Rendering/Provided)

Plans for 71 Wentworth call for 12 luxury condominium units with a price point starting at $1.7 million, and each unit will feature 19-to-25-foot ceilings and historically replicated Gothic windows, among other accents.

(Photo/Provided)

The Cape on Kiawah, a new enclave of 78 oceanfront condominium residences and penthouses, is set to open on Kiawah Island in November. (Photo/Provided)

Sumter lands $66M solar panel manufacturing plant

By Ross Norton rnorton@scbiznews.com

SEM Wafertech Inc. and Solar4America Technology Inc., both owned by renewable energy company SPI Energy Co. Ltd., will establish a presence in South Carolina with a $65.9 million investment in Sumter County.

The company said the solar panel manufacturing project will create 300 new jobs, according to an April 26 news release from the South Carolina Commerce Department.

SEM Wafertech is a solar wafer manufacturer with headquarters in McClellan Park, Calif., near Sacramento.

“As a global renewable energy company making American-made solar wafers and modules, we recognize the importance of having a strong domestic supply chain to meet the fast-growing demand for affordable solar power,” SEM Wafertech Inc. and Solar4America Technology Inc. Chairman Denton Peng said in the new release. “We plan to bring the highest quality domestically produced solar wafers and modules to market, enhancing our nation’s manufacturing capabilities with a long-term investment that will create good paying jobs for South Carolina.”

The new facility will help meet an increasing need for locally sourced solar wafers as the overall demand for solar power continues to grow in the United

States, according to the news release. SEM Wafertech is targeting delivery and production of its first solar wafers in the nation by the end of the year, with capacity ramping to three gigawatts by 2024.

“I am personally thrilled to welcome SEM Wafertech and Solar4America to Sumter County, succeeding many exciting investments announced in recent months across South Carolina,” S.C. House speaker Murrell Smith said in the release. “With an investment of more than $65 million and the creation of 300 new jobs, SEM Wafertech and Solar4America will be welcome additions to the region, and to our state’s growing number of globally rec-

ognized renewable energy and EV-related companies — continuing to make our state’s economy diverse and prosperous. I welcome them to the Sumter family, where I know we will create an enduring partnership in our community.”

Solar4America is a prime solar module manufacturing company that produces “Made in the USA” solar modules. In combination with its facility in Sacramento, the new South Carolina facility will allow Solar4America to manufacture a wider variety of solar panels for customers, with an aim to increase capacity to 2.4 gigawatts by the end of the year.

SEM Wafertech and Solar4America

plan to occupy an existing building located at 1150 Clipper Road in Sumter, where they will design, build out and install a “world-class” silicon wafer slicing facility, the news release said. Silicon wafers produced in the facility will be used in a variety of applications, including photovoltaic cells and semiconductors. Solar panels will serve commercial, residential and industrial energy generation and storage needs.

Operations are expected to begin in the fourth quarter of 2023. Individuals interested in joining the team should visit the company’s website.

“We are thrilled to add another company to our growing family of industrial leaders in Sumter and are enthusiastic about the corporate investment and jobs that will be a result of this project,” Sumter Mayor David Merchant said in the release. “The city of Sumter is also proud to partner with the company to support the needed infrastructure improvements for high quality industrial water and wastewater services.”

The Commerce Department’s Coordinating Council for Economic Development approved job development credits related to this project. The council also awarded a $1.5 million Rural Infrastructure Fund grant to Sumter County to assist with the costs of water and wastewater improvements and building improvements. CRBJ

Reach

Ross Norton at

rnorton@scbiznews.com

The company already manufactures solar panels at this California plant. (Photo/Provided)

Summerville hospital to launch $67M expansion

By Ross Norton rnorton@scbinews.com

Summerville Medical Center is ready to launch a $66.8 million, 56-bed inpatient project designed to meet the growing health care needs of a burgeoning community.

The hospital, which has invested more than $200 million in the past decade to expand their facility, services and workforce, said in a news release the project will increase the licensed count by 40% to 174 beds. Construction is expected to begin in August with completion in the spring of 2025.

“This year we are proudly celebrating our 30th anniversary serving families in Summerville and the Tri-County area,” CEO Jeff Taylor said in the news release. “Summerville Medical Center is situated in one of the fastest growing areas in Charleston, and as we work to meet the health needs of our community, it is vital that we add capacity and clinical programs. We are committed to providing the highest quality and most comprehensive care in the heart of Dorchester County for all those who need us, for many years to come.”

Project details include 30 medical/ surgical private beds in the existing third floor space, 14 intensive care unit beds on a new fourth floor, 12 progressive care unit beds on the new fourth floor and a new fifth-floor shell space for future expansion.

The project will add 64,000 square feet of new space, the release stated.

“In the past three years, the need for health care services has grown tremendously as our community has grown,” Maury Baker, chief operating officer at Summerville Medical Center, said in the release. “We are excited to offer our patients private, state-of-the art rooms to complement our exceptional medical staff and care team. The additional capacity will allow us to grow our existing programs and add new services.”

Summerville Medical Center is a 124-bed, acute-care hospital serving families in Dorchester and Berkeley counties and surrounding communities for 30 years. The hospital has a 24-hour emergency room, including a dedicated ER for children, and a range of surgical services and comprehensive medical services.

“This investment is a testament to the impact that every single member

of our team has on our community,” Chief Nursing Officer Theresa Kloewer said in the release. “Each day they provide the highest level of care and compassion for every person who walks through our doors. I am proud of the care they have provided over the past 30 years and will continue to provide in the future.”

Summerville Medical Center is part of Charleston-based Trident Health. CRBJ

Partnership accelerates path from CoC to MUSC pharmacy program

By Ross Norton rnorton@scbiznews.com

An agreement between the College of Charleston and the Medical University of South Carolina College of Pharmacy has created the first formal program that will guarantee up to five incoming first-year College of Charleston students who plan to pursue a pharmacy career a place in the MUSC College of Pharmacy. It will also reduce by one year the time it takes to obtain a doctorate in pharmacy, according to a College of Charleston news release.

“It’s reassuring to have a guaranteed spot with the College of Pharmacy — as long as the requirements are met,” Karen Eippert, director of pre-professional health advising at the College of Charleston, said in the news release. “It’s a demanding course load, but for students who want a more abbreviated program and to reduce their overall student debt, it’s certainly a viable option.”

Through the program, students will spend their first three years at the Col-

lege of Charleston majoring in biology, while also job shadowing to experience what it’s like to be a pharmacist, the release said. To confirm their interest in pharmacology, students are encouraged to intern as a pharmacy technician over the summer.

For the fourth year, students will

transfer to MUSC, but will still be part of the College of Charleston. At the end of the fourth year, students will receive their bachelor’s degree and then continue on at MUSC for three more years to receive a Doctor of Pharmacy degree. During those three years, students will continually experience what it will be like to be a

pharmacist, particularly in the final year when students work in various pharmacy settings, the release said.

The program is designed to take advantage of a strong relationship between the two institutions as it takes full advantage of the power of a liberal arts degree and high-quality medical research and education, the release said.

“This agreement builds upon an already strong relationship,” Dr. Philip Hall, dean of the College of Pharmacy at MUSC, said in the release. “We have always been impressed with the caliber of CofC students and typically have five to 10 students or graduates join us every year. Pharmacists are some of the most accessible health care professionals, so it is essential that they know how to speak with both patients and medical practitioners. MUSC places a heavy emphasis on interprofessional care, so we like that CofC students have strong science skills but also excellent communication skills.”

The accelerated degree comes at a time of high demand for pharmacists in rural areas, the release said. CRBJ

When the expanded hospital opens in Summerville in 2025, it will increase licensed beds by 40%. (Image/ESa)

The new program will save pharmacy students a year in their path to a doctorate. (Photo/File)

Amazon layoffs affect jobs in the Lowcountry

By Jenny Peterson

Contributing Writer

Thousands of Amazon employees in mostly tech-related positions were officially notified of the expected news that they were being laid off on Wednesday, April 26, according to Amazon corporate communications. Notification messages sent to all impacted employees in the United States, Canada and Costa Rica.

The e-commerce giant, which has operations in North Charleston, did not reveal where the impacted employees were based. There were no Amazon closures or layoffs listed in South Carolina’s regulatory layoff notification report posted April 21.

“We’re not sharing details about (where) the impacted employees are based beyond any legally required disclosures,” stated Brad Glasser, with Amazon corporate communications, on Thursday, April 27.

The layoffs were part of an announcement on March 20 by Amazon CEO Andy Jassy that Amazon would eliminate about 9,000 employees globally, mostly in Amazon’s Web Services, People Experience and Technology, advertising and Twitch, the company’s streaming platform for gamers and content creators.

Jassy wrote that the layoffs were necessary in an uncertain economy and for the long-term health of the company. He said Amazon had added a large number of employees over the past several years.

In a memo sent to impacted employees April 27, provided to the Charleston Regional Business Journal by Amazon corporate communications, Adam Selipsky, CEO of AWS, echoed Jassy’s message of needing to cull the employee pool after rapid growth over the last several years.

“It is a tough day across our organization,” Selipsky wrote. “Given this rapid growth, as well as the overall business and macroeconomic climate, it is critical that we focus on identifying and putting our resources behind our top priorities ... in many cases this means team members are shifting the projects, initiatives or teams on which they work; however, in other cases it has resulted in these role eliminations.”

He added, “The fundamentals and the outlook for our business are strong, and we are very confident in our longterm prospects.”

Beth Galetti, senior vice-president of PXT wrote similar sentiments to department employees.

“These decisions are not taken lightly, and I recognize the impact it will have across both those transitioning out of the company as well as our colleagues who remain,” Galetti said.

The company announced that impacted Amazon employees in other regions globally would be notified following local processes, which may include time for consultations with employee representative bodies.

Jassy’s memo stated that the company would provide packages that include a separation payment, transitional health insurance benefits, and external job placement support.

The layoff notifications came the same day Amazon reported first-quarter net sales of $127.4 billion, up 9% year-over-year. The hashtag #Amazon-

layoffs began trending on Twitter and LinkedIn Thursday as employees posted the news that their positions were officially eliminated.

In 2018, the company’s on-demand self-publishing division Cre-

ateSpace laid off 58 employees and closed its office at 4900 LaCross Road in North Charleston.

Jenny Peterson is a contributing writer for SC Biz News. CRBJ

“The fundamentals and the outlook for our business are strong, and we are very confident in our long-term prospects.”

Adam Selipsky CEO of AWS

North Charleston’s 787 Dreamliners to fly for Azerbaijan Airlines

By Ross Norton rnorton@scbiznews.com

Azerbaijan Airlines has ordered eight 787-8 Dreamliners made by Boeing to support the growth of its long-haul fleet.

The airline and Boeing said in a news release that the efficient jets will enable the Central Asian carrier to profitably open new routes from Azerbaijan and boost capacity for inbound tourism.

Azerbaijan is on the northern border of Iran on the Caspian Sea.

Leaders from both companies, including Jahangir Asgarov, president of Azerbaijan Airlines, and Stan Deal, president and CEO of Boeing Commercial Airplanes, celebrated the order at a signing ceremony last week at the airline’s hub in Baku, according to the news relese. “The successful development of the country’s civil aviation has become possible thanks to the continuous support and attention of the president of Azerbaijan, Ilham Aliyev,” Asgarov said in the new release. “The signing of a contract with Boeing for the purchase of modern wide-body Boeing 787 Dreamliners is an important step in modernizing the fleet and increasing the level of AZAL air transportation.”

More than 85 customers around the world have placed orders for more than 1,600 787 Dreamliners, making the 787 the fastest selling twin-aisle airplane in history, the release said. Since 2011, buyers of the

787 have opened more than 350 new nonstop routes, crediting the plane’s efficiency, the release stated.

The Dreamliner program is based in North Charleston.

“The 787 has helped position Azerbaijan Airlines as the leading carrier across Central Asia, with the airplane’s flexibility and capability opening Azerbaijan up to increased tourism and economic growth,” Deal said in the release. “For more than 20 years we have enjoyed a tremendous partnership with Azerbaijan Airlines and this order for Dreamliners is a testament to the strength of our product family and the relationship between our companies.”

Built with lightweight composite mate-

rials and powered by advanced engines, the 787 Dreamliner can fly up to 20% more passengers while reducing fuel use and emissions by 25% compared to the airplanes it replaces, according to Boeing.

Azerbaijan Airlines is one of the largest carriers in Central Asia, serving 40 destinations across 25 countries, with a fleet that includes Boeing 757, 767 and 787 jets, the release said.

Azerbaijan is the second country in the region to turn to the Dreamliner in recent weeks as part of the nation’s overall effort to boost tourism.

A pair of Saudi Arabian carriers in March announced plans to buy up to 121 Boeing 787 Dreamliners.

Saudi Arabian Airlines and Riyadh Air ordered at least 78 aircraft with options that could mean as many as 43 additional Dreamliners, according to a Boeing news release.

Riyadh Air revealed that the new Saudi Arabian carrier has chosen the 787 Dreamliner to power its global launch and support its goal of “operating one of the most efficient and sustainable fleets in the world,” the company said in the news release.

This agreement is part of Saudi Arabia’s wider strategic plan to transform the country into a global aviation hub, the release said, with a goal of serving 330 million passengers and attracting 100 million visitors annually by 2030. CRBJ

Azerbaijan Airlines says the efficiency of the Dreamliner will help the country add the flights necessary to boost tourism. (Photo/Boeing)

Hotel with rooftop lounge opens in downtown Charleston

By Jason Thomas jthomas@scbiznews.com

Ahotel with a rooftop lounge has opened in downtown Charleston. TMGOC Ventures, a partnership between The Montford Group and Opterra Capital opened its latest project, the Moxy Charleston Downtown, at 547 Meeting St.

Moxy Charleston, which welcomed its inaugural guests on Wednesday, April 5, offers a high-energy hospitality experience, featuring vibrant public spaces and unobstructed views of the Ravenel Bridge, according to a news release.

The property features a 7,000-squarefoot indoor/outdoor rooftop lounge featuring a sleek 10-seat rooftop bar, a ground floor Starbucks and a performance stage featuring a roster of local DJs and musicians, the release stated.

The TMGOC team broke ground on the property in May 2021, and its completion makes it the 13th fully-operational hotel property in the joint-venture’s growing portfolio, according to the release.

“Moxy Charleston was a labor of love in the truest sense of the term, and we couldn’t be prouder of the finished

product,” The Montford Group founder and CEO Sunju Patel said in the release. “Each and every corner of this property was thoughtfully designed to provide the most unique and impactful experience possible, and we hope our guests feel that when they walk through our doors.”

Moxy is the first of four downtown Charleston hotel projects in the works for TMGOC Ventures, with the Thompson, the Montford Hotel and the Charlestonian coming soon, the release stated. A Moxy Charlotte location is also under construction by TMGOC.

“There’s no question that Moxy is a hospitality experience unlike any other in Charleston, and it’s been a real joy to help bring this unique concept to life,” Opterra Capital Founder and CEO Glenn Alba said in the release. “With several more hotel projects in the pipeline for the downtown area, Charleston has certainly not seen the last of TMGOC.”

Moxy Charleston, built by Construction Professionals, Inc., was designed by Studio MCG and LS3P, and features interiors by Streetsense, according to the release. It is managed by Aimbridge Hospitality as part of Marriott’s Bonvoy portfolio. CRBJ

The Citadel to house center for veteran-owned small businesses

By Jason Thomas jthomas@scbiznews.com

The Citadel is home to a new center designed to help South Carolina’s veterans start or expand their small businesses.

The college has been awarded funding from the U.S. Small Business Administration to provide training and counseling to aspiring and existing veteran small business owners as part of the Veterans Transformational Learning Initiative, or VTLI, according to a news release from The Citadel.

Housed inside The Citadel’s Tommy and Victoria Baker School of Business, VTLI’s services became available May 1, the release stated. The U.S. Small Business Administration provided a total of $3.5 million in grant awards to six support outreach organizations focused on veteran small business owners, with The Citadel representing the state of South Carolina.

Through the Boots to Business entrepreneurship training program — which is part of the Department of Defense’s Transition Assistance Program — The Citadel’s VTLI will provide training and a wide range of opportunities to service members and their spouses, the release stated. In addition, the VTLI will provide business planning, assistance access-

ing capital, marketing and outreach and transitioning assistance to veterans and active-duty service members interested in starting or growing a small business.

“The VTLI is a fantastic opportunity for our state’s veterans and military community to start or continue the important work of operating a small business,” said The Citadel President

Gen. Glenn Walters in the release. “This center will position The Citadel to provide even more support to veterans in South Carolina.”

The Citadel’s VTLI team will consist of advisers who each veteran will directly work with to conduct entrepreneurial development workshops, assess their entrepreneurial needs and requirements, prepare business

plans, provide mentorship and more, according to the release.

“The Citadel is committed to our veteran community, and through the VTLI we will help ensure their success in business, as well as increasing the number of small businesses in the state,” said Sally Selden, provost and dean of The Citadel, in the release. “The Citadel is a wonderful fit for this initiative, with our supportive learning environment veterans will find it easy to work with the VTLI to start their own business.”

Housed under the VTLI will be the Veterans Business Outreach Center. The VBOC program is specifically designed to provide entrepreneurial development services — such as business training and counseling — to service members leaving the military, veterans, National Guard and Reserve members, as well as their spouses, the release stated. The VBOC will work closely with the SBA to conduct Boots to Business classes, as well as offer workshops, training, counseling and mentorship opportunities in the area, and opportunities to secure business loans.

The VTLI will be located on the third floor of Bastin Hall, in Room 328. Those interested, and who qualify for, the VBOC’s services are encouraged to make an appointment or stop by the office as early as May 1. CRBJ

The new Moxy Charleston Downtown’s rooftop lounge offers unobstructed views of the Ravenel Bridge.

(Photo/Provided)

The Veterans Transformational Learning Initiative housed at The Citadel will serve the state. (Photo/Provided)

In Focus FINANCE

LISTS: Accounting Firms | Financial Brokerage Firms, Page 17-19

Bankers help small business owners navigate interest hikes

By Jenny Peterson Contributing Writer

With the prime rate more than doubling over the past year — from 3.5% in April 2022 to 8% in April 2023 — bankers say they are taking on more of a financial counseling role for small business owners on how to best maximize their access to capital.

The federal prime rate remains one of the main factors banks use to determine interest rates on loans, which come in both variable and fixed interest rates.

“We believe the key is to lean on your experienced banker to help navigate the right course of action, either a traditional bank loan or alternative methods, such as using cash reserves that they may be sitting on rather than borrowing,” states Mike Tecosky, a Charleston-based financial adviser and area manager with Pinnacle Financial Advisors, a full-service bank. “When money was abundant and next to free (with low interest rates), capital was easy to come by. Increased cost of funding is definitely having small business owners take a closer look at how they are securing their capital needs, whether through traditional bank funding, a specialty financial group or other cash reserves.”

Paul Featheringill, USC region director of the Charleston Area Small Business Development Center, said small business owners are more cautious about variable rate loans as interest rates have climbed.

“I think in some cases lenders are getting a little bit more cautious about lending, but I also think there are circumstances where loans just aren’t fitting the same profile that they once did, because with higher interest rates, it’s harder for businesses to afford those payments in a way that lenders are comfortable with,” Featheringill said. “Small business owners have payroll to make, they’ve got all these other expenses, so high interest rates tend to have a very large impact on them. And that also discourages the businesses somewhat from looking to take on additional debt potentials.”

Featheringill said qualified financial advisers, like the ones at Small Business

Development Centers across the state, can help small business owners navigate loan options and other ways to access capital in the most cost-efficient way.

“We can look at the kinds of loans that (business owners) have and see if there are potential refinance options into other kinds of loans, like small business association loans, or a type of loan that might be more favorable in terms of interest rate and terms,” Featheringill said. “I think it’s important now more than ever to really understand what the implications will be.”

Shop around

Different institutions have different metrics for determining what qualifies as a small business — at the Small Business Development Center, Featheringill said the department serves business owners who have up to 500 employees.

For bank loans, some traditional banks want to see two years of tax returns and show strong sales and a strong customer base in order to secure a loan.

Featheringill said during high interest rates, small business owners can look into other business programs that can help secure small capital based on qualifying metrics. The Carolina Local Impact borrowing fund can help business owners who are very new and don’t have years

of sales records and for those who don’t qualify for traditional bank loans due to credit issues.

“We started to see an increase in that kind of assistance since the COVID pandemic — there were a lot of people who decided during COVID that that they wanted to start a business of their own,” Featheringill said.

A prime rate of 8% is not unprecedented, he added. In the late 1980s, the federal prime rate was above 11%.

“It’s a lot higher (now) than what we’ve seen any time recently. And with a whole host of other challenges coming out of COVID with hiring issues, supply chain issues, all those other things we still see … there’s still uncertainty,” Featheringill said.

Lean on bankers

While it’s impossible to know for sure as the economy changes what prime rates will be in the future, bankers are prepared to assist and advise small business owners with their best options.

“We always make sure we are prepared and equipped,” Tecosky said. “We have economists and pay attention to what’s happening. If there’s one takeaway from higher interest rates, I would say to communicate with your banker and lean on us for that.” CRBJ

Tecosky Featheringill

As the federal interest rate climbs, small business operators are growing more reluctant to plunge forward as they keep an eye on the cost of borrowing money.

Harbor Entrepreneur Center opens additional space in Mount Pleasant

By Ross Norton rnorton@scbiznews.com

The Harbor Entrepreneur Center has secured new space in Mount Pleasant at 11 Ewall St.

With a 22,000-square-foot facility and support from the town of Mount Pleasant, the South Carolina Research Authority and Charleston County Economic Development, the location is designed to provide a collaborative space to inspire, educate and elevate entrepreneurial organizations, venture capital investment and innovation, according to a news release.

Executive Director Grady Johnson said in an email the additional location for the center “will greatly expand our ability to house entrepreneurs and deliver services to them, like education, etc.”

The Harbor Entrepreneur Center’s objective is to create an entrepreneurial ecosystem for students, veterans, career changers and businesses to develop new enterprises and ideas to grow in the Charleston region, the news release said.

“The town’s economic development strategy specifically calls for a focus on entrepreneurship and innovation,” Mount Pleasant Economic Development Manager Matt Brady said in the news release. “Our partnership with Harbor addresses this directly, and lets the world know that Mount Pleasant is the hub of innovation for South Carolina. We are excited for the companies

coming over with HEC and look forward to collaborating with our stakeholders to recruit high-growth firms and create jobs in our community and region.”

The Harbor Entrepreneur Center was recently selected to serve as the lead agent for innovation and entrepreneurship, one of the areas of focus of the One Region Roadmap, part of the strategy of a partnership among the Berkeley-Charleston-Dorchester Council of Governments, the Charleston Regional Development Alliance and the Charles-

ton Metro Chamber of Commerce. The roadmap provides a broad platform for the community to address economic challenges heightened by the COVID19 pandemic, as well as threats to our region’s prosperity and global competitiveness, according to the release.

“Naming the Harbor Entrepreneur Center as the lead agent for innovation and entrepreneurship gives us the opportunity to take the foundation the HEC has built over the past 10 years and create a high-impact resource for the region,” Johnson said

in the release. “The town of Mount Pleasant’s ability to immediately recognize this opportunity and provide us with financial support allowed us to quickly propel this project from vision to reality.”

The Harbor Entrepreneur Center a 501c3 non-profit founded in 2012 by local entrepreneurs John Osborne and Patrick Bryant with support from the town of Mount Pleasant.

The center is housed in the Epic Center at the Citadel Mall, 2070 Sam Rittenberg Blvd. CRBJ

The Harbor Entrepreneur Center has another 22,000 square feet of space available for collaboration and education. (Photo/Provided)

We are now accepting nominations for business women who are successful in their chosen field and have made significant contributions to the Lowcountry through civic, nonprofit and philanthropic involvement.

Nomination link:

https://scbiznews.com/events/charleston-regional-business-reports2023-women-of-influence-awards/

Nomination deadline August 1, 2023. Winners will be announced August 15, 2023.

Accounting Firms

Suite 100A Mount Pleasant, SC 29464

Moody & O'Neal CPAs LLC

654 Coleman Blvd., Suite 200 Mount Pleasant, SC 29464

Streetman, Jones & Powers LLC 171 Church St., Suite 240 Charleston, SC 29401

Hutto, Preston & Associates LLC 157 E. Bay St. Charleston, SC 29401

Moore Beauston & Woodham LLP 3520 W. Montague Ave., Suite 201 North Charleston, SC 29418

Jarrard, Nowell & Russell LLC

975 Morrison Drive Charleston, SC 29403

Hyland, Ruddy & Garbett CPAs LLC 820 Johnnie Dodds Blvd., Suite B Mount Pleasant, SC 29464

Legare Bailey & Hinske LLC 1100 Queensborough Blvd., Suite 100 Mount Pleasant, SC 29464

Riser Gibbons & Carpenter LLP

1417 Remount Road North Charleston, SC 29406

WebsterRogers LLP 40 Calhoun St., Suite 460 Charleston, SC 29401

Johnson Lambert LLP 100 Brigade St. Suite 100 Charleston, SC 29403

Carr, Riggs & Ingram CPAs and Advisors 235 Magrath Darby Blvd., Suite 140 Mount Pleasant, SC 29464

Accountfully 533 Rutledge Ave., Suite A Charleston, SC 29403

Davis & Co. CPAs

P.O. Box 1552 Mount Pleasant, SC 29465

Ferira, Ainsworth & Co. LLC 1 P.O. Box 41697 North Charleston, SC 29423

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

843-849-3000 www.moodycpas.com

843-723-3133 www.cpacharleston.com jstreetman@cpacharleston.com

843-577-0148 www.huttopreston.com info@huttopreston.com

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843-501-2774 www.accountfully.com hello@accountfully.com

843-722-7676 www.contractorcpa.net joe.ferira@contractorcpa.net

13

39

Chris O'Neal, Lora Prevatte 2009 13 22 24

Brian R. Powers, James A. Streetman, Patrick F Jones 1996

10 14 14

Andrew Preston, Jeff Hutto 1976 9 13 15

John B. Beauston 1992

Christopher C. Nowell, William A. Russell, William H. Jarrard 2005

James R. Swindal, George L. Garmendia, Heather M. Aydlette 1925

Ben Newton, Joseph A. Hinske 1998

Glenn D. Gibbons 1951

LaVonne Rosenberg Bobby Creech, Amy F Urquhart 1984

8 14 21

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6 8 10

5 12 17

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Tax preparation and planning, accounting and auditing, estate and trust planning and compliance, business consulting and litigation support and business valuation

Accounting and auditing, tax preparation and planning, litigation support, estates and trusts, individual and business consulting ser vices, bookkeeping and other small business ser vices

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3 1 4 1 6 1

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to Listresearch@bridgetowermedia.com. • 1 2022 data.

Accounting and consulting for construction companies

Accounting Firms

Long Point Road, Suite 404

Queensborough Blvd., Suite 201 Mount Pleasant, SC 29464

Taylor, Miles & Associates 1 1940 Trolley Road, Suite A Summer ville, SC 29485

Thiem McCutcheon Winkler CPAs P.A. 1040 Ewall St. Mount Pleasant, SC 29464

Smith, Kesler & Co. PA 1127 Queensborough Blvd., Suite 106 Mount Pleasant, SC 29464

Ceterus 1 4900 O’Hear Ave., Suite 100 North Charleston, SC 29405

Glaser and Company, LLC

1859 Summer ville Ave. Charleston, SC 29405

Greene Finney Cauley LLP 39 Farmfield Ave. Charleston, SC 29407

Lightheart Sanders & Associates Inc. 1420 N. Highway 52 Moncks Corner, SC 29461

Moss & Yantis CPA Firm 272 W. Coleman Blvd., Suite 100 Mount Pleasant, SC 29464

Supporting Strategies - Coastal SC 748 Stucco Lane Mount Pleasant, SC 29464

Dennis L. Gore LLC

3293 Ladson Road Ladson, SC 29456

James M. Lopez CPA LLC 210 S. Cedar St., Suite 4 Summer ville, SC 29483

Stacy E. Wiggins CPA PC 1409 Ashley River Road Charleston, SC 29407

Swamp Fox CPA LLC

402 Old Trolley Road, Suite 109 Summer ville, SC 29485

Ratliff CPA Firm P.C. 1392 Royston Road Mount Pleasant, SC 29464

Charleston Accounting & Tax 1064 Gardner Road, Suite 114 Charleston, SC 29407

www.mcguirecpa.com officemanager@mcguirecpa.com

843-875-1774 www.taylormilescpa.com admin@taylormilescpa.com

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843-388-1704 www.smithkesler.com peevans@skandco.com

800-571-6119 www.ceterus.com marketing@ceterus.com

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

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

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843-452-3173 www.supportingstrategies.com/locations/coastalsouth-carolina/ bstrickland@supportingstrategies.com

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843-847-0740 www.ratliffcpafirm.com john@ratliffcpafirm.com

Samuel B. Winkler, J. Ben McCutcheon III, David E. Thiem 2009

Phillip E. Evans 1978

Christopher Rossie 2008

Erik M. Glaser 2006

Emily Sobczak Larr y J. Finney 1996

Kevin Lightheart, Jared Sanders 1975

Deanna R. Moss, Christa Yantis 2010

Brad Strickland 2003

Dennis L. Gore 1990

James M. Lopez 2009

Stacy E. Wiggins 2003

Scott A. Leister 2015

John W Ratliff 1992 1

843-408-0308 www.charlestonaccountingandtax.com teresa@charlestonaccountingandtax.com 2017

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2 7 7

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Bookkeeping, outsourced accounting and operational support

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Tax planning and preparation firm specialized in working with startups, small businesses and individuals

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

0

1

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Corporate, partnership, trust and individual tax return preparation, tax planning, LLC formation consulting

Tax planning and preparation, outsourced bookkeeping and accounting, payroll, small business consulting

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to Listresearch@bridgetowermedia.com. • 1 2022 data.

Financial Brokerage Firms

money management, retirement planning

annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, local research, money funds, money management, municipal bonds, mutual funds, options, real estate syndication, retirement planning, tax shelters, trust ser vices, underwriting

annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, trust ser vices

Commonwealth Financial Group 225 Seven Farms Drive, Suite 106 Daniel Island, SC 29492

UBS Financial Ser vices Inc. 941 Houston Northcutt Blvd. Mount Pleasant, SC 29464

Robert W. Baird & Co. Inc. 25 Calhoun St., Suite 200 Charleston, SC 29401

Oak Capital Management LLC 421 Wando Park Blvd., Suite 130 Mount Pleasant, SC 29464

First Command Financial Ser vices 7301 Rivers Ave., Suite 230 North Charleston, SC 29406

SouthState Investment Ser vices 2440 Mall Drive Charleston, SC 29406

Charles Schwab & Co. Inc. 962 Houston Northcutt Blvd., Suit 100 Mount Pleasant, SC 29464

Sequence Financial Specialists LLC 781 Meeting St., Suite B Charleston, SC 29403

The Davies Agency 700 Lawton Harbor Drive Charleston, SC 29412

843-884-4545 www.commonwealthfg.com

843-856-6616 www.ubs.com karl.riner@ubs.com

843-579-5000 www.bairdoffices.com/charleston jmcauley@rwbaird.com

843-849-7878 www.oakcapitalmgt.com

Heather Wanner 2000 17

Dan Egbert 1866 15

Jody McAuley 1919 14

Troy Barrentine 1859

843-824-6629 https://advisor.firstcommand.com/us/sc/n-charleston cbstill@firstcommand.com Bernie Still, Dave Thompson 1958

843-529-5924 www.southstatebank.com

843-856-1388 www.schwab.com Nathan Parrish 1974

843-860-6031 www.sequencefinancialspecialists.com gking@sequencefinancialspecialists.com

843-936-1170 www.smithwilliamsfinancial.com courtney@smithwilliamsfinancial.com

13 34

financial planning

Accounts, annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, local research, money funds, money management, municipal bonds, mutual funds, options, real estate syndication, retirement planning, tax shelters, trust ser vices, underwriting

Accounts, annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, local research, money funds, money management, municipal bonds, mutual funds, options, real estate syndication, retirement planning, tax shelters, trust ser vices, underwriting

Accounts, annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, tax shelters, trust ser vices

Accounts, annuities/life insurance, asset management, financial management, financial planning, money management, mutual funds, retirement planning

annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, retirement planning

9 Accounts, annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, trust ser vices

Gilles Côté, Mike Xenick, Gene King 2006 6 5 Real estate syndication, tax shelters, underwriting

Courtney S. Davies, Courtney S. Davies 2018 5

Annuities/life insurance, financial management, retirement planning, tax shelters, underwriting Harbor Financial Group 51 State St. Charleston, SC 29401

360 Financial Partners 1081 Johnnie Dodds Blvd., Suite 100 Mount Pleasant, SC 29464

843-720-8868 www.harborfinancialgroupsc.com info@harborfinancialgroupsc.com

843-216-1077 www.360fp.com partners@360fp.com

843-805-6456

Cam Werntz, Clay Hershey, Rob Williams 2006

Randall D. Teegardin, Dustin J.

Asset management, financial planning, retirement planning

843-225-2058

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although ever y effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to Listresearch@bridgetowermedia.com.

2022 data.

Business Digest At Work

Canterbury House under new leadership

Fred Fabian, president of eLifespaces, has succeeded Edmund Rhett Jr. as chairman and president. The appointment completes a planned transition that was initiated about one year ago.

Rhett, an obstetrics and gynecology specialist who has served the Canterbury House board for decades, will continue his role on the board.

Rhett has more than 40 years of experience in the medical field. After graduating from the University of the South in Sewanee with a degree in biology, he received his medical degree from the Medical College of Georgia. He is founder of Rhett Women’s Center, a full-service gynecology office.

Pledge to support health-related education initiatives

Michale J. “Mickey” Barber has pledged $50,000 to the Social Emotional Learning Alliance for South Carolina to help further its initiatives, which include helping schools effectively teach life skills in the classroom and creating life skills programming and curriculum for parents.

Formerly a board-certified anesthesiologist, Barber graduated from the College of Charleston, completed medical school at the Medical University of South Carolina, did her residency at Tulane University, and finished her fellowship at Harvard. She also served as an assistant professor at Tulane University. During her training and career in academic medicine, she received several awards for her clinical performance and teaching skills.

In her mid-40s, Barber began feeling ill. She was eventually diagnosed with a neuropathy that affected all her systems. The diagnosis spurred Barber to leave the operating room and shift toward a private practice focused on helping people live healthy, vigorous lives at any age. She eventually received physician training and certification in age management medicine from the Cenegenics Education and Research Foundation and the Foundation for Care Management and also is certified in peptide therapy by the Clinical Peptide Society.

Barber launched the Cenegenics Carolinas practice, in Charleston, and later opened Better Life Carolinas, in Mount Pleasant.

Barber’s partnership with the Social Emotional Learning Alliance for South Carolina was inspired by the emotional struggles of some of her family members as well as by one of her longtime patients, Al Estee, the alliance’s founder.

Friends of Library appoints new board members

The Charleston Friends of the Library has appointed seven new members to its board of directors, bringing the number of board members to 16. Breyonna Davis, logistics planner; Bosch Ulani DeCillis,

triage nurse at Holy City Med Urgent and Primary Care; Gail Golightly, retired vice president of book sales; Jaclyn “Jackie” Henderson; Becca Hiester, director of education and programs, Gibbes Museum of Art; Rick Kates; Della “Doddie” Marshall; Lauri J. Moffett; and Susan Wahlberg, retired sorting room liaison.

They join current board members Carin Jorgensen, president; Susan Hoffius, past president; Brandon Reid, treasurer; Rebecca Hoffman, vice president of development; Amanda Bunting Comen, vice president of marketing; Meredith Bonvino; and Savannah Frierson

annual Strategic Investment Symposium in February at the Francis Marion Hotel in Charleston. During the past eight years, the symposium has attracted more than 1,400 attendees from across the country interested in investment strategy, including financial professionals, institutional wealth managers, and investors looking for ways to stay current on cutting-edge practices.

The School of Business Investment Program, featured in the Princeton Review, gives students the career-oriented application of theoretical knowledge learned in the classroom through analytical asset valuation, portfolio management, and group collaboration. From plenary sessions on global markets and investment strategies to breakout sessions on topics such as portfolio construction and trends in alternative investments, the event ensures attendees walk away with practical takeaways.

was to establish an honor-focused support network between senior military colleges and federal service academics, share honor resources and foster a spirit of collaboration and transparency between the various honor programs.

The first day of the honor conference allowed each military college and academy to present their school’s honor system briefs. While each had similarities, it was a chance for each cadet and student to reflect on their own school’s honor code and system.

The second day of the honor conference allowed cadets and students to have deeper discussions on honor topics and differences in each school’s system.

Fund closes at $23 million

Tax Credit Marketplace has closed its 2022 SC Revitalization Tax Credit Fund. The fund invested in 19 qualifying development projects in nine regions of South Carolina: Camden, Cheraw, Clemson, Columbia, Conway, Greenville, Laurens, Traveler’s Rest and Spartanburg.

CEO tackles Boston Marathon for a cause

Total Beverage Solution CEO Dave Pardus will participate in the 127th Boston Marathon on April 17, his 15th marathon on behalf of Team End ALZ. Team End ALZ is dedicated to raising money and awareness for Alzheimer’s research and support.

Pardus, who began running marathons in 1986, is doing this final run in honor of his mother, who died on the day of the 2022 Boston Marathon after a 12-year battle with Alzheimer’s.

Running alongside him will be his younger sister Sue, his eldest daughter, Elysse, niece Chris, and nephew Taylor.

By participating in the marathon, Pardus hopes to raise awareness and funds for Alzheimer’s research and support via his fundraising page at https://bit.ly/ TeamPardus

College of Charleston investment

symposium returns

for ninth year

The College of Charleston School of Business Investment Program hosted its ninth

The one-day event on strategic-investment management drew industry professionals from around the country and more than 20 speakers from the field. This year’s featured speakers included David Bailin, chief investment officer and global head of investments, Citi; Cameron Dawson, chief investment officer, NewEdge Wealth; Paul Donovan, chief economist, UBS Global Wealth Management; David Kelly, chief global strategist, J. P. Morgan Asset Management; and Alan McKnight Jr., executive vice president, chief investment officer, Regions Asset Management.

Since 2015, the symposium has had nearly 200 industry-leading speakers and more than 250 firms, organizations, and colleges represented by attendees. Sponsors of the 2023 Strategic Investment Symposium included Tandem Investment Advisors; UBS; J. P. Morgan Private Bank; First Trust; College of Charleston Foundation; Swan Global Investments; Changebridge Capital; Greenwood Capital; CFA Society South Carolina; Greystar; Charleston Angel Partners; Capasso Planning Partners; Verum Partners; Pawleys Investment Advisors; Richman Real Estate Investments; Bank of America Private Bank; and Detterbeck Wealth Management.

Conference a chance for colleges and academies to collaborate

Honor — The Citadel’s first core value — was the topic discussed among the different senior military colleges and federal service academies during the first Citadel Honor Conference in February. The campus hosted all six senior military colleges and five federal service academies.

The purpose of the honor conference

It supported total rehabilitation investment of more than $115 million across the 19 projects. These projects generated more than $23 million in South Carolina income tax credits, a 76% increase over 2021.

The 2022 fund included projects that supported the preservation of historic structures, urban revitalization, affordable housing, and economic growth throughout the state. In addition to the fund’s state abandoned building, historic and textile credit projects, Tax Credit Marketplace placed $1 million in federal historic tax credits and $233,000 in angel investor credits, and was engaged by numerous developers for consultation on a variety of development projects.

Developers create a competitive advantage by properly utilizing the South Carolina revitalization acts and federal rehabilitation tax credits to attract additional capital for their projects. Tax Credit Marketplace funds offer these developers a way to monetize these tax credits.

The South Carolina acts encourage private investment to alleviate adverse real estate conditions such as abandoned and historic buildings, and former textile sites. The acts also make it easier for developers and communities to enhance nearby property values, create local jobs, increase its tax base, and form the “sense of place” that attracts people.

Mashburn Construction receives Construction Excellence Award

The Carolinas Association of Gen -

Rhett Jr.

eral Contractors gave a 2022 CAGC Construction Excellence Award to Mashburn Construction. The awards honor projects recognized by the judges of the CAGC Pinnacle Award as projects of distinction. The Pinch in Charleston was one of four honored projects throughout North Carolina and South Carolina.

Taking inspiration from the buildings’ pasts and city’s preservation efforts, The Pinch transformed underutilized buildings in downtown Charleston to enhance the city’s growing tourism industry.

Mashburn partnered with architecture and design firm LS3P on this project, which involved turning four vacant buildings at the corner of King and George Streets into a luxury mixed-use development that includes a high-end boutique hotel, restaurants, and shops

.

Crush rolls out in five southeastern states with new look and new flavor

Island Brands USA is expanding distribution of its Crush flavored malt beverage line into Florida, Georgia, South Carolina, North Carolina, and Tennessee. Along with a new look, Crush is launching a new flavor in the five states:

People in the News

BUSINESS SERVICES

The Winkler Group has promoted Nikki Rach to senior vice president, Raymond Carnley to vice president of client services, and Kathy Douglas to senior consultant.

Formerly vice president for client services, Rach now oversees all aspects of the Winkler Group’s operation, including a growing roster of projects and expansion of campaign planning services. She integrates all aspects of finance and business operations, service delivery, and business development and ensure the firm’s core values remain central to all firm functions. A graduate of Concordia University, Rach heads the Winkler Group’s Central Florida office.

Carnley, who has more than 25 years of experience at the highest levels of university advancement and nonprofit development, provides strategic direction and oversight to all client engagements. In addition, he mentors the Winkler Group’s 11-member team. He works to ensure exceptional service to the universities, independent schools, and nonprofit organizations the firm serves. Carnley holds a bachelor of arts from Georgia Southwestern State University, a master of arts from Columbia College, and a doctor of education from the University of Georgia.

Douglas has more than 28 years of fundraising and nonprofit board development. She has experience in strategic campaign implementation and is a past nonprofit executive director and chief development

Crush Strawberry Lemonade. It joins Crush Tropical Punch and Crush Lime Margarita, all of which clock in at 10 percent alcohol per volume, or ABV, and are available year-round in 16- and 19.2-ounce cans at convenience stores and other off-premise locations.

All Crush products are made with natural flavors and are best served between 40 and 45 degrees Fahrenheit; 16- and 19.2-ounce cans are available in singles, four-packs, and 24-can cases.

In March, Island Brands made its premium beers available direct to consumers for nationwide shipping and delivery.

Island Brands also has a new partnership as title sponsor of driver Kaz Grala and the Sam Hunt Racing team’s No. 26 Toyota GR Supra throughout the 2023 Nascar Xfinity Series season.

HHHunt launches $4.5 million enhancement of apartments

HHHunt Corporation is undertaking a $4.5 million renovation of one of its local apartment communities. Work at Abberly West Ashley Apartment Homes by HHHunt will include upgrades to the clubhouse and apartments.

As part of the enhancements, every apartment at Abberly West Ashley will be modernized with luxury vinyl plank

CONSTRUCTION

Richard Kinard, executive vice president of Mashburn Construction, was recently celebrated at the Carolinas Association of General Contractors’ annual convention for the completion of his term on the organization’s board of directors for 2022. His role as building division chair included such initiatives as continuing education for building contractors, recruiting ambassadors, identifying training opportunities, and creating a more diverse membership base for the organization.

Chair of the 2023 leadership team for the Associated Builders and Contractors of the Carolinas

(ABC Carolinas)

Lowcountry Regional Leadership Council is Graycor Southern’s Darryl Thornton

The team works closely with ABC Carolinas’ Jonna Turner, South Carolina membership director, who supports the council’s efforts in building relationships, influencing policy, and supporting workforce development. The goal to help ABC members develop people, win work, and deliver work safely, ethically, and profitably.

Also heading the 2023 Lowcountry Regional Leadership Council are Vinny

flooring, upgraded kitchen cabinetry, granite or quartz countertops, stainless steel appliances, contemporary lighting and plumbing fixtures, and upgraded bathrooms with rain shower heads.

In addition, the clubhouse is being renovated to add more entertainment spaces.

Located at 3100 Ashley Town Center Drive just off I-526 and Highway 17 (Savannah Highway), Abberly West Ashley includes a mix of one- and two-bedroom apartments that range in size from 682 square feet to 1,388 square feet. The complex is near local services and attractions, including Charleston International Airport, Boeing, Tanger Outlets, Citadel Mall, Medical University of South Carolina, and Charleston beaches.

Boeing hosts OpExChange members at Dreamliner final assembly facility

Boeing South Carolina, which has been building the Dreamliner 787 in the state for the past 12 years and has final assembly operations of the wide-body jet airliner in North Charleston, recently led a plant tour of its final assembly and aftbody production areas for the OpExChange.

Forty members of the South Carolina manufacturing benchmarking group from 26 manufacturing companies participated.

The final assembly operations spans 1.2 million square feet.

Frank Hatten, education relations specialist for Boeing, hosted the visit. His presentation and interactive tour focused on advanced manufacturing as well as workforce development.

Mechanics in the final assembly facility join the segments of the 787 Dreamliner — including the forward fuselage and the midbody and aftbody sections — attach the wings and complete all aspects of airplane assembly, including functional testing. Robotic systems are used to traverse the circumference of the aircraft, performing drilling and fastening operations.

As part of its safety program, Boeing uses advanced protective equipment. Employees performing prolonged reaching activity or heavy lifting often wear an exoskeleton to improve ergonomics.

This equipment helps reduce muscle fatigue and improve posture, resulting in increased employee safety and comfort.

The logistics of supplying the large component parts to the facility require a fleet of four Dreamlifter cargo freight liners to transport parts from all over the world.

This jet, a modified 747, has three times the capacity of a standard 747. Carbon fiber plays a significant role in the improved performance of the Boeing 787. CRBJ

Llana, vice chair (Sunstate Equipment); Tracey Turner, secretary (ESP Associates); and Zach Ward, immediate past chair (Miller Valentine Construction).

Council members are Meredith Long, Keller North America; John Monroe, CarolinaPower; Hank Rhame, CF Evans Construction; Salli Smith, Carolina Waste & Recycling; Melvin Williams, Terracon Consultants; Kara Klunk, C. Herman Construction; Kendall Anderson, Precision Walls; TC Cooner, Miller Valentine Construction; Dave Esoldo, Industrial Resolution; Russ Miller, United Rentals; Chris Warren, Propel Insurance; Kayla Hornbuckle, ATG USA. ABC Carolinas board of directors liaisons are Andy Grayson, Choate Construction Company; Chris Darling, HC Government Realty Trust; and Sam Hayes, Landmark Construction Company.

Melvin C. Williams, F.SAME, FACEC, vice president with Terracon Consultants, was named the 2023 Charleston Engineering Joint Council’s Engineer of the Year for demonstrating career development and professionalism as well as local community leadership and outreach in the community. Williams was also recognized nationally for Black History Month by the National Society of Black Engineers and the Society of American Military Engineers.

DESIGN

Meredith Kidd has joined Red Iron Architects as an administrative coordinator in the North Charleston office. She supports the business development team and marketing efforts of the Certified Woman-Owned design firm.

A Clemson University graduation who holds a bachelor of arts in production studies in performing arts, Kidd has a work history in customer service, administrative assistance, social media coordination, and project management. In her spare time, she works as a teacher and performer of comedy improvisation.

EDUCATION

Mason Prep School has brought in Madison Anderson to head fundraising efforts, including the school’s annual fund as well as donor relations and grant writing. Previously, Anderson was director of strategic advancement at Pattison’s Academy.

Anderson received her bachelor of arts in journalism from Marshall Univer-

officer. Douglas is a graduate of the University of South Carolina.

Thornton

Williams

Kidd Anderson

DIGEST, from Page 20

Target your market in an upcoming issue of the Charleston Regional Business Journal

MAY 22

HEALTH CARE/LIFE SCIENCES

Lists: Hospitals, Life Science Companies

Advertising Deadline: May 8

JUNE 5

ARCHITECTURE/ENGINEERING/ CONSTRUCTION

Lists: General Contractors, Architectural Firms

Advertising Deadline: May 22

JUNE 19

LOGISTICS/DISTRIBUTION

Lists: Logistics Providers, Warehouse Services

Advertising Deadline: June 5

PEOPLE, from Page 21

sity and is a member of the Lowcountry chapter of the Association of Fundraising Professionals.

FINANCIAL SERVICES

REV Credit Union’s new chief financial officer is Russell E.

Gahagan III

A certified public accountant with more than 25 years of experience, Gahagan joins REV from b1Bank, where he had been senior vice president, finance and corporate treasury. In this role, Gahagan managed a portfolio close to $1 billion in investments and successfully guided his team through five mergers, growing b1Bank from $750 million to $6 billion in assets. Prior to b1Bank, Gahagan served as chief financial officer at Essential Federal Credit Union.

As CFO, Gahagan oversees accounting, treasury, financial planning and analysis, and investor relations.

LAW

Womble Bond Dickinson partner Dan Orvin served as meeting leader for the midyear meeting of the American College of Real Estate Lawyers. In addition, Orvin is vice chair of fall meetings for the programs committee and a member of several committees.

During the Charleston meeting, Womble Bond Dickinson held a reception at its 12 Exchange conference center following a historic preservation walking tour, where partner Allen Gibson gave a short history of the 12 Exchange building and its renovation.

Orvin’s practice combines litigation and transactional experience to serve clients in both real estate development and real estate-related dispute resolution. He is also a member of the American College of Mortgage Attorneys and has held several leadership positions in the American Bar Association’s section of real property, trust, and estate law.

MARKETING AND PUBLIC RELATIONS

Moats has been with Brandon since 2005, starting as a media planner and buyer. Her experience in the hospitality, tourism, and utility industries enables her to use her skills in traditional, digital, and paid social media buying to grow clients’ businesses. She oversees the management of media budgets, negotiates media buys, and monitors reporting for clients.

Shea graduated from Coastal Carolina University with a degree in communications and a minor in hospitality, resort, and tourism management. She has experience in travel and tourism marketing and as a sales associate for a local television station. Shea works on all media accounts and traffic-paid social media and digital creative to vendors while troubleshooting any issues that arise throughout a campaign.

Schmidt, who joined the agency in 2021, started her career as a social content specialist for the hospitality, high-end leisure, and entertainment industries. She later became a data strategist for a startup company, managing efforts to expand its market research and analytics. As a media buyer, Schmidt works directly under Moats in managing budgets, negotiating with vendors, and optimizing and monitoring performance during client campaigns.

REAL ESTATE

NAI Charleston’s Thomas Boulware, SIOR, CCIM; David Grubbs, SIOR; David Ingle; Dexter Rumsey; Jack Owens, CCIM; Sarah Shelley; Will Sherrod, CCIM; and Ed Sutton have been named 2022 commercial recipients of the Realtors of Distinction Award. This award recognizes the top 10 percent producing Charleston Realtors, who adhere to the Realtors Code of Ethics and complete the education requirements. A total of 29 brokers were recognized.

For advertising information, contact Ryan Downing at rdowning@scbiznews.com

Brandon has promoted Sherry Moats, Kristi Shea, and Caroline Schmidt. Moats, who had been a media manager, is the new associate media buying director. Shea, a former media buyer, has become an ad operations associate. Schmidt, who had been a media coordinator, is now a media buyer.

Dunes Properties has added Rob Cleary and Jessica Smith to the team of Realtors in its Mount Pleasant office.

After beginning college at Furman, Cleary transferred to Savannah College of Art and Design, where he graduated with honors in 2020 with a bachelor of fine arts in painting. He has worked at Kiawah Island Golf Resort and in a variety of hospitality settings.

Smith, a third-generation real estate professional, gained experience working in New York City and South Carolina.

Gahagan

Moats Shea

Schmidt

Cleary Smith

Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Inflation will shrink to 2.0% — eventually

The biggest mistake the Fed has made in recent years was believing that the run-up in inflation that began in the second half of 2020 and 2021 was going to be temporary.

Fed officials maintained that view for 20 months. It was not until December 2021 they finally concluded that it was not as temporary as they thought, and that they needed to dramatically increase the level of the funds rate. The funds rate then climbed from 0% in March 2022 to its current level of 5.0%.

We never believed that the run-up in inflation was temporary but was, instead, being caused by unprecedented growth in the money supply. Money growth created surplus liquidity in the economy which was the catalyst for the acceleration in the inflation rate.

Since the beginning of this year the money supply has been contracting steadily. While surplus liquidity remains, if the Fed keeps shrinking the money supply at its current pace that surplus liquidity should disappear by year-end. Once that happens, inflation will eventually return to its 2.0% targeted pace.

The money supply is not something that most economists talk about these days but, in our view, money matters. The most widely known measure is M-2, which consists of whatever cash is in our wallets, our checking accounts, money funds and other liquid assets that could be used to buy something this afternoon if we chose to do so. It is simply a measure of liquidity in the economy. It typically grows roughly in line with nominal GDP. Historically, that growth rate has been about 6.0%. For years the level of the money supply tracked closely along its 6.0% growth path.

But along came the pandemic in 2020 and the dramatic 30% decline in second quarter GDP as the economy stopped dead in its tracks. To get it turned around the Fed purchased $2.5 trillion of U.S. Treasury securities in March and April 2020. But the Fed did not stop there.

By March 2022 the Fed had purchased another $1.7 trillion of securities. Growth in the money supply far exceeded the 6.0% desired pace each month from March 2020 through December 2021. As it continued to grow at an excessive rate, the level of M-2 moved farther and farther above where it should have been. At its peak in December 2021 the money supply was $4.0

trillion higher than the appropriate level. That meant the economy had $4.0 trillion of surplus liquidity. No wonder we have an inflation problem!

In December 2021 the Fed finally stopped buying Treasury securities and by March 2022 it began to raise the funds rate steadily from 0.0% to its current level of 5.0%. Money growth began to decline in August 2022 and has fallen every month since. As a result, the money supply is no longer $4.0 trillion higher than it should be but, rather, $2.3 trillion above target. It is moving in the right direction, but it will take time to get back to where it belongs. If the Fed continues to shrink the money supply at its current pace that will happen by the end of this year.

If excessive growth in the money supply caused the recent run-up in inflation, then lowering it to an appropriate level will eliminate the surplus liquidity and allow inflation to return to the 2.0% mark.

We believe that the core CPI, which has risen 5.6% in the past year will slow to 4.7% by the end of this year, and then continue to drop to a 3.0% pace by the end of 2024. The Fed does not target the core CPI but, rather, the core personal consumption expenditures deflator which runs about 0.3% lower than the CPI. The Fed thinks the PCE deflator will rise 3.6% this year and 2.6% in 2024. Translating that into a CPI equivalent by adding 0.3% to each number, suggests the Fed anticipates the core CPI will rise 3.9% this year and 2.9% in 2024. But the Fed also expects the economy to slip into a recession in the second half of this year. If we anticipated a second half recession we would likely have a 2023 projected inflation rate of 3.9% rather than the 4.7% we currently expect in the absence of a recession.

The bond market, like the Fed, seems to be expecting a second half recession. The market believes that the Fed will raise the funds rate one more time to 5.25%, but then lower rates to 4.75% by the end of the year. But if the inflation rate remains as high as the Fed expects (3.6% for the core PCE deflator or 3.9% for the core CPI), the Fed cannot afford to lower rates so quickly. Doing so would suggest that it has given up on achieving a 2.0% inflation rate. For what it is worth, we expect the Fed to raise the funds rate to 6.0% by the end of this year which is far higher than the 5.1% mark which the Fed expects and the 4.75% rate the market anticipates.

From 1980 until 2003, when he retired, Stephen Slifer served as chief U.S. economist for Lehman Brothers in New York City, directing the rm’s U.S. economics group

along with being responsible for forecasts and analysis of the U.S. economy. He has written two books on using economic indicators to forecast nancial moves and previously served as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. Slifer can be reached at www.numbernomics.com CRBJ