New executive chef named for Charleston Hotel Bennett. Page 4.
achieved an all-time record month recently with handling 16,857 rail moves . Page 14
A single person needs to make an average of $52,222 to make ends meet in South Carolina, an analysis of national data show. That’s 91.2% of the national average of $57,255, which indicates it’s more affordable to live in South Carolina, except few people actually make that much.
We used an analysis from GoBankingRates, a banking, finance and investment portal, to look at earnings data from August 2023. This provided a breakdown of all 50 States using Census data and the 2021 Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics as a basis for annual expenses.
South Carolina comes in as the 23rd most-affordable state for a single-wage earner to live, but that also makes South Carolina one of the most expensive places for single wage-earners in the Southeast. Among 11 states, South Carolina is the fourth-highest place to live in the Southern U.S., below North Carolina, Florida and Virginia, respectively.
The most affordable place for a single person to live in the country also is in the Southeast. A single person can live in Mississippi for $45,906 on average, which is just above 80% of the national average. The third most affordable state is Alabama, the data show, where you need an annual salary of $46,577 to live.
The least affordable state is Hawaii. You’ll have to pull in more than $112,000 to pay your bills as a single person in the Aloha State. Rounding out the least affordable states is Massachusetts at $87,909, followed by California at $80,013.
A look at South Carolina’s most populated counties, where salaries on average are highest, $52,222 is not available to most single-wage earners. Women make less than men, and more education helps close all wage gaps. Just having an undergraduate degree shows that the average for earners in many counties rises above what a single person needs to make to pay their monthly bills.
The bottom line is if you’re living on a single income and you want to live in South Carolina, you need more education or a roommate who can share the burden.
Among 11 Southeastern states, South Carolina ranks fourth-highest for those hoping to make ends meet on a single-wage earner’s salary. The most affordable state in the U.S. and the Southeast is Mississippi.
Data show the national average among all 50 states for survivability for single-wage earners is $57,255 a year.
The following table of selected counties shows the average wage for all earners is below the state average for singlewage survivability of $52,222 a year, but that average goes up for many counties when at least a bachelor’s degree is obtained.
“Mary Thornley exemplifies visionary leadership. Her unwavering commitment to meeting the ever-evolving needs of our region has been a key factor in the Lowcountry’s continued growth and economic success.”
— Anita Zucker, Chair, Trident Technical College Area Commission
A Liberty-headquartered company has agreed to a deal in which it will be purchased for $263 million by an Illinois company looking to expand its reach as an industrial technology company.
Cornell Dubilier, until now a privately held company, said it will be sold to Knowles Corp. of Itasca, Ill.
Cornell Dubilier is a technology company and manufacturer of high-performance film, electrolytic and mica capacitors used in medtech, defense and aerospace, and industrial electrification applications. Knowles Corp. is a global supplier of high-performance components and solutions, including ceramic capacitors and radio frequency filters, advanced medtech microphones and balanced armature speakers and audio solutions. The company said in a news release that the acquisition fits in with its strategy to accelerate its transformation to an industrial technology company focused on higher growth and higher value opportunities.
Dr. Moustafa Moustafa and his medical practice, South Carolina Nephrology and Hypertension Center Inc., of Orangeburg and Bamberg, have agreed to pay $585,540 to resolve False Claims Act allegations that they received illegal kickbacks in violation of the Anti-Kickback Statute in return for referring patients for laboratory testing, according to a news release from the U.S. Attorney’s Office in South Carolina.
Moustafa and his practice have agreed to cooperate with the Justice Department’s investigations of, and litigation against, other participants in the alleged kickback schemes.
The Anti-Kickback Statute prohibits offering, paying, soliciting or receiving remuneration to induce referrals of items or services covered by Medicare, Medicaid and other federally funded health care programs, according to the release The Anti-Kickback Statute is intended to ensure that medical providers’ judgments are not compromised by improper financial incentives and are instead based on the best interests of their patients.
The settlement resolves allegations that Moustafa and his practice received kickbacks in violation of the Anti-Kickback Statute in return for Moustafa’s laboratory referrals and caused the submission of false or fraudulent claims to Medicare and TRICARE, the release stated.
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Gabrielle, the signature restaurant at Hotel Bennett, has appointed Edgar Kano as its new executive chef and unveiled a new coastal-focused menu sprinkled with international flair.
Born in Mexico City and of Japanese heritage, Kano brings his cultural and culinary diversity to Gabrielle and Charleston via over two decades working in some of the world’s top seafood-centric destinations, a Hotel Bennett news release stated.
“Since arriving in Charleston, I have listened, I have learned and I have fished,” said Kano in the release. “I have enjoyed meeting farmers and fishermen, learning about this beautiful community and enjoying its southern hospitality, and, together, our team has curated a new menu based on product seasonality that has elevated the Gabrielle experience.”
Kano credits his grandmother’s cooking and growing up in a multi-cultural household for his interest in the culinary arts and travel. He has always immersed himself in his local culture, joking that he “has a Mexican heart, Japanese blood and now a Charleston home,” the release stated. He takes his immersion efforts seriously, though, speaking English, German, Spanish and French.
A graduate of the Culinary Institute of America, Kano has spent more than 20 years in culinary leadership roles working for Four Seasons Hotels & Resorts and its signature restaurants around the world, including honing his craft in Punta Mita, Mexico, and spending time in French Polynesia, Singapore, Berlin, Vancouver and Dallas, according to the release. He joined Hotel Bennett and Gabrielle from the Four Seasons Atlanta.
An avid fisherman and keen shrimper on his days off, Kano drew inspiration from the crystal cast net hanging from the ceiling in Gabrielle’s dining room when he was creating the restaurant’s new menu, the release stated.
“My culinary philosophy is very simple: to provide clean, uncomplicated and ingredient-driven dishes,” said Kano. “Gabrielle’s new menu is mostly a voyage
of Coastal Carolina’s best available product, both from the sea and onshore, married with the international techniques and textures that I love and respect.”
Kano joins a Gabrielle team that features acclaimed Pastry Chef Rémy Fünfrock, whose artistic desserts are a culinary attraction at Hotel Bennett’s popular
La Patisserie on King Street, and Charleston restaurant institution Erich Rauber, who spent over a decade managing Peninsula Grill on Market Street.
Charleston’s only restaurant to open onto Marion Square, guests enter Gabrielle off King Street and through Hotel Bennett’s stunning lobby. CRBJ
TMGOC Ventures, a joint venture partnership between The Montford Group and Opterra Capital, a real estate and development private equity firm headquartered in Charleston and Boca Raton, Fla., has reached $1 billion under ownership and development.
Since its inception in 2019, TMGOC has grown rapidly amassing $1 billion in existing and development pipeline investments, according to a news release. The portfolio boasts partnerships with national hotel brands including Ritz-Carlton, Thompson by Hyatt, Autograph Collection, Tapestry Collection by Hilton and Moxy by Marriott.
TMGOC prides itself on its ability to identify high-potential lodging and multi-family projects ripe for either value-add opportunity or ground-up development in markets characterized by high barriers to entry and diverse demand drivers, the release stated.
“Since our founding, we have been intentional and deliberate in choosing our partners and our projects with a focus on opportunities that deliver long-term value to our stakeholders,” said co-founders and managing members Sunju Patel and Glenn Alba in the release. “This milestone is a testament to our shared vision and we’re eager to continue our expansion into new markets and opportunities.”
TMGOC is the brainchild of industry veterans Patel and Alba, who sought to create a firm that would best serve investors, capital markets and debt partners, the release stated.
Together, they’ve built a portfolio boasting 2,620 hotel keys in existing hotels and ground-up development pipeline across the country, along with opportunistic multi-family, office and retail investments, the release stated.
Alba, with his expertise in financing, asset management, valuations, and real estate disposition, has personally overseen more than $4 billion in hotel asset sales, the release stated. His career includes a 20-year tenure with Blackstone Real Estate, where he served as head of global portfolio management and led the asset management of the firm’s hotel investments in the United States.
Patel, an entrepreneur and visionary real estate leader, boasts more than 20 years of experience in investments, acquisitions, dispositions and both horizontal and vertical development, the release stated. He has a deep knowledge of the hospitality industry, honed by rising through the hotel ranks in Charleston.
TMGOC is also a magnet for top
talent, as evidenced by the recent appointment of former Canyon Partners Real Estate executive Krystal England as the first chief investment officer, the release stated. Since joining, England has already helped double the firm’s portfolio and introduced new preferred equity and rescue capital offerings to its capabilities. Before joining TMGOC, England served as a Managing Director at Canyon Partners Real Estate in Los Angeles where she structured
and deployed nearly $500 million and oversaw a $1.5 billion hospitality portfolio comprising both debt and equity positions.
Recent TMGOC developments include the recently opened Moxy Charleston Downtown, the first Moxy by Marriott in South Carolina. Additional projects underway include a 208-key Moxy by Marriott under construction in the heart of Uptown Charlotte, N.C., a 162-key Tapestry Collection by Hilton and 233-unit
...THROUGHOUT THE LOWCOUNTRY & BEYOND.
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multi-family mixed-use development in Macon, Ga., a 191-key Thompson by Hyatt in Charleston, a 150-key and 20 residences Autograph Collection in Charleston, and a 100-key and 20 residences Ritz Carlton in Savannah, Ga.
TMGOC’s existing portfolio currently consists of properties primarily located in the Southeastern U.S., with plans to expand to additional key markets in Arizona, Colorado and Utah. CRBJ
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Smalls Sliders, a cheeseburger slider concept, has signed a multi-unit agreement with franchise group Sandlot LLC to bring five “cans” to the Charleston area.
The company did not reveal locations for the restaurants, but they’re looking at the end of 2024 for the first can — the franchise’s name for its restaurants because of the metal shipping-container look of the finished building.
Smalls Sliders opened its first restaurant in 2019 and has since grown to nine cans throughout Louisiana, with more than 80 locations in the development pipeline, according to a news release. Smalls Sliders was the brainchild of founder Brandon Landry, with former New Orleans Saints quarterback Drew Brees joining him as an initial investor, the news release said. It also is backed by industry veterans at 10 Point Capital.
The restaurant has already garnered industry recognition, with QSR magazine featuring the brand in its “40/40 List for 2022:
America's Hottest Startup Fast Casuals” and its 2023 QSR 50 Contenders list. Other accolades include Nation’s Restaurant News naming the brand as one of the publication’s “Breakout Brands of 2023,” in addition to ranking on this year’s Entrepreneur magazine “Top New & Emerging Franchises” list.
The five-location agreement for the Charleston area marks entry into South Carolina.
Sandlot LLC has extensive background in the franchising industry and was drawn to the following the Smalls Sliders brand has generated with its simple menu offerings.
“The team behind Sandlot LLC brings an abundance of knowledge to this ownership venture, and we look forward to supporting them as they introduce the Smalls Sliders brand to the city of Charleston,” Maria Rivera, CEO of Smalls Sliders, said in the release. “This is an exciting opportunity for our continued growth across the nation as we enter a new market, and it is amazing to see dedicated franchisees like the Sandlot team play such a large role in this. I’m confident that they are the perfect fit to lead the charge and can’t wait to see them develop the first of many cans.” CRBJ
presented by
OCTOBER 17
11:30 a.m. – 1:30 p.m.
Trident Technical College
Featuring Keynote Speaker: BEN ARMSTRONG
Executive Director and Research Scientist MIT Industrial Performance Center
Members: $115
Non-Member: $165
REGISTER: charlestonchamber.org/EOC2023
by Stephanie Kalina-Metzger
Danielle and Brent Sweatman understand the complicated relationship between sobriety and the food and beverage space. The couple, who have worked in the industry for years, are two years sober.
“We knew how it feels to be uncomfortable with limited options and wanted to change that,” said Danielle, who with her husband Brent, opened Sweatman’s Garden — a sodary and fondue Lounge at 90 Folly Road Boulevard in the South Windermere Shopping Center.
Brent said they chose the location for a few reasons.
“We live in West Ashley and have been living in Byrnes Down for about five years. Because we love our community, we wanted to provide a cool hangout spot close to home for both drinkers and non-drinkers.”
According to Brent, he and his wife were happy to fill a much-needed niche in the community.
“There are so many young people in the area that are becoming part of the sober curious movement and it was important to us to provide an inclusive space for the people that would want to take advantage of it,” he said.
And with the rise of mocktail culture, their timing couldn’t be better. According to research conducted by NielsenIQ, the non-alcoholic beverage sector is expanding rapidly as alcohol consumption declines, with popularity soaring over the
past five years — a trend driven by Gen Z and millennials.
An Instagram-worthy experience
When the couple moved into what was Florence’s Lowcountry Kitchen, they were presented with a tabula rasa, enabling Danielle, as she says, “to go wild.”
She transformed plain, white walls into ones with a dark green hue and festooned them with dozens of thriving plants.
having helped open the King Street Diner known as the Rarebit featuring homemade ginger beer, tonic, sodas and bitters.
“We’re doing 12 different taps, featuring our tonic and ginger beer and additional playful, fun stuff when it comes to our sodas, like plum rose citrus and a delicious habanero fresca sweetened with monk fruit, which is currently getting a lot of love, along with our root beer,” said Danielle.
For an additional $5, customers can add their choice of alcohol, or a cannabis-based infusion to their sodas. Sometimes customers opt for both non-alcoholic and alcoholic beverages in the same evening.
“I’ve seen some of them take a non-alcohol root beer break from drinking,” said Danielle
The couple also decided to offer a limited menu featuring fondue.
Quirky and colorful seating areas are Instagram-worthy, like the attractive curved yellow couch which faces tufted lilac chairs and is separated by a ‘70s-era coffee table.
“We set them up to appear like little living rooms,” said Danielle, adding that she loves maximalism and color. “I was inspired by an art-deco, 70s funky vibe,” she said.
The offerings
Brent is no stranger to libation creation,
“We’re serving savory fondue, like Mediterranean and beer cheese and also offering sweet options like white chocolate and milk chocolate,” said Danielle, explaining that she loves cheese and chocolate, but that they also wanted to make the menu a fun, interactive experience that doesn’t take staff too much time to create. For now, the business employs a total of seven staff members.
As for the future, Danielle said they are working on finding their bearings at the moment. “We were intentionally a little mysterious about being open to see what worked and what didn’t, but we may consider live entertainment in the future, if all goes well,” she said. CRBJ
By Jason Thomas jthomas@scbiznews.com
The former Beaufort County Jail is being transformed into a condominium development.
Columbia-based developer Wheeler & Wheeler Properties is developing Justice Place, the conversion of the jail at 1409 King St. in Beaufort, into nine individual residential condominiums, according to a news release.
Construction on Justice Place has begun, and units are expected to be available for lease in the summer of 2024.
Garvin Design Group of Columbia, which has won numerous awards across the state for its preservation efforts, is the architect for the jail, and notable features of the jail have been retained and incorporated into the design, the release stated. For example, the visiting area has been converted into a breakfast area in one of the units, hallways have been preserved, and portions of old jail bars have been used as accents.
“The conversion of the former county jail into residential condominiums is a great example of adaptive reuse,” said Jeff Wheeler, a partner in Wheeler & Wheeler, in the release. “It allows us to take a deteriorating property and adapt it for another use while preserving the historic character of the structure, a structure that might well have been torn down and lost.”
The adaptive reuse project will consist of six
one-bedroom, one-bath units ranging in size from 605 to 735 square feet and three two-bedroom, one-and-a-half bath units ranging from 900 to 1,050 square feet. Five units will be on the first floor and four on the second floor. Parking for the residents will be on site.
Hill Construction of Columbia is the general contractor. Hill, Wheeler & Wheeler, and Garvin also teamed up for the renovation of the Fannie McCants Elementary School into 11 townhomes in the historic
Earlewood neighborhood in Columbia, according to the release.
Constructed on the site of an earlier jail, the present jail was built in 1939 and expanded in 1961, according to the release. A small addition was added to the rear of the building around 1975. The original 1939 jail was designed by
Beaufort architect Jules D. Levin and is a well-developed example of Art Deco/ Moderne architecture.
However, the building has sat vacant and deteriorating for several decades in the historic Northwest Quadrant, the release stated.
Preserving the historic character of the jail, while at the same time meeting modern housing standards, was a challenge achieved through a collaboration among the South Carolina Department of History and Archives, the National Park Service and Garvin Design Group, the release stated. Garvin created a design that is functional and architecturally consistent with the area. The jail is on the National Register of Historic Places as a contributing building to the Beaufort Historic District.
Located near the city center and shopping, Justice Place is expected to appeal to urban professionals, the release stated. Following approval of the jail project, Wheeler and Wheeler began discussions with the county through the County Attorney, Brittany Ward, about the remaining portion of that block. “The negotiations have been collaborative and proactive with a goal of developing affordable housing. Both the City and the County have been supportive of this project,” Wheeler said.
Frampton Construction, a full-service construction firm, is growing its regional headquarters with an expansion in Charleston County.
The $12.9 million investment will create 69 new jobs, according to a news release.
Wanting to remain in Ladson but needing more space, Frampton Con-
Developers envision a residential community
Justice Place is now a part of Justice Square, a proposed two-block residential community envisioned by Wheeler & Wheeler in Beaufort’s historic Northwest Quadrant, according to the release.
“The Justice Square development will meet a range of housing needs and is envisioned as a catalyst to spur further revitalization in the heart of that historic area,” Wheeler said.
In addition to Justice Place, the proposed urban infill development of Justice Square may include, according to the release:
The Cottages at Justice Square: 12 to 14 single-family homes on the remainder of the block bounded by King, Monson, Prince, and Wilmington streets where the jail is. Priced to attract both first-time home buyers and empty nesters, The Cottages at Justice Square are being designed by Allison Ramsey Architects of Beaufort and built by Hill Construction. They will be marketed by Charter Realty of Beaufort. The project will include the relocation of the county DHEC office and vital records storage facility at 1407 King St.
Justice Park: A proposed development of workforce homes on the adjacent block bounded by King, Wilmington, Prince, and Harrington streets. The design concept for Justice Park is being prepared by Beaufort architects Cooter Ramsey and Jeremiah Smith of Allison Ramsey Architects. The two-block Justice Square residential community will bring new life to an underserved area.
“The Beaufort Housing Study identified four critical elements which Justice Square will meet: affordable rental housing, for sale housing to moderate income households, residential development that will appeal to millennials and young professionals, and adaptive reuse of existing vacant structures for residential purposes,” said Zack Wheeler, also a partner in Wheeler & Wheeler Properties, in the release. CRBJ
struction purchased land and built a 40,000-square-foot facility which is located at 9705 Highway 78, Suite 105, in Ladson, the release stated. The company also has offices in Charlotte and Tampa.
“Our decision to build our new office in Charleston County is a testament to our commitment to our people,” Frampton Construction President and CEO Chad Frampton said in the release. “They are the heart and soul of Frampton Construction
and drive every choice we make. For nearly three decades, Frampton Construction has proudly called Charleston home, and our new office is a reflection of our deep roots and enduring dedication to our people and our community.”
Founded in 1993, Frampton Construction offers planning and design support as well as preconstruction and construction services for the commercial, industrial and manufacturing market sectors. The company
is enlarging its manufacturing business unit and expanding the support staff dedicated to growing and developing Frampton team members.
“Frampton Construction’s announcement demonstrates how the company’s dedication to thorough planning and innovative design doesn't just shape buildings; it shapes the very fabric of our community,” Charleston County Council Chairman Herbert Ravenel Sass III said in the release. CRBJ
“The ever-changing, seasonal menus at FIG and The Ordinary are labors of love. We celebrate local producers - farmers, fishermen, and purveyors - whose products inspire and define our work. Supporting our community and telling these producers’ stories has given our work a deeper meaning and the dedicated team at SouthState Bank has been with us every step of the way, ensuring that we are able to continue sharing these stories and even create new ones. SouthState’s outstanding customer service and sound financial advice has been key to our success, and we are proud to have SouthState as a financial partner.”
Mike Lata Chef/OwnerSouthState Bank takes great pride in serving local businesses, ensuring they have the tools, guidance and security they need to reach their unique goals.
By Ross Norton rnorton@scbiznews.com
Air Canada has selected Boeing’s 787 Dreamliner as part of an ongoing effort to modernize and grow its fleet with an order for 18 new jets and an option to purchase 12 more.
The carrier ordered 787-10 widebody Dreamliners, according to a news release.
The flag carrier of the country, Air Canada will deploy the new fuel-efficient airplanes as part of its broader strategy to reduce carbon emissions while expanding its global route network, the news release said.
"Air Canada has made investing in the passenger experience a core priority, Michael Rousseau, president and CEO of Air Canada, said in the release. “Our experience shows customers greatly enjoy flying on the Dreamliner, so we are pleased to offer them a larger version of this popular aircraft, which will premiere a new, state-of-the-art interior cabin design. As importantly, the 787 is highly fuel efficient and will generate operational savings as well as support our sustainability goals of reducing emissions.”
Reducing fuel use and improving efficiency by up to 25% compared to previous generation jets, the 787 helps
(Photo/Provided)
advance Air Canada's environment goals over the next several decades, the release said. The efficiency of the plan helps position the airline to add international routes in new and existing markets.
"With the 787 Dreamliner family, Air Canada will soon operate one of the most modern, efficient widebody fleets in the world," Stan Deal, president and CEO of Boeing Commercial Airplanes, said in the release. “The 787-10 will provide Air Canada with greater flexibility
and commonality across its expansive network, connecting Canadians to destinations around the world.”
Air Canada currently operates a fleet of 38 787s, including eight 787-8 and 30 787-9 jets. The largest model in the family, the 787-10, can carry up to 336 passengers with a range of 6,330 nautical miles, the release said.
Canada is among Boeing's largest international supply bases with more than 550 suppliers, the release said.
There are more than a dozen Canadian suppliers supporting the 787 program, including Boeing's aerospace composite manufacturing facility in Winnipeg.
Over the last year, Boeing has received more than 295 orders and commitments for 787s. The 787 program is based at Boeing’s North Charleston facility.
Boeing is projecting that intra-African passenger traffic will more than quadruple in the next 20 years, placing the continent’s growth among the highest globally. To support that growth, 1,025 new airplanes will be needed over the next two decades.
The company also is forecasting that China will need 8,560 new commercial airplanes through 2042, driven by economic growth well above the global average and increasing demand for domestic air travel. China's commercial airliner fleet will more than double to nearly 9,600 jets over the next 20 years, according to Boeing's Commercial Market Outlook, the company's long-term forecast of demand for commercial airplanes and related services.
With its ongoing recovery of air travel, China will account for one-fifth of the world’s airplane deliveries in the next two days, according to the report. The Commercial Market Outlook predicts that Chinese carriers will require 1,550 widebody airplanes, such as the Dreamliner. CRBJ
Frannie & The Fox, a wood-fired eatery in downtown Charleston, has opened a new bar that operators describe as “not just a bar but rather an unexpected gathering place greeting guests with great drinks, wily company and hidden adventure.”
Called The Den will offer cocktails as well as specialty dishes and caviar service, that are exclusive to the bar, in addition to signature small plates from Frannie & The Fox.
“Whether you’re looking for a post-work pick-me-up or an after-dinner nightcap, The Den offers guests a convivial environment for spontaneous plans or private events,” Adam Jimenez, area general manager of food and beverage at Makeready, said in a news release. “We are excited to share this thoughtful and playful continuation of the Frannie experience with our guests who are looking for a cozy bar setting that whispers secrets, holds stories and serves up endless opportunities for indulgence.”
Seating up to 30 guests, The Den will have eight tables and seven bar seats. Beginning Oct. 3, The Den is open from 5 p.m. to midnight Tuesday through Saturday, with reservations recommended for table-seating while the bar will be open for walk-in service. Until Oct. 3 The Den was open Thursday through Saturday.
Highlights of the Den’s specialty beverage menu range from the Frannie Martini, made with Absolut Vanilla, guava, lime and “Champagne jello,” and the Passport Stamp with lemongrass-infused Roku gin, Italicus, Mancino Bianco vermouth, saline and lemon oil. A weekly rotating mini martini will also be available, and on Teeny ‘Tini Tuesdays guests can enjoy $5 mini martini specials all night long. On Fancy Fridays, bartenders will open a special bottle of bubbles and pour by the glass and happy hour prices will be offered daily from 5-6 p.m.
The Den’s Caviar Service will include American Hackleback and California white sturgeon caviar. Each caviar service is accompanied by house-made potato chips, crème fraiche and chives.
Small plates include Fritto Misto, which features breaded shrimp and calamari served with a basil aioli for an Italian twist on the
classic combination of fried foods with sparkling wines. Diners include Granita Oyster featuring three fresh oysters finished with prosecco and rosemary granita, fried capers and caviar. Select signature dishes from Frannie & The Fox, including fresh mozzarella, blue crab fritters and beef and pork meatballs, will be available.
For more information about The Den, visit the Frannie & Fox landing page.
Frannie & The Fox is a restaurant “with Italian sensibilities serving regional ingredients in an honest and straightforward environment” at the Emeline hotel at 181 Church St. CRBJ
Anew captain will be at the helm of Trident Technical College for the first time since 1991 when classes start next fall.
President Mary Thornley began her 50-year career with the college as an adjunct instructor in 1973. Her retirement will be effective on June 1, 2024.
“It is with deepest gratitude and humility I submit this retirement letter,” she said in a letter submitted to the Trident College Area Commission on Sept. 26. “I realize I will never be ready to leave, so I must leave Trident Tech without being ready.”
Thornley is the college’s fifth and longest-serving president, according to a news release that included her letter to the commission. She became a full-time instructor in 1974 and over time moved up the ranks to hold positions including department head, dean and vice president.
The commission will conduct a national search for a new president. These searches typically take between six and eight months, the news release stated. Trident Technical College Area Commission Chair Anita Zucker will serve as the search committee chair, and the commission will follow the state Board of Technical and Comprehensive Education’s policy for presidential search committee appointments. The policy requires a search committee that includes the chair of the state Board for Technical and Comprehensive Education or another board member and a president of another South Carolina technical college. The commission will establish a timeline and share updates about the process in the coming weeks.
“Mary Thornley exemplifies visionary leadership. Her unwavering commitment to meeting the ever-evolving needs of our region has been a key factor in the Lowcountry’s continued growth and economic success,” Zucker said in the release. “As we begin the process to find her successor, we look ahead with hope, eager to welcome a new president who shares her boundless ambition and tireless drive to meet the college’s mission to educate the individual, accelerate the economy, and inspire the future.”
The Area Commission voted to honor Thornley with the honorary title of president emeritus upon her retirement. At her request, this title comes with no monetary compensation, according to the release.
Thornley has received numerous awards and honors over the years including the Order of the Palmetto, the Joseph P. Riley Leadership Award, the Shirley B. Gordon Phi Theta Kappa Presidential Award of Distinction, and the South Carolina Association of Technical College Commissioners CEO Award. She also won the Association of Community College Trustees CEO Award twice — in 2009 and 2019. In 2018 the college’s Area Commission voted to rename the col-
lege’s Main Campus in North Charleston to honor Thornley for her years of service and leadership. The college’s original and largest campus is now the Thornley Campus.
Highlights of Thornley’s tenure include:
• Enrollment has grown from 7,997 in the fall of 1991 to more than 13,000 in the fall of 2023. Since 2010 Trident Tech has been the largest technical college in the state, and it is now the third largest college in undergraduate enrollment among all colleges in South Carolina.
• The college has more than doubled in physical size growing from 503,635 square feet of facility space in 1991 to more than 1.3 million square feet of facility space today.
• The college has grown from three campuses in 1991 to five campuses and two training sites today. During Thornley’s tenure as president the college added the Dorchester County QuickJobs Training Center in St. George that opened in 2010; the Mount Pleasant Campus that opened in 2011; the Workforce Training Center in Jedburg that opened in 2018; and the Dorchester Campus in Summerville that opened in 2021.
• Since 1991 the North Charleston campus has grown to meet the education and training needs of the community. In 1993 the college purchased 118 acres from the Commissioners of Public Works north of the existing 50 acres on Rivers Avenue. In 1994 the college purchased an additional 32 acres with three buildings including a 230,000-square-foot warehouse and an office building adjacent to the campus. A series of phased renovations transformed the buildings into the Complex for Economic Development, which houses the Culinary Institute of
Charleston, the College Center conference center, and other academic and continuing education programs, classrooms and labs.
• The North Charleston campus expanded again in 2001 when the college purchased the North Rivers Commerce Center on Mabeline Road. The two buildings were renovated over time and now house the bookstore, offices, classrooms, a café and a fitness center. More recent additions to the campus include the 90,000-squarefoot Nursing and Science Building that opened in 2014, and the 227,000-square-foot South Carolina Aeronautical Training Center that opened in 2019.
• The Trident Technical College Foundation has grown from $812,983 in assets in 1991 to $18 million in assets in 2023 through fundraising campaigns and special event fundraisers including the annual A Night in the Valley wine dinner, which will celebrate its 20th year in 2024. During Thornley’s tenure, the foundation received the largest donations by individuals in its history: separate $6 million and $1 million donations from Anita Zucker and the Zucker family and $1 million from Carolyn Hunter.
• In 2005 the college expanded and enhanced its culinary and hospitality offerings through the creation of the Culinary Institute of Charleston at Trident Technical College and the opening of a new 77,000-square-foot culinary and hospitality training facility within the Complex for Economic Development on the North Charleston campus. After extensive renovations to the Palmer Campus, in 2008 the college opened an additional Culinary Institute of Charleston training space on the downtown Charleston campus.
• After research showed students were more successful in shorter courses, the college transformed its 16-week semester schedule in 2014, creating two seven-week terms within the full semester. The college has served as a national model for other colleges looking to improve student success rates through shorter-term courses.
• The college on 2014 launched the Charleston Regional Youth Apprenticeship program with an inaugural class of 13 manufacturing youth apprentices. By 2023, 694 youth apprentices had been hired in 21 pathways encompassing fields such as information technology, advanced manufacturing, health care, business, security/prelaw enforcement, and hospitality and culinary arts.
• The college partnered with the Charleston County School District to house the Early College High School on the college’s Palmer Campus and with the Berkeley County School District to house the Berkeley Middle College High School on the Berkeley Campus. The college’s Thornley Campus is home to the Charleston Advancement Academy High School and Goodwill’s Palmetto Excel Center.
• In the early 2000s enrollment in dual credit classes (classes that offer both high school and college credit) averaged around 550 students. This fall 2,387 high school students are enrolled in dual credit classes.
• The college’s enrollment has grown to reflect the diversity of the college’s service area, from a minority enrollment of 22% in fall 1991 to a minority enrollment of 46% in fall of 2022.
• In 2022 the college secured the final funding needed to pursue a $34 million renovation of the Berkeley Campus in Moncks Corner. The renovated campus will increase the education/training capacity on the campus from 1,000 to 3,000 students annually and provide new and enhanced spaces for training in transportation and logistics, cybersecurity and other programs. The project is currently in the design phase.
• In 2023 the South Carolina legislature provided initial funding of $5 million toward creating the Electric Vehicle Institute on the college’s Thornley Campus. Once funded and completed, the project will provide training space for electronic technicians, engineering technology technicians and electric vehicle technicians to support the manufacture and servicing of electric vehicles. CRBJ
A71-home build-to-rent community is going up on the Savannah Highway in the West Ashley area of Charleston.
Trilogy Investment Co., an integrated land development company and national provider of build-to-rent housing communities, began vertical construction at Villas at the Creek, a Reve Community on 10 acres of land at 3894 Savannah Highway.
The development includes, three-bedroom, 2.5-bath mix of townhomes/homes with a single car garage, flex third bedroom/office, nine-foot ceilings, stainless steel appliance package, granite countertops and other features. Located on deep water at Rantowles Creek, the homes have waterfront views, walking trails, gazebo, grilling stations, dog park and a kayak launch, according to a news release from the company.
“We’re proud to be part of the thriving Charleston community,” Trilogy Investment Co. Chief Development Officer John Boniface said in the news release. “Growing up in Charleston, I have a deep appreciation for the culture, natural beauty and opportunity that makes Charleston one of the most desirable places in America for the individuals and families that we serve.”
The company said in the news release that it has plans to build other communities in the Charleston area.
Trilogy has partnered with Charleston-based Center Park Group to manage and perform all townhome and amenity construction, the release said. Center Park Group specializes in the construction management of build-to-Rent communities in the Carolinas, and most recently the Atlanta market, the release said. Villas at the Creek will be ready for leasing in second quarter of 2024, the company said. CRBJ
Three of the state’s largest research universities are joining together to use $10 million in legislative funding to create a center and develop strategies for dealing with Alzheimer’s disease and related dementias.
Clemson University, the Medical University of South Carolina and the University of South Carolina are combining their expertise and resources to create a first-ofits-kind research center in South Carolina. This collaboration is part of a multi-institutional effort to establish the first federally designated Alzheimer’s Disease Research Center in the Palmetto State.
“As the population ages and the prevalence of Alzheimer’s and dementia increases, solutions rooted in collaboration and coordination are essential to reach a future free of these devastating diseases,” Heather Snyder, Alzheimer’s Association vice president of medical and scientific relations, said in a news release. “This effort will translate research advances into improved statewide access to diagnosis, care and treatment for the more than 95,000 South Carolinians living with Alzheimer’s and their families.”
Gov. Henry McMaster on Sept. 6 ceremonially signed Senate bill 569, which requires a comprehensive statewide plan to address issues related to Alzheimer’s and dementia. Part of this strategic approach includes the pursuit of federal ADRC status through the collaborative efforts of the state’s top research institutions, said the news release, which was issued by all three universities. “The goal is to establish a highly visible, accessible, trusted and coordinated source
of information so that patients and families of all income levels are better connected to resources, research opportunities and more when enduring the challenges brought on by these diagnoses,” it stated.
“As an academic health system, we are uniquely positioned to engage in cutting-edge research aimed at understanding the underlying causes of disease, developing new treatments and improving diagnostic tools,” Lori McMahon, MUSC vice president for research and professor of neuroscience, said in the release. “Our multidisciplinary team, including fundamental and clinical scientists, neurologists, geriatricians, psychiatrists and more, collaborate to advance the understanding of our brains and how to keep them healthy.”
MUSC is home to the Carroll A. Campbell Jr. Neuropathology Laboratory, founded in 2009 after a gift from the family of South Carolina’s 112th governor, who died from Alzheimer’s disease. By collecting donor brain tissue from individuals with neurological disorders, including Alzheimer’s disease, as well as age-matched healthy brains, this biorepository provides valuable information about the rate and cause of these disorders in South Carolina and serves as a link between scientists and clinicians to generate discoveries that can change patient care, the release stated.
“At USC, we talk often about the power of interdisciplinary research to solve big problems by addressing multiple dimensions at once. The same goes for collaborations among research institutions,” USC Vice President for Research Julius Fridriksson said in the release. “By combining the unique strengths of USC, MUSC and Clemson and focusing them on supporting South Carolina
families suffering with Alzheimer’s disease, we will multiply our positive impact on the Palmetto State.”
Alzheimer’s disease research has been at the forefront of the priorities of the USC School of Public Health, the College of Arts and Sciences and the School of Medicine, the university says. In 2019, researchers received National Institutes of Health funding to establish the Carolina Center on Alzheimer’s Disease and Minority Research. USC also is engaged in neuroimaging research and provides technology to the federal Alzheimer’s Disease Neuroimaging Initiative. Additionally, Dr. Leonardo Bonilha at USC’s School of Medicine in Columbia, is leading the newly created Rural Brain Health Center, a statewide initiative aimed at improving access to care, diagnosis and management of memory and cognitive problems.
“Our Institute for Engaged Aging successfully brings together experts in psychology, computing, bioengineering, social sciences, nursing and other disciplines to solve complex problems related to public health,” said Tanju Karanfil, Clemson University senior vice president for research, scholarship and creative endeavors. “That strong multidisciplinary approach, coupled with Clemson’s legacy of outreach across South Carolina and collaborations with USC and MUSC, will lead to meaningful discoveries to support patients afflicted by degenerative brain diseases, and their families. Translational health research and community outreach are strengths at Clemson.”
The Clemson University Institute for Engaged Aging in the College of Behavioral, Social and Health Sciences is committed to research, teaching and community outreach that promote healthy
aging across the lifespan regardless of social, economic or health status. The institute recently expanded its Preventing Alzheimer’s with Cognitive Training study — the largest study of its kind to date — which investigates methods for the prevention and early detection of dementia. Additionally, the IEA has several National Institute on Aging-funded studies focused on the early identification of cognitive decline in adults 65 and older, a critical area of need among aging populations.
South Carolina is one of 20 states deemed “neurology deserts,” meaning there is a shortage of neurologists that is only expected to grow as cases increase, the release said. A dedicated center in South Carolina would offer citizens support with obtaining a diagnosis and medical management, information about Alzheimer’s and related dementias, services and resources, opportunities for volunteers to participate in clinical trials and studies and research registries and support groups and other special programs for volunteers and their families.
S.C. Senate President Thomas C. Alexander (R-Oconee and Pickens counties) said in the release: “Our three research universities working together with the Alzheimer’s Advisory Council on a comprehensive statewide plan to address this dreaded disease speaks to what makes South Carolina a special place. We are committed to putting the well-being of our citizens first by providing informed clinical care, early detection and caregiver support services to individuals and families coping with Alzheimer’ disease and related dementias.” CRBJ
LISTS: 3PL, Page 17 | Warehouse Services, Page 18
Inland Port Greer achieved an alltime record month in August, handling 16,857 rail moves. This marked the most monthly moves in its history and a 52% increase year-overyear, according to the South Carolina Ports Authority.
Norfolk Southern moves cargo to and from the inland port for advanced manufacturers, automotive companies, solar panel producers and retailers, SCPA said in a news release.
Inland Port Dillon, which sits along the North Carolina border and is served by CSX, also had a strong month. Inland Port Dillon handled 3,439 rail moves, an 83% increase from a year ago.
“S.C. Ports' rail-served inland ports create more reliability, flexibility and speed for our customers’ supply chains,” S.C. Ports President and
CEO Barbara Melvin said in the news release. “Our incredibly successful inland port network reinforces the importance of providing near-port rail to the Port of Charleston with the new Navy Base Intermodal Facility, which is on track to open in 2025."
Container volumes were down for the month of August, the SCPA reported. S.C. Ports handled 203,169 TEUs and 111,745 pier containers in August, down 9% year-over-year. A TEU is a measure of volume in units equal to 20-foot containers. The U.S. port industry is anticipating a slower peak season than typical due to a lower consumer appetite and tempered U.S. economy, the release stated.
“Customers looking for efficient operations and reliable service on the U.S. East Coast find a powerful alternative gateway with South Carolina Ports,” Melvin said in the release. “S.C. Ports delivers cargo capacity and excellent port service in the thriving South-
east market.”
The vehicle segment remained strong with 17,876 vehicles moving through the Port of Charleston in August, up 9% year-over-year. Cruise passengers were up 11%, with 25,905 passengers coming through the port in August.
The ports authority a month earlier reported that entered the new fiscal year showing signs of strength for fiscal 2024.
SC Ports handled 208,134 TEUs and 115,422 pier containers in July. Imports flowing into the Port of Charleston outperformed U.S. volumes with a 12% increase from June and a 3% increase year-over-year, SCPA data show. Exports were up 9% from last year.
Total container volume was down about 4% year-over-year in July, driven by lower exports of empty containers.
“Although overall volumes continue to reflect the tempered U.S. economy, the Southeast is booming and the
U.S. East Coast port market continues to attract new cargo,” Melvin said at the time. “S.C. Ports is a powerhouse port on the East Coast with a reputation for providing reliable port service. We quickly work ships and efficiently move cargo for our customers.”
While manufacturing and retail remain down in the U.S., the Southeast market is thriving with an influx of new residents and industrial growth, the report said. Port-dependent companies are investing in manufacturing facilities, electric vehicle operations and retail distribution centers.
These investments are expected to drive SC Ports’ cargo growth at a higher rate than national trends. SC Ports has invested more than $2 billion into critical port infrastructure and is currently building a $400 million intermodal yard to provide near-port rail to the Port of Charleston.
SC Ports’ two rail-served inland ports continue to yield strong volumes, handling a combined 17,724 rail moves in July, which is a 55% increase yearover-year. Inland Port Dillon continues to break records, reporting a record July with 2,919 rail moves. Inland Port Greer also had a strong month with 14,805 rail moves in July.
The S.C. Ports Authority said fiscal 2023 finished with “steady” container volumes and vigorous activity at the inland ports.
In fiscal year 2023, SC Ports handled nearly 2.6 million TEUs and 1.4 million pier containers. While this is down about 10% from fiscal year 2022 — when pandemic spending spurred an unprecedented cargo boom — volumes are up 1% from fiscal year 2021, which was a more typical year for the economy.
“SC Ports provides reliable, efficient service for companies’ supply chains,” said in a July report. “Port-dependent businesses will continue to invest in South Carolina to gain access to a wellrun port with capacity in the booming Southeast market.”
Inland Port Dillon had a record fiscal year 2023, handling 39,143 rail moves, a 50% increase from the year prior. Inland Port Greer also had a strong fiscal year, with 146,813 rail moves, down about 3% year-over-year.
The cruise business also had a strong
year with a record 294,136 cruise passengers coming through Union Pier Terminal in fiscal year 2023.
SC Ports had 188,517 vehicles rolling across its docks in fiscal year 2023, which is a 14% decrease from the year prior. In the last three months of the fiscal year, however, S.C. Ports saw growth of automotive volumes, with exports increasing to meet international demand. In June, SC Ports moved 15,375 vehicles, a 20% increase yearover-year.
“In fiscal year 2023, we efficiently moved cargo while significant-
ly expanding our capabilities for the future,” Melvin said in July. “We broke ground on a near-port, rail-served cargo yard, further expanded Inland Port Greer and successfully deepened Charleston Harbor to 52 feet. Our strategic investments make us more competitive for the future.”
Melvin, meanwhile, has been named a 2023 Rainmaker by DC Velocity, an accolade awarded to logistics professionals with outstanding achievements and who make significant contributions to the supply chain.
Melvin was recognized for her career
at the eighth largest container port in the country. She leads a team of more than 1,000 people.
“It is a true honor to lead the team at S.C. Ports and work alongside our maritime partners to keep freight moving,” Melvin said in a news release. “I learn so much from them every day. Leading them is by far the most rewarding thing I’ve experienced in my career.”
Melvin became CEO of S.C. Ports in July 2022, becoming the first woman to lead a top 10 U.S. operating container port. CRBJ
As COVID-19 brought the global supply chain into focus with myriad disruptions, it became clear the lack of visibility in overseas shipments needed to be addressed.
It also marked a turning point in the future of logistics, as it was clear new tools and technology would be necessary to avoid similar problems in the future. Enter: Gnosis Freight.
At any given point, many businesses aren’t aware of where shipments are or they get inaccurate, inconsistent data, according to Adam Baker, Gnosis Freight’s vice president of customer experience. Many companies are racking up millions of dollars in detention and demurrage charges without much control and often not even knowing until it’s too late.
Simply put, Gnosis Freight offers supply chain execution tools that help cut through the blind spots of international shipments and keep logistics teams fed with the information that’s most relevant to them and as close to real-time as possible. That gives teams better visibility and lets them know when disruptions spring up. Or what logistics professionals refer to as “exceptions.” That gives them information that will allow them to triage any potential supply chain disruptions.
Gnosis Freight doesn’t actually
touch any of the freight. However, it remains a part of the process for the whole lifecycle of the container, from when the purchase order is made to the time the empty container is returned to the terminal.
Founded in 2017 in Charleston, Gnosis Freight set out to change the way logistics teams work. It was already in business by the time the pandemic hit, but the influx of imports brought new focus to the business’s efforts to streamline the process of global shipments.
According to its website, Gnosis Freight’s goal “is understanding the most critical pain points in their customer’s supply chains and addressing them head-on.”
The seismic shift in consumer spending during the pandemic meant demand for imported goods surged to new highs. The increased congestion at ports meant shipments were sitting out at sea for long periods. Baker noted that at the peak there were 108 container vessels that were awaiting berth at the ports of Los Angeles and Long Beach.
As shipments would be delayed and sit, businesses were facing increased inventory holding costs and missed sales opportunities. Additionally, when containers would finally get unloaded they would
sit at the terminals for days and sometimes weeks resulting in huge demurrage charges for shippers. One story Gnosis Freight notes on its website is from a business who saved more than $12 million in one year thanks to the company’s efforts.
“A company like Gnosis Freight wouldn’t have been possible 20 years ago, or probably even 10 years ago,” Baker said. He added that globalization and more complex supply chains has increased the need for improved data to more advanced software tools to manage shipments and increase efficiencies.
Gnosis has what it calls the Container Lifecycle Management platform, a logistics software solution which allows businesses to track and manage their shipments throughout the entire process. While most ocean carriers, ports, terminals and rail carriers offer some kind of tracking information, Baker said, it is usually incomplete and offered through disparate and sometimes outdated technology.
Traditionally information coming from these logistics partners has to be aggregated from emails, multiple spreadsheets, and websites, then analyzed and reformatted by logistics teams. By the time they finish, the data is out of date and the process starts
again. Gnosis Freight aggregates all of the needed data and normalizes it into a standard format, trying to remain as close to real-time as possible.
According to Baker, it leads to increased visibility so customers can focus on pressing supply chain disruptions or the highest-priority containers and work more efficiently with their logistics service providers (LSPs).
Baker admits a lot of customers are skeptical about Gnosis Freight’s ability to help them with their biggest logistics problems as there’s been a lot of overpromising and under-delivering in the logistics tech world in the past. However, he notes they get a lot of great feedback from customers who’ve seen a marked improvement in saving money and streamlining their processes.
Gnosis Freight sees their business expanding its reach and becoming the operating system for logistics teams. They don’t see the platform at its full potential yet, but they develop close relationships with their customers which helps them develop innovative new solutions to add to their offerings.
“We’ve had a customer cry on the phone to us because they were so thankful for how we had improved her job and work-life balance,” Baker said. “One even told us she’d quit her job if the company ever got rid of Gnosis Freight.” CRBJ
843-554-7529 www.premier3pl.com sales@premier3pl.com
Ray Griffin, Harr y
Griffin, Jack Scruggs
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly
Regal
Logistics 1980 Technology Drive, Suite C Charleston, SC 29492
Sunland Logistics Solutions
MainOcean Carolinas 5801 N. Rhett Ave., Building 2 Hanahan, SC 29410
Skyline Express Inc. 1011 Trident St. Hanahan, SC 29410
Rogers & Brown 9550 Hamburg Road Ladson, SC 29456
843-352-0011 www.kontanelogistics.com info@kontanelogistics.com
864-295-0081 www.sunlandlogisticssolutions.com solutions@sunlandls.com
843-971-1167 www.mainocean.com charleston@mainocean.com
843-576-2426 www.skylinedray.com kkelly@skylinedray.com
843-577-3630 www.rogers-brown.com
843-797-3621 www.abilitytrimodal.com woodya@trimodal.com
1970 800,000
Rusty Byrd 1976 760,000
Amy Sartain, Jay Sarkar, Candler Lowder 1982 511,000
Greg Heard 2013 500,000
Kenneth Kelly 1980 500,000
Crossdocking,
Crossdocking, distribution center management, dr y storage, inventor y management, order fulfillment, pick/pack, subassembly
✔ ✔ ✔
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly ✔ ✔ ✔
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly ✔ ✔ ✔
Crossdocking, dr y storage, hazardous materials, order fulfillment, pick/pack, subassembly ✔
Wallace Hester, Mark Hughes, Raymond Kelley 1968 450,000 Dr y storage ✔
Lisa Grillo, Charity Faulk, Woodrow M Arsenault 1947 400,000 Crossdocking
1125 Newton Way Summer ville, SC 29483
843-486-1126 www.americold.com marketing@americold.com
843-991-6008 www.universallogistics.com tgustafson@universallogistics.com
843-554-6909 www.expeditors.com
1903 300,000
Trent Gustafson 2007 250,000
Tim Hall 1979
220,000
Crossdocking, distribution center management, dr y storage, inventor y management, order fulfillment, pick/pack, subassembly
✔
✔
✔ ✔
✔ ✔ ✔ ✔
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4033 W. Montague Ave. North Charleston, SC 29418
9016 Palmetto Commerce Parkway Ladson, SC 29456
Dockside Logistics
4756 US Highway 78 Saint George, SC 29477
AHT Cooling Systems USA Inc.
7058 Weber Blvd. Ladson, SC 29456
Barnhart Transportation LLC 111 Old Depot Road Moncks Corner, SC 29461
Jet Park Warehousing LLC 111 Old Depot Road Moncks Corner, SC 29461
Lake Shore Global Solutions LLC 111 Old Depot Road Moncks Corner, SC 29461
American Cyber Logistics 7290 Investment Drive, Suite A North Charleston, SC 29418
Port City Warehouse Co.
2155 Durant Ave. North Charleston, SC 29405
CLN Solutions 1930 Hanahan Road, Suite 1500 North Charleston, SC 29406
Dupuy Storage 7555 Palmetto Commerce Parkway, Suite B North Charleston, SC 29420
St. George Logistics 1980 Technology Drive, Suite A Charleston, SC 29492
843-308-9600 www.atsinc.net info@atsinc.net
888-318-8347 www.atsinc.com portser vices@atsinc.com
843-779-0199 www.car vercompanies.com info@car vercompanies.com
843-856-2260 www.docksidelogistics.com sales@docksidelogistics.com
843-767-6855 www.us.aht.at info@us.aht.at
843-553-0534 www.barnhart-trans.com sales@barnhart-trans.com
843-804-7020 www.jetparkwarehouse.com b.whitley@jetparkwarehouse.com
803-630-5747 www.ls-gs.com sales@ls-gs.com
843-266-2081 www.scacl.com contact@scacl.com
843-747-4838 www.portcitywarehouse.com shipping@portcitywarehouse.com
833-236-6660 www.clnsolutions.com support@clnsolutions.com
843-767-6880 www.dupuygroup.com info@dupuygroup.com
843-832-2161Recotrans@aol.com
843-856-2390 www.stgusa.com CharlestonSales@stgusa.com
Andrew Fellabom, David Weis 1986 205,000
Tyler Ugran 1955 200,000
Jerr y Ward, Cord Smythe, Nick Martin 2016 200,000
Steve Young 2005 200,000
Drew Tombs, Devin Tombs 2005 143,000
Crossdocking, distribution center management, dr y storage, inventor y management, order fulfillment
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
Crossdocking, distribution center management, dr y storage, inventor y management ✔ ✔
Crossdocking, distribution center management, dr y storage, inventor y management, order fulfillment, pick/pack, subassembly
Crossdocking, distribution center management, inventor y management, order fulfillment, pick/pack, subassembly ✔
Chad Osmundson, Brad Whitley, Timothy Barnhart 2017 135,000 Crossdocking, dr y storage, inventor y management ✔ ✔
Brad Whitley, Timothy Barnhart 2020 135,000 Crossdocking, dr y storage, inventor y management
Rusty Ray, Brad Whitley, Tim Barnhart 2017 135,000 Crossdocking, dr y storage, inventor y management
Brian Hummel 2005 115,000
Mikell Thaxton 1976 101,000
David Sitton 2002 100,000
Richard Gilliam 1936 100,000
Todd Reese 1999 100,000
Kimberly Coomber, Jennifer Mills 1998 97,500
Crossdocking, distribution center management, dr y storage, inventor y management, order fulfillment, pick/pack, subassembly
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment ✔
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly
Crossdocking, dr y storage, inventor y management, order fulfillment
✔ ✔ ✔
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Crossdocking, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/pack, subassembly ✔ ✔ ✔
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. For a full list of participating organizations, visit scbiznews.com/buy-business-lists. Email additions or corrections to Listresearch@Bridgetowermedia.com.
• 1 C-TPAT=Customs-Trade Partnership Against Terrorism. FDA=Food & Drug Administration. FTZ=Foreign-Trade Zone. ISO=International Organization for Standardization. USDA=U.S. Department of Agriculture.
Crossdocking, dr y storage, inventor y management
Reads Moving Systems of Carolina Inc.
1072
1930
800-283-7488 www.averitt.com averittnews@averitt.com
Donald Wishman 1956 80,000
Warehouse Systems Inc.
Hanahan Road, Suite 1400B
Charleston, SC 29406
Sightline Drive, Suite I
Ladson,
SC 29485
Freight System
Goer Drive
Piggly Wiggly Drive, Suite B North Charleston, SC 29405
C & C Warehouse & Distribution
137 Acres Drive Ladson, SC 29456
Cosco Shipping Logistics
2453 King St., Extension North Charleston, SC 29405
EFL Global 6331 Fain St. North Charleston, SC 29406
Stash Storage
4750 Goer Drive, Suite F North Charleston, SC 29406
843-818-2332 www.candcwarehouse.com information@candcwarehouse.com
Greg Cate, Jinny S. Kramitz
1998 60,000
843-207-3360 www.coscologam.com Phil Crowley 1999 55,000
843-607-2245 www.efl.global usa-info@efl.global
800-230-0308 www.stashstorage.com help@stashstorage.com
Tom DeMuth 1982 50,000
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly
✔ ✔
✔
Crossdocking, distribution center management, dr y storage, inventor y management, pick/pack, subassembly ✔ ✔
Crossdocking, distribution center management, dr y storage, hazardous materials, inventor y management, order fulfillment, pick/ pack, subassembly
Lindsey Hartshorne, Nick Jordan 2018 50,000 Dr y storage, inventor y management, order fulfillment, pick/pack, subassembly ✔
Because of space constraints, sometimes only the top-ranked companies are published in the print edition. For a full list of participating organizations, visit scbiznews.com/buy-business-lists. Email additions or corrections to Listresearch@Bridgetowermedia.com.
• 1 C-TPAT=Customs-Trade Partnership Against Terrorism. FDA=Food & Drug Administration. FTZ=Foreign-Trade Zone. ISO=International Organization for Standardization. USDA=U.S. Department of Agriculture.
The Village Group, a nonprofit in rural Georgetown County whose mission is to equip African American youth with tools to succeed in school and life, has received a $35,000 grant from Power:Ed, a philanthropy of South Carolina Student Loan Corp. Intended to boost summer learning and enrichment, the funds support the cost of evidence-based curricula, teacher salaries and student field trips.
Data show that Georgetown County experiences “persistent child poverty” and the median household income in Plantersville is $23,500. In 2022, The Village Group supported 230 underserved and primarily African American students through the Plantersville Summer Academy. The organization offers equal access to quality education by providing a safe and nurturing environment, while improving performance on standardized tests and increasing
the number of students who graduate from high school. The Plantersville Summer Academy brings in specialists to lead programs in robotics, aeronautics, and other science, technology, engineering, and math programs.
The Culturally Sustaining STEM Institute gives field experience in environmental science while relating lessons to the community and culture in the area. This summer’s programming also included an art focus that highlighted student artwork and photography in downtown Georgetown. Students provided narratives for their artistic vision as part of the exhibit. The summer academy focused on reading and writing through its Literacy is For Everyone initiative. In 2022, students gained two months in math and 1.5 months in reading because of these academic-focused programs, the organiza-
sale or lease from 2,500 square feet up to 36,000 square feet.
tion said in a news release.
In fiscal year 2022-23, Power:Ed awarded 23 grants totaling $900,000 to South Caroli-
buildings and an outdoor terrace and gathering space called The Perch for residents of the Camellia building.
Later this fall, East West Partners will release sales for Phase III of the development — 47 residences including condominiums, townhomes and a handful of marsh cottages. East West Partners is continuing its collaboration with Berry for Phase III interior design and is partnering with architectural firms MacMillan Pazdan Smith and Court Atkins.
Sharbell Nexton recently held the formal groundbreaking of Atelier Downtown Nexton, an office campus on 7.41 acres along Brighton Park Boulevard in Downtown Nexton. The urban-inspired, mixed-use community will feature retail, dining, service, office and hospitality providers. The event was attended by approximately 50 key stakeholders, project partners and local elected officials.
Atelier Downtown Nexton will include multiple two-story buildings ranging in size from 9,000 to 18,000 square feet with office, service and commercial space for sale or lease in a campus-like setting. The project will feature ample parking for quick and convenient access and walking trails to connect each parcel to outdoor common open space. Upon completion of the first phase in 2024, Atelier Downtown Nexton will offer office space for
All residences in Phase II at mixed-use The Waterfront Daniel Island have sold, a little over one year since sales for the phase were first released. Phase II comprises 41 one-, two-, and three-bedroom condominium units across three new buildings.
Phase II, which began construction in April 2022 and is expected to deliver in early 2024, features luxury condominiums in the Sabal, Camellia, and Magnolia buildings, most of which offer direct, unobstructed views of the picturesque Wando River. Ranging from approximately 1,220 to 3,400 square feet, floor plans feature outdoor terraces, finishes by interior designer Betsy Berry, and river views. There are some penthouse units. In addition to the residences, this phase also features new homeowner amenities, including a shared, outdoor courtyard for residents of the Sabal and Magnolia
All homeowners who purchase at The Waterfront get access to such amenities as direct access to Daniel Island’s redesigned waterfront park, which features two public docks with paddle launch and dog ramp, an interactive fountain, waterfront swings and children’s play area; an array of natural and planned features, including 25-plus miles of trails with views along the marsh and water; The Kingstide, a waterfront restaurant with rooftop bar; and The Daniel Island Market and Eatery, a gourmet grab-and-go market.
Private amenities including a resortstyle pool; pool pavilion with fire pit, fireplace and grilling station; fitness center with state-of-the-art equipment; community outdoor gathering spaces; and post center with onsite property management. The master plan for the development of The Waterfront on Daniel Island includes six phases.
The Gallery Salon in Mount Pleasant has relocated to a 16-chair salon in the
na education and career-readiness organizations, including The Village Group. Grants are administered quarterly.
Bowman Place buildings at 1374 Old Georgetown Road, Suite 101, triple the size of its original location.
From floor vacuums, to a wine tap, working stations and lounge area for clients, to the salon-quality air purifiers, The Gallery aims to provide a high-end experience. Beyond a standard haircut and color, the full-service salon plans to keep adding new services, including extension installation, smoothing services, facial waxing, blowout, and makeup packages.
For the 14th year, Call Experts of Charleston has received the ATSI 2023 Award of Excellence. This award is presented annually by the Association of TeleServices International, the industry’s trade association for providers of telecommunications and call center services includes telephone answering and message delivery across North America and the UK.
As a 14-time winner, Call Experts earned the Diamond Plus Award.
Janet Bates, JE Dunn Construction’s client solutions manager, has been appointed to the advisory board of the Women’s Business Center at Increasing HOPE. The mission of Increasing HOPE is to create financial freedom and stability for families in South Carolina by building assets through financial education and training.
Bates brings experience in business development, project management and client solutions to the board. She has been recognized as the One to Watch by the Charleston Metro Chamber of Commerce in 2022 and as a 40 Under 40 Winner in 2021. She serves on the board of directors of the Charleston Chamber and was the inaugural president of the National Association of Women in Construction Palmetto Chapter.
The Dorchester School District Two board of trustees has brought in Maurice Cannon Sr. as substitute and professional development administrator. Cannon joins the district with 21 years of experience in education. Most recently he served as principal of Colleton County High School in Walterboro.
Cannon’s previous roles include middle and high school principal as well as district administrator. Recognized as a Turnaround Principal, Cannon transformed a school that was facing state takeover into one that demonstrated significant improvement on the South Carolina State Report Card in just two years.
Cannon received his bachelor’s in English from South Carolina State University and his master’s and educational specialist degrees in educational leadership from The Citadel.
Following the retirement of Bruce Wolfe, REV Federal Credit Union has brought Nicole Foote on board as the new vice president of lending. She is responsible for overseeing all aspects of consumer, indirect and real estate lending.
Before joining REV, Foote served as the vice president of consumer lending at Credit Union 1, where she managed a portfolio of consumer loans. Prior to Credit Union 1, she was senior consumer lending operations at Orion Federal Credit Union in Memphis.
Foote holds a bachelor’s in business
administration from Portland State University and is a graduate of the Nafcu Management and Leadership Institute.
Todd Leach is now enterprise chief information officer for information solutions at the Medical University of South Carolina. In this role, he plans, develops, implements and supports all information technology, analytic and informatics initiatives across the enterprise.
Leach completed his undergraduate degree in computer science at Slippery Rock University and earned his MBA from the University of Houston-Clear Lake. Leach comes to MUSC with more than 30 years of experience in IT and related positions, culminating in the CIO position at the University of Texas Medical Branch at Galveston. He has extensive experience with the management and delivery of IT services to all areas of a complex academic medical center, including clinical, education, research and institutional support. During the last several years, Leach worked as an IT consultant for several national firms.
James “Jay” C. Spears III has joined Buist Byars & Taylor as a senior associate attorney in the tax/estate planning/probate department. Spears holds Bachelor of Arts in history and political science from the University of South Carolina and a Master of Laws in taxation from the University of Florida Levin College of Law. He earned his juris doctor from Charleston School of Law, which he attended on a merit-based scholarship; he served on the Charleston Law Review, among other honors and activities.
The department also includes associate Nate McMurry, senior associate Seth Saunders, and paralegal Emma Daisey.
Cyberwoven’s director of strategy, Dan Hoover, has posted an article about Cyberwoven’s insights on marketing in higher education and how best to navigate the ebbs and flows of the market on www. cyberwoven.com/news/higher-ed-marketing-navigating-changing-landscape.
Brandon has added Hunter McDonald and Casey Hauck to its media department. McDonald joins Brandon as an associate media planning director, and Hauck is joining as a media buyer.
McDonald joins the agency with a background in full-suite media planning
and buying. Previously, he was a social strategist for such clients as Anheuser Busch, Cincoro, and the YMCA. He has managed large-scale social media advertising, coordinated activations for brands, and mentored people learning the paid media industry. At Brandon, McDonald works directly with clients to plan and implement media strategies and propose new ideas and campaigns as well as strategize in the retail media space.
As Brandon’s newest media buyer, Hauck negotiates and buys both traditional and digital media for clients. His previous work includes media planning, media buying, project management, account management, consultation, and business development. In addition, Hauck has worked in the sports marketing, entertainment, finance, and healthcare industries. He graduated from Ohio Dominion University with a bachelor’s in communication and media studies.
Water Mission announces three leadership changes in its board of directors. Water Mission co-founder George C. Greene III, PE, PhD, is continuing as a member of board after serving as executive chair. Steve E. Cox, who has served on the board since 2o15, has been unanimously elected to serve as the new board chair. In addition, Luke Cathy, an executive leader at Chick-fil-A’s Winshape Foundation, has been unanimously elected to serve as a board member of the Water Mission Board of Directors
Greene has assumed the role of chief executive officer of the nonprofit Global Water Center, where he focuses on developing and implementing strategies to accelerate the rate at which people gain access to safe water. The Global Water Center provides training curricula and mission-critical technical support services to ensure the sustainability of water projects. Its mission is to bring an end to the global water crisis.
Cox has extensive experience leading FedEx’s operational integration strategy and execution in countries across Asia and Europe. He brings a multicultural viewpoint to Water Mission’s global operations as the organization expands its safe water solutions in developing countries, refugee camps, and disaster areas.
Cathy brings experience developing strategic partnerships. He currently serves as a leader in Chik-fil-A’s corporate office with the Winshape Foundation and is a leader on Winshape’s Marriage Ministry team. He also helped develop the Cathy Family Enterprise Governance Structure, an initiative to keep the Chick-fil-A company privately owned. Cathy, a graduate of The Citadel, is the grandson of Chick-fil-A founder S. Truett Cathy. As a board member, Cathy will bring his expertise in strategic partnership, serving through committee-level engagement and oversight.
The Beach Company has three new hires — Mary Caroline Gazecki, Casey Hoffman and Taylor Woods. Interning for the summer were Charles Frazer, Caroline Mathisen, Isabella Spuler and Vincent Wilcox
Gazecki, a concierge and events assistant at The Jasper, provides services to residents and assists with resident events. Previously, she worked as a property management intern at PMC Property Group. Gazecki holds a bachelor’s in retailing from the University of South Carolina.
Hoffman, associate director of marketing, manages Kiawah River real estate brokerage marketing plans, market research and reporting, and advertising campaigns. A graduate of the University of North Texas, she holds a bachelor’s in business administration.
Woods, community engagement coordinator at Kiawah River, most recently worked as concierge and events manager at The Jasper. She is responsible for coordinating community events, facilitating homeowner relationships and collaborating with Auberge Resorts leading up to the opening of the Dunlin, Auberge Resorts Collection. Woods graduated with a bachelor’s in hospitality management from East Carolina University.
Frazer, a senior at Washington and Lee University majoring in business administration, was a summer intern on the development team at Kiawah River.
Mathisen, who holds a degree in finance from Wofford College, interned on the real estate funds team.
Spuler, a senior at Clemson University pursuing a bachelor’s degree in human resources management, was a summer intern in human resources. She is a career ambassador for Clemson’s Center for Career and Professional Development and a member of Clemson’s Society of Human Resources Management chapter. Wilcox, a senior at the College of Charleston majoring in commercial real estate finance, interned with the commercial brokerage team.
David Kent, broker in charge of The Real Buyer’s Agent, was appointed the Realtor Party Disbursement Liaison for 2023 National Association of Realtors. He serves as a conduit for communication between the leadership team and the Realtor party trustees for campaign services committee, the state and local issues mobilization support committee, and the RPAC federal disbursement committee.
Kent has held such positions as president of the South Carolina Association of Realtors in 2016 and chair of the RPAC federal disbursement committee in 2021. CRBJ
Target your market in an upcoming issue of the Charleston Regional Business Journal
OCTOBER 23 MANUFACTURING
Lists: Manufacturing Companies, Aerospace Companies
Advertising Deadline: October 9
NOVEMBER 13
FOOD & BEVERAGE
Lists: Restaurants, Restaurants with Banquet Facilities
Advertising Deadline: October 30
DECEMBER 4 FINANCE
Lists: Banks, Accounting Firms
Special Section: Reader Rankings
Advertising Deadline: November 20
Independent judges are contracted by the association to evaluate message services during a six-month period. The scoring criteria includes response time, courteousness of rep, accuracy of call, knowledge of account, and overall impression of call. The award started 27 years ago as a means to improve overall quality of the call center industry.
Entrepreneurship for All, a nonprofit organization whose mission is to accelerate economic and social impact through inclusive entrepreneurship, will launch its program in the Lowcountry in 2024. Available virtually and at no cost to participants, this business accelerator program will provide residents of Beaufort, Colleton, Hampton and Jasper counties with the training and support needed to start, grow and sustain a business or nonprofit.
The Coastal Community Foundation of South Carolina provided Entrepreneurship for All with an early-stage catalyst grant to help accelerate its launch. A recent civic engagement summary report published by Coastal Community Foundation found that while Lowcountry cities have experienced rapid economic growth, the rural areas of these coastal counties continue to struggle economically. The report outlines the long-standing challenge of racial divides that have caused minority community members — particularly those with entrepreneurial spirit and dreams of starting businesses — to feel excluded from economic opportunities.
Rob and Lauren Bazemore, local Entrepreneurship for All champions, are matching Coastal Community Foundation’s initial funding for the organization through their Epoch Lowcountry Ventures family fund.
Entrepreneurship for All helps under-represented individuals start and grow their businesses or nonprofits across a wide range of industries, including personal and professional services, food, retail, manufacturing and technology. The year-long program offers a combination of immersive business training, dedicated mentorship from local business and community leaders, and access to a large professional network, along with the opportunity to win seed money.
GolfCart.Fun has formed a partnership with College of Charleston basketball players Ben Burnham and Ryan Larson.
For advertising information, contact Ryan Downing at rdowning@scbiznews.com
Burnham and Larson, who played during last year’s record-breaking 28-3 regular season, are serving as brand ambassadors for GolfCart.Fun.
The name, image and likeness agreement highlights GolfCart.Fun’s dedication to fostering connections with the athletic community in the greater Charleston area.
YWCA Greater Charleston and three of its partners received more than $450,000 in grants to counteract drivers of poor health and outcomes among children of color across Charleston.
YWCA Greater Charleston, a historic nonprofit with the dual mission to eliminate racism and empower women across the region, has received a grant to address barriers to mental health and positive outcomes for children of color across the tri-county area.
A total of $450,000 in grant funds was awarded by the American Heart Association/Voices for Healthy Kids to YWCA
Greater Charleston and three of its community partners: the Beloved Early Education and Care Collective (formerly the Berkeley Early Education and Care Collective), Charleston Hope, and the E3 Foundation. YWCA Greater Charleston is spearheading efforts on behalf of the group, coordinating individual campaigns that will work together to address the effects of trauma in families and children of color, support educators and staff who interact with them across the region, and train these providers to respond in a way that makes all students feel safe, valued, and welcomed.
Under this partnership, the collective’s goal is to require pre-K educators and staff across Charleston County to participate in professional development training on mental health, trauma-informed care, and implicit bias.
Charleston Hope’s goal, meanwhile, is to see the Charleston County School Board require all employees, across the entire Charleston County School District, to receive trauma-informed training annually.
The goal of the E3 Foundation — which provides the groundwork to create a suite of graduated-scale cultural competency trainings for school educators, administrators, staff and personnel who interact with members of the African American, LatinX, or indigenous communities — is to see the district superintendent of schools factor equity into all district decision-making. CRBJ
At its most recent meeting the Federal Reserve left the funds rate unchanged at 5.5%. While the Fed may not have raised the funds rate, the bond market significantly raised every other interest rate across the entire maturity spectrum.
What happened?
The primary culprit seems to have been the Fed’s so-called “Summary of Economic Projections.” The Fed now sees slightly more rapid GDP growth next year and a slightly higher unemployment rate.
As a result it will have less room to cut the fed funds rate in 2024. In June the Fed suggested that it might be able to reduce the funds rate from a peak of 5.75% late this year with four 0.25% rate cuts in 2024 bringing it to 4.75% by yearend.
Now it suggests that only two 0.25% rate cuts to 5.25% are likely. This was not the scenario market participants had come to expect. Meanwhile, the United Auto Workers Union has escalated its strike against all of the “Big Three” automobile manufacturers.
At the end of September, after a three-year hiatus, student loan borrowers will have to resume monthly payments on their debt. Also, without budget legislation in place by month end there is the likelihood of a government shutdown beginning on Oct. 1. (Editor’s note: President Joe Biden signed a last-minute temporary bill to fund
the government through Nov. 17.) If that occurs some of the important economic data for September such as the employment report and the CPI will be delayed. Markets do not like uncertainty and the near-term economic environment seems filled with it.
First, with respect to interest rates, the way to judge whether the Fed funds rate is appropriate is to examine the funds rate in real terms. Today the Fed funds rate is 5.5%. The year-over-year increase in the core CPI is 4.4%. Thus, the real funds rate is the difference between the two numbers or 1.1%.
In prior business cycles the real funds rate peaked at about 3.0%. We suggest that by the end of the first quarter of 2024 the Fed will have raised the funds rate to 6.0%.
Meanwhile, the core CPI will have slipped to 3.6%. That implies a real funds rate at that time of 2.4% which seems more in keeping with history. Unfortunately, none of us can accurately determine the peak level for the real funds rate.
In addition to Fed action, it depends on how quickly the inflation rate subsides. Prior to the Fed’s tightening initiative that began in March 2022 the Fed funds rate was 0.0% and the core CPI was 6.5% which meant that the real funds rate was negative 6.5%. Fed policy was wildly stimulative. But now with the real rate positive at 1.1% and likely to be 2.4% by March the Fed seems to be getting close.
What was most problematical for the bond market was that the Fed said that it now expects only two 0.25% rate reductions in 2024 which would reduce the funds rate to 5.25% by yearend, versus
four rate cuts that it anticipated in June.
The higher outlook for interest rates was clearly bothersome for the bond market. The yield on the 10-year Treasury note rose 0.25% in just two days and at 4.5% it is now the highest it has been since October 2007.
Meanwhile, the United Auto Workers Union has escalated its strike against all of the “Big Three” automobile manufacturers. Nobody knows how long the strike might continue, but it is clear that it will have a negative impact on the economy as long as it persists. Auto workers will get laid off. This will curtail their ability to spend. Fourth quarter GDP growth, which is already expected to slow from 3.5% in the third quarter to 1.7% in the fourth quarter, could be even softer.
Beginning in October student loan borrowers will have to resume monthly payments on their debt for the first time in three years. That means that $200300 per month that had been available for spending will now get rerouted to the federal government. While mortgage debt outstanding is far and away the largest category of consumer debt (70%), student debt (at 9%) is now tied with auto loans as the second largest category. This hit on consumer spending should not be dismissed.
Finally, there is likely to be a government shutdown on Oct. 1 if no budget legislation gets passed by the end of this month. Typically, this situation does not have a big impact on overall GDP growth, but it does suggest that important economic statistics for September like the employment report and the CPI will be delayed.
Markets do not like uncertainty. Between higher interest rates, still bloated inflation, strikes, student loans, and a government shutdown, the market has a lot on its plate.
But eventually strikes end and the economy rebounds, our legislators pass the bills required to get the government back in business, and growth will rebound. At this point we do not want to alter our longer-term outlook which calls for particularly soft 1.0% GDP growth in the first two quarters of next year -- but no recession, a peak funds rate of 6.0% early next year eventually dropping to 4.75% by yearend, and inflation slowing from 4.4% currently to 3.0% by the end of 2024. If those forecasts are correct the Fed will have achieved the often elusive soft-landing. We will see.
From 1980 until 2003, when he retired, Stephen Slifer served as chief U.S. economist for Lehman Brothers in New York City, directing the firm’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 financial 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.
