Columbia Regional Business Report - January 24, 2022 by SC Biz News

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Lasting legacy

University of South Carolina names dorm for educator. Page 2

Top chefs

Trio selected to serve as ambassadors for state. Page 4

Second location Popular Five Points spot to open BullStreet site. Page 9

Full speed ahead

S.C. Ports says it’s poised to navigate uncertain future. Page 11

INSIDE

SC Biz News Briefs................. 3 In Focus: 2022: The Year Ahead .......................................... 13 List: Hospitals..................... 14 Bonus List: Urgent Care Centers .............................. 16 At Work............................... 21

THE ROAD AHEAD

Members of the S.C. Legislature and the S.C. Chamber of Commerce say tax reform and workforce development are top priorities for 2022. (Photo/Melinda Waldrop)

Businesses, leaders set sights on post-pandemic priorities By Melinda Waldrop

mwaldrop@scbiznews.com

his time last year, Lance Brown was still getting his arms around his new career path. Now, that path has become a bustling thoroughfare. Brown, president and CEO of Columbia-based medical supply distributor Rhino Medical Supply, busily built relationships with customers and manufacturers after founding the company in May 2020. Now, he’s focused on selling products. “Anything under a hospital roof, we can get, and we’ve been selling,” Brown said. That includes crutches, in demand because

of a nationwide aluminum shortage, nitrile gloves and at-home COVID-19 tests coveted by retail customers and wholesale clients such as pharmacies. “We ship out all over the country, but we’ve gotten a heavy response from the state of South Carolina and local folks in the Columbia and Midlands area that are just doing pickups,” Brown said. “Literally, about every 10 minutes, we have somebody come and do a pickup. … There’s somebody coming in now.” Brown’s small business-success is what S.C. legislators and business leaders want to see more of as the state and the nation navigate a post-pandemic future. The S.C. Chamber of Commerce released

Back on track

Court decision greenlights Lexington beer garden. Page 6

its 2022 Competitiveness Agenda earlier this month, calling for lawmakers to reduce both personal and property tax burdens and to inject investment into workforce development initiatives, among other priorities. “Our No. 1 priority is tax reform and tax cuts,” Bob Morgan, president and CEO of the chamber, said before the organization’s Business Speaks dinner Jan. 12 at the Pastides Alumni Center in Columbia. “The state is flush with a $3 billion surplus, and we’d like to see cuts in the personal income tax rate. We’d like to see commercial property tax rates addressed, and we’re hopeful that that will See LOOK AHEAD, Page 17

Upfront

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Residence hall to be named for Black educator

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By Melinda Waldrop mwaldrop@scbiznews.com

residence hall at the University of South Carolina will be named for Celia Dial Saxon, a renowned Black educator and university graduate. The residence hall, which houses 297 upperclassmen at 700 Lincoln St., will be the first building named for an African American on campus, according to a news release from the school. Saxon, born Celia Emma Dial in 1857, was one of the first Black students to attend South Carolina College, later the University of South Carolina, during Reconstruction. After graduation, she taught at Columbia’s Howard School for 57 years. She married Thomas A. Saxon, dean of Allen University’s law school, in 1890. “Celia Dial Saxon is one of the university’s most remarkable alumni, a woman whose impact and reputation stretched across the nation,” Harris Pastides, interim president of the University of South Carolina, said in the release. “Our university rightly honors her by naming this building for her. Not only was she a true education pioneer, but she embodied the spirit of equality and justice through her life’s work. The Celia Dial Saxon Building will stand as a reminder to current and future generations of students of the high ideals she championed.” A dedication ceremony will be held soon, said Dorn Smith, university board of trustees chair. The residence hall is located near Colonial Life Arena and adjacent to the historic Ward One District, where Celia Dial Saxon Elementary School was located until it closed in 1968. “As a great woman, peerless educator, and one of the most admired and respected citizens of South Carolina, Celia Dial Saxon is more than worthy of this honor,” said Smith, who had identified naming a building for a prominent African American as a board goal. “I’m very proud that the board recognized the importance of

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Richland County Council elects new leadership

A University of South Carolina residence hall will be named for Celia Dial Saxon. (Photo/Melinda Waldrop)

commemorating her contribution to our culture and our heritage.” Saxon was active in the national Women’s Club Movement and was a founder of the Fairworld Industrial Home for Negro Girls in Lexington County as well as the Wilkinson Orphanage of Negro Children. She was also involved with the Palmetto State Teachers’ Association, the South Carolina Federation of Colored Women’s Clubs and the Woman’s Chrisitan Temperance Union. In 1926, Saxon received an honorary Master of Arts degree from the State Agricultural and Mechanical College at Orangeburg, and Columbia’s Blossom

Street public school was renamed for her in 1929, according to the release. Saxon died on Jan. 29, 1935, while grading papers at her Columbia home. “Celia Dial Saxon’s life stands as a testament to perseverance, compassion, hard work and a commitment to excellence,” said Alex English, a board member and co-chair of the group that considered candidates for whom to name the residence hall. “Her legacy bestows honor and dignity to our campus. It’s only fitting that, as a distinguished alumna of our state’s largest university, her name be memorialized here.” Reach Melinda Waldrop at 803-726-7542.

“It just keeps chugging along. It’s like The Little Engine That Could. We just see contined growth, particularly in the hospitality sector.” — Matt Kennell, CEO, City Center Partnership

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Richland County Council has a new chair and vice chair. During its first meeting of 2022, the council elected councilman Overture Walker chair and Councilwoman Jesica Mackey vice chair. Walker represents District 8, which includes portions of Forest Acres, Arcadia Lakes, Northeast Richland, Lake Carolina and Long Creek. His 15-year career as a legal professional has included terms as a municipal court judge, city prosecutor and assistant city attorney for the city of Columbia, and assistant public defender for Richland County. A graduate of the University of South Carolina School of Law, Walker is the founder of Stoney & Walker LLC, which has law offices in Columbia and Charleston. Mackey, a senior project advisor with NP Strategy, represents District 9, which includes portions of Northeast Richland and the Pontiac community. Both Walker and Mackey are entering the second year of their initial four-year council terms. The chair and vice chair of the 11-member council each serve one-year terms. “I’d like to just thank Council for their vote of confidence and support. I am honored and humbled by your decision,” Walker said in a news release from the county. “I understand the gravity and importance of the chair’s role, and I look forward to working closely with every member of this distinguished body as we set priorities together for county government and build on our successes from 2021.”

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Frick named new chamber board chair By Melinda Waldrop

men who are committed to making a positive and lasting impact within our community,” Frick said in a news release from NP Strategy. “As we look to the coming year, we are focused on creating an environment that fosters economic growth and develops a workforce to support our future growth.” The Columbia chamber, founded in 1902, promotes professional development opportunities in the Midlands and has more than 1,200 partners advocating for the interests of the local business community. Frick, also a former executive at the S.C. Department of Employment and Workforce, earned a bachelor’s degree in arts in government and art history from Wofford College. She is a graduate of The Riley Institute’s Diversity Leaders Initiative as well as Leadership South Carolina and was selected by the Columbia Regional Business Report for its 2020 list of Icons and Phenoms.

mwaldrop@scbiznews.com

communications professional with experience in public, private and nonprofit sectors has been named the chair of the board of the Greater Columbia Chamber of Commerce. Jean Cecil Frick, Frick senior strategic advisor at NP Strategy and a chamber executive board member for six years, is the new chair. Frick has also served as the CEO of a startup web development firm and as a Senate liaison in the White House Office of Legislative Affairs during the George W. Bush administration. “I am grateful for the opportunity to chair the Columbia Chamber Board and join a passionate group of women and

SCRA has $1 billion economic impact on state By Melinda Waldrop

SCRA recently published its findings in its annual report. The economic impact analysis also found that companies received $722 million in 2021 through SCRA’s investment affiliate, SC Launch Inc., from venture capitalists. SC Launch has received a $2.2 billion infusion since its 2006 inception, according to the release. Many member companies and SC Launch portfolio companies increased staff and expanded operations last year, with some relocating to South Carolina from other states, SCRA said. For example, mobile health records provider VYRTY Corp. (doing business as SyncMD) received a $50,000 relocation grant to aid its move from Seattle to Anderson. “I often talk about how exciting it is to see innovation develop and grow in our state,” Bob Quinn, SCRA executive director, said. “We not only have a frontrow seat, but we also have the honor and responsibility to help it grow. Our team shares my passion, and it’s evident in our daily activities.”

mwaldrop@scbiznews.com

he South Carolina Research Authority has a $1 billion impact on the state’s innovation economy, according to an analysis released by the nonprofit corporation chartered to fuel innovation. That impact includes 5,429 S.C.-based jobs supported by SCRA programs and operations, $4.6 million in research grants and a $73,811 average salary of in SCRA-supported companies, according to a news release from the nonprofit. That’s 53% higher than the state average of $48,097. “SCRA again has proven how important it is to our state’s economy,” Joey Von Nessen, a University of South Carolina research economist who prepared the analysis, said in the release. “The funding and other support they provide to tech startups and academic institutions produce higher-paying jobs. This has a direct impact on our state’s economy. South Carolina is becoming a state known for its growing knowledge-based economy, and SCRA is a major catalyst for this growth.”

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Lightening the load for SUVs

Researchers look for ways to take weight out of vehicles. Page 8

Palmettowood?

S.C Film Commission wants to bring more productions to state. Page 9

Navigating uncertainty

Ports Authority CEO says opportunity found in trying times. Page 10

Viva l’Italia

Elevate Upstate grant supports creation of a new Fountain Inn festival. Page 12

INSIDE

Leading Off .......................... 2 SC Biz News Briefs ................ 3 C-Suite ................................ 4 In Focus: 2022: The Year Ahead ................................ 17 LIST: Hospitals ................... 18 Bonus List: Urgent care Centers .............................. 19 At Work .............................. 21 Viewpoint ...........................23

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Courthouse contractor expects federal projects to triple in 2022 By Molly Hulsey

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Island spike

Kiawah Island Real Estate records a 299% bump in sales compared to 2019. Page 11

t had never crossed the mind of Jordon Construction Co.’s founder that he might find himself on CBS News’ 60 Minutes. He’s been too busy. But in November, producers of the show requested James Jordon’s expertise while he was in Palm Springs, Fla., receiving the Entrepreneur of the Year 2021 Award from Ernst and Young as a Southeastern finalist. Six days later on a Monday morning, presenter Bill Whitaker flew to meet Jordon in Greenville to prep for an interview on the company’s adjustments in a competitive labor market. “I got in at 1 a.m., actually Monday morning, and jumped off the plane, ran home, got some quick sleep,” Jordon told GSA Business Report. “And then, when I met Bill Whitaker at Lazy Goat the next morning, I spent about half a day with him. It was pretty cool.” The episode featuring Jordon aired on Jan. 9 at the end of what have been a fruitful two years for the contractor, despite the circumstances — or in some cases, through serving a need because of the circumstances.

Condo craze

Cane Bay welcomes first multi-family development, The Hudson. Page 9

Stepping up

New Palmetto Goodwill CEO focuses on people and the organization’s impact. Page 6

See COURTHOUSE, Page 13

Spinx Co. changes with the times If Stewart Spinks was not adept at change, he would today be chairman of a chain of service stations — an industry that is all but gone. By adjusting, adapting and knowing what consumers want, he became one of the state’s largest private employers with an ever-evolving product built, reimagined and refined over the last 50 years. Read the story of the company and its founder, beginning on page 6.

In Focus

Legislative wish list Upstate chambers set goals for next session. Page 17

GSABusinessReport.com

Turning Tassels Filling a gap in higher education for educators, Charleston Southern University launched a doctoral program, graduating its first cohort in December. Page 8

Members of CSU’s inaugural doctoral program celebrate graduation day. From left to right, April Sanders, Erica Taylor, Shene White, Priscilla Johnson, Arthea Simmons, Quencenia Dantzler, Paula Browne, Amanda Snipe. (Photo/Aneris Photography.)

Movin’ East

CEO says ports positioned to navigate uncertainty

INSIDE

Home Team BBQ prepares to open its fourth Lowcountry location. Page 12

Upfront ................................ 2 SC Biz News Briefs ................ 3 Small Business Spotlight ....... 4 In Focus: 2022: The Year Ahead ......... 13 List: Hospitals .................... 19 Bonus List: Urgent Care Centers .......... 20 At Work .............................. 21 Viewpoint ...........................23

By Teri Errico Griffis tgriffis@scbiznews.com

Little did Newsome know that the SCPA would soon see record volumes that kept on climbing. He anticipated the port losing nearly 15% of cargo volumes in fiscal year 2021, when in reality numbers rose 10%. Newsome sat down with the Charleston Regional Business Journal to talk about the year that’s past, and more specifically, the year ahead as the country navigates year three of the pandemic.

Retail inventory

Newsome admits the SCPA was late to the game when the agency began focusing on retail in 2020, but coming on board when they

did couldn’t have been more crucial. With the pandemic causing e-commerce to skyrocket, be it gadgets to pass the time, clothing and late-night QVC orders or home furnishings, the port has benefitted from increases in cargo imports. Newsome owed much of that shift to people being forced to stay indoors and avoid traveling, restaurants and group entertainment. While he expects at some point the scales will tip back, e-commerce is here to stay, particularly as inventory to sales ratio remains rather low, he said. See SC PORTS, Page 10

Film commission ready for action

With pent up demand for streaming content, S.C. hopes to expand production opportunities statewide. Page 5

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MIDLANDS NEWSROOM

January 24-February 13, 2022

Trio of chefs chosen as 2022 ambassadors

Editor - Melinda Waldrop mwaldrop@scbiznews.com • 803.726.7542 MIDLANDS ACCOUNT EXECUTIVE Senior Account Executive - Lucia Smith lsmith@scbiznews.com • 803.726.7547 MultiMedia Advertising Executive - Amanda Alford aalford@bridgetowermedia.com • 803.726.7540 LOWCOUNTRY NEWSROOM Executive Editor - Andy Owens aowens@scbiznews.com • 843.849.3142 Editor, Custom Publishing Division Steve McDaniel smcdaniel@scbiznews.com • 843.849.3123 News Editor - Alexandria Ng ang@scbiznews.com • 843.849.3124

Chefs (from left) Chris Williams, John Ondo and Hayden Shaak have been named S.C. ambassadors for 2022. (Photo/Provided)

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By Melinda Waldrop

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hefs at restaurants in the Upstate, Midlands and Lowcountry have been named South Carolina Chef Ambassadors for 2022. The trio of appointments were announced earlier this month. The ambassadors, who prepare dishes using Certified South Carolina produce, meat and seafood, represent the state at food festivals and other events. The 2022 South Carolina Chef Ambassadors are Hadyn Shaak, Chris Williams and John Ondo. “These three talented Chef Ambassadors honor South Carolina’s diverse culinary heritage and local ingredients,” Commissioner of Agriculture Hugh Weathers said in a news release from the S.C. Department of Agriculture announcing the appointments. “Chefs connect with and promote our state’s farmers and help teach us all how to eat fresh, local food in season.” The ambassador program, in its eighth year, was created in 2014 to

highlight South Carolina as a top culinary destination. “Our hospitality industry has been on a rollercoaster ride since March 2020,” said Duane Parrish, director of the South Carolina Department of Parks, Recreation & Tourism. “From shifting to a to-go model almost overnight, to navigating workforce challenges, to welcoming an influx of visitors as tourism began to rebound – they’ve really seen it all in a very short time frame. “The Chef Ambassador program highlights and celebrates some of the very best of what this resilient and tenacious industry has to offer and helps showcase just how significant and extraordinary our culinary scene is in the Palmetto State.” Shaak leads Restaurant 17 at Hotel Domestique in Travelers Rest. A graduate of Greenville Technical College’s culinary program, he began his culinary career at age 16 as an apprentice to his father, chef at Greenville’s City Range Steakhouse Grill. In 2018, he took over Restaurant 17, where he focuses on local and seasonal ingredients and classical cooking with a

modern twist on traditional Mediterranean and Italian favorites. Williams can be found at Roy’s Grille in Lexington, a local barbecue and soul food restaurant inside an Exxon station at 711 W. Main St. He also owns catering company William Christopher’s. He grew up in Olar in Bamberg County, where his family grew their own vegetables and raised chickens and pigs. His menu includes housesmoked and cured bacon, housemade pimento cheese and signature barbecue sauces. Ondo is a fixture at The Atlantic Room at Kiawah Island Golf Resort on Kiawah Island and in the Lowcountry at large. Ondo’s 20-year culinary career has created enduring relationships with Charleston farmers and fishermen. His dishes emphasize local produce and fresh regional seafood catches, while his sense of humor and good nature have made him a recognizable face of Lowcountry cuisine. Reach Melinda Waldrop at 803-726-7542.

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Regional economic development organization dissolves By Melinda Waldrop mwaldrop@scbiznews.com

he chair of a regional economic development organization said the decision to dissolve the project management nonprofit was made knowing its legacy was in good hands and its work would be continued. In a letter released Dec. 21, EngenuitySC officially announced its disbanding, saying its board of directors made the decision “after thoughtful deliberation by its leadership and an evaluation of its mission,” according to the statement, though no specific reason was given. The letter thanked longtime organization supporters, including Columbia Mayor and board member Steve Benjamin and former Columbia Mayor Bob Cole, and noted the nonprofit’s accomplishments since its founding in 2003. Board chair and Cayce Mayor Elise Partin told the Columbia Regional Business Report that the board made the decision “knowing the mantle of our mission is thankfully being carried out by a number of organizations and entities that did not exist when (EngenuitySC) started but do now.” “The difference in our region from when EngenuitySC started until now is palpable,” Partin said. “EngenuitySC’s board – made up of the region’s high-ranking leaders in education, government and business – has always stayed focused on what’s best for moving our

Cayce Mayor Elise Partin chaired EngenuitySC’s board. (Photo/File)

region forward.” Chief among the accomplishments highlighted in the letter was the creation of the annual Midlands Regional Competitiveness Report, which provides comparative data among similar regions to help the Midlands gauge areas of economic strengths and weaknesses and formulate development priorities. The EngenuitySC board called the report a “tangible legacy” and said ownership of the report has been transferred to the Midlands Business Leadership Group. “The Midlands Regional Competitiveness Report reminds us of the many reasons we have to celebrate and, at the same time, where we can continue to collaborate, advance, and build upon the unique strengths and assets of the Midlands,” the letter read. MBLG, which will be led in 2022 by Nephron CEO

Lou Kennedy and James Bennett, Mid-South Area Executive for First Citizens Bank, will release the latest competitiveness report in January, according to the letter, and will continue to produce the report. “EngenuitySC was organized to provide a forum for regional leaders to come together to work on economic development projects that needed to be pursued, projects which none of its leaders and stakeholders could accomplish on their own,” the EngenuitySC board said in the statement. At the time of the organization’s founding, the letter said, “there were scant economic development positions in our counties and municipalities. There was not a Midlands Business Leadership Group. Today, there is an abundance of entities focused on the good of our region.” Other members of the EngenuitySC board include Lee Bussell, CEO and chair of Chernoff Newman; Roslyn Clark Artis, president and CEO of Benedict College; Harris Pastides, former and interim president of the University of South Carolina; and Paul Livingston, former Richland County Council chair. “It’s important to remember that when EngenuitySC started in 2003, the economic development conversations in the region either weren’t happening at all or were only occurring in silos,” Benjamin said in the letter. “EngenuitySC has been a proactive, forward-thinking organization and has served as a catalyst to spur smart, intergovernmental and intersectoral partnerships.” CRBJ

Reach Melinda Waldrop at 803-726-7512.

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January 24-February 13, 2022

Decision greenlights Lexington beer garden and restaurant By Melinda Waldrop

mwaldrop@scbiznews.com

his spring is shaping up to be a memorable season for Gavin Smith. Not only is Smith, one of three managing partners of a new restaurant and beer garden planned for downtown Lexington, getting married, he will finally see his vision for that project take shape. Navy Yard on Main, with 11,000 square feet of outdoor space and 8,000 of indoor dining at 102 Main St., got the green light to ramp up construction on Dec. 21, when the S.C. Administrative Law Court granted its application for an on-premises beer and wine permit and a restaurant liquor-by-the-drink license. The decision paved the way for the project, stalled since February because of the opposition of a nearby church, to move ahead. “It has been a long process, but we are super grateful for the outcome yesterday, and we’re looking forward to being a part of the Lexington community,” Smith told the Columbia Regional Business Report after the decision. Navy Yard on Main was originally slated to open in May 2021, but the project ground to a halt when St. Stephen’s Lutheran Church filed a protest with the S.C. Department of Revenue, which issues alcohol licenses, on Feb. 24. The church raised concerns about noise, litter, parking and disruptive behavior, but Administrative Law Judge Shirley Robinson, who heard arguments on Dec. 3, ordered the permit be granted in a 15-page ruling. South Carolina law mandates that businesses serving alcohol within city limits may not be located with 300 feet of a church, school or playground. Robinson ruled that Navy Yard’s public entrance is 310 feet from St. Stephen’s, located at 119 N. Church St.,citing measurements taken by an S.C. Law Enforcement Division agent during the licensing process after Navy Yard applied for the license on March 1. Robinson also ruled that the church had failed to produce sufficient evidence to justify its concerns, writing that the church “provided no factual evidence” that granting the license would result in loitering, using drugs, vomiting or engaging in sexual activity on church property – all issues raised during the hearing. The ruling also noted the presence of several other establishments within walking distance of the church which serve alcohol, including one that shares two property lines with St. Stephens. “The concerns expressed by the Church while sincere, are too general and speculative to warrant denial of the permit and license,” Robinson wrote.

Navy Yard on Main at 102 Main St. in Lexington is ramping up construction after an S.C. Administrative Law Court ruling granted its application for an on-premises beer and wine permit. The beer garden and restaurant is slated to open this spring. (Photo/Navy Yard on Main)

The state revenue department initially denied the license in May and again in July. “We learned about the protest in February, but we didn’t make it public until May as we tried to privately work it out,” Smith said. “It was a complete surprise to us. The Lexington community has been so welcoming and so supportive of our project. To learn about the protest – while we respect their position (and) their standing in the community – we were very surprised to learn of their protest and unwillingness to work with us at all.” The property is the site of an automobile dealership which opened in 1918. Smith said site-specific work, such as painting and the replacing of water and sewer lines, has been ongoing since February, but work related to Navy Yard has been at a standstill. “We’ve already talked with our contractor, and we’ve established good relationships with their subcontractors,” Smith said. “They’re all mobilizing and preparing to start construction again.” The project’s general contractor is Zach Hopkins, owner of Palmetto State Renovations, while the architect is Craig Otto Architect, also of Lexington. Navy Yard on Main will feature a large selection of craft beer and a menu with distinctive touches such as clothesline bacon, strung on a cutting board and fired tableside, and beer-flavored wing sauces. Weekend brunch offerings will include homemade breakfast pastries and cinnamon rolls, and the venue will partner with local animal shelters to play host

to adoption events and Yappy Hours. The menu and kitchen have been tested at US Foods, said Smith, who said Navy Yard also plans to sponsor a local Little League team. “Being part of the community is a core concept of a beer garden,” he said. “It’s really something that we’re going to emphasize when we do get open.” Smith’s investment group, Vision Ventures LLC, also consists of his fiance, Matthew Pace, and best friend Cody Cook, owner of a local landscaping firm. Smith, a Lexington native, and Pace, who were then living in Washington, D.C., were visiting family in Lexington when they noticed during dinner that the 102 Main St. property was for sale. “Opening a brewery has always been something we’re very interested in doing,” Smith said. “Truthfully, we didn’t necessarily have plans to open one this early in life, but we saw the opportunity. This is my hometown. It was just too good of an opportunity to pass up. What better way to give back to your community than to open up a local small business? And to find the property that we found – we would never be able to do this concept on the town’s Main Street at any other property. This is the perfect property for us.” Smith and Pace reached out to the broker and discovered the property, originally slated for retail space, was owned by the Addy family of Cayce, whom Smith described as good family friends. “Lo and behold, they loved our concept and kind of bought into everything,” he said. “It just kind of came to life. …

We’ve met so many people throughout this process that just have been so incredibly supportive of us. We know that there’s buy-in for our concept.” Smith said research conducted with the South Carolina Small Business Development Centers has indicated more than $8 million in unmet demand for such a facility in Lexington, and he’s confident Navy Yard will be successful, its rocky start aside. “Despite how heated things have been with our neighbors next door, we intend to be good neighbors to them,” Smith said. “Our goal is never to interrupt a place of worship. Matthew’s dad, in fact, is a pastor. My brother is a pastor. We understand that that is a place of worship, which is why we’ve committed to not having any bands during worship hours and opening lines of communication with the church. “Our goal isn’t to bring a business to the town of Lexington to disrupt everyone. If that was our business model, it surely wouldn’t last long.” Navy Yard’s new timetable calls for construction to begin in January, with a grand opening tentatively slated for late spring – not long after Smith and Pace’s wedding. “There are a world of supply chain shortages that we now have to deal with. That’s our next hurdle that we have to jump over, that and all the staffing issues that are going on,” Smith said. “But if we’ve learned anything – if we can get through this, we can get through anything else.” Reach Melinda Waldrop at 803-726-7542.

January 24-February 13, 2022

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Blythewood woman sentenced for coronavirus relief fund fraud By Melinda Waldrop

mwaldrop@scbiznews.com

Blythewood woman has been sentenced to two years in federal prison after pleading guilty to receiving more than $1.2 million in fraudulent coronavirus relief fund loans. Bridgett Dorsey, 39, received $1.25 million by way of seven Economic Injury Disaster loans and two Paycheck Protect Program loans, along with two EIDL cash advances, for seven business for which she was the alleged owner. According to U.S. Attorney Corey F. Ellis’ office, Dorsey submitted applications containing materially false information, including inflated business revenues and employee numbers as well as addresses where business did not exist. In some cases, Dorsey submitted false documentation or created businesses for the sole purpose of obtaining the loans, according to a news release from Ellis’ office. Dorsey’s sentence is the first in the District of South Carolina for a fraud case involving the $2.2 trillion coronavirus relief fund passed in March 2020. Dorsey also pleaded guilty to committing tax fraud. “The defendant in this case not only stole from the federal government and

engaged in tax fraud, but she prevented funds from reaching the hands of those who needed it the most. That this occurred during a pandemic makes her crimes particularly egregious,” Ellis said in the release. “This case highlights the Department of Justice’s commitment to prosecuting those who illegally take advantage of COVID-19 to line their own pockets. Fortunately, the quick and capable work of our federal partners permitted the recovery of a substantial amount of stolen funds.” Small business received more than $640 billion in forgivable PPP loans to apply to expenses including payroll, mortgage interest, rent, and utilities, while the EIDL program provided low-interest loans for items such as accounts payable and other bills. “It is always a shame to see the rampant abuse of programs designed to help ordinary people struggling through the pandemic,” said Brian Thomas, assistant special agent in charge for the Internal Revenue Service Criminal Investigation’s Charlotte field office. “The IRS will continue to thoroughly investigate and vigorously target those who exploit the pandemic to commit tax fraud, and this case speaks to those efforts.” During the investigation, the IRS and the Treasury Inspector General for

Illustration/File

Tax Administration also discovered that Dorsey had committed tax fraud through one of her businesses, Virtual Financial Services. Dorsey prepared multiple tax returns on behalf of others and claimed deductions she knew were false, according to the release. The agencies seized more than $500,000 of stolen funds in bank accounts controlled by Dorsey, and another account with approximately $130,000 was frozen. These funds will be applied toward the restitution owed by Dorsey, who paid approximately $184,000 in res-

titution before sentencing. Senior U.S. District Judge Cameron McGowan Currie sentenced Dorsey to 24 months in federal prison, to be followed by a three-year term of court-ordered supervision. There is no parole in the federal system. Dorsey was also ordered to pay more than $1 million in restitution stemming from coronavirus relief-related fraud in addition to $13,865 in restitution to the IRS for tax fraud. Reach Melinda Waldrop at 803-726-7542.

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January 24-February 13, 2022

Trinity Partners relocates downtown office By Melinda Waldrop

mwaldrop@scbiznews.com

rinity Partners has relocated to 1501 Main St. in downtown Columbia. The seven-story, 138,909-square-foot Class A office building is anchored by TD Bank. The Columbia branch of the Charlotte-headquartered commercial real estate firm will also serve as the exclusive leasing and management agent for the building, according to a news release from Trinity. Trinity’s new office space in Suite 410 features multiple conference rooms and a large break area. The firm set up shop at 1556 Main St. when its Columbia office opened in the fall of 2018. “After launching the Trinity Partners Columbia, SC office just over three short years ago, we are incredibly grateful to our clients, customers and friends that have fueled our rapid growth,” Bruce Harper, Trinity managing partner, said in the release. “Our appointment as exclusive leasing and management agents and our move into this prominent Class A office tower in downtown Columbia is an exciting next step for the firm.” The company’s phone numbers and emails remain the same. Columbia office market feels effects of pandemic

Trinity is relocating its downtown Columbia office to 1501 Main St., a 138,909-square-foot building anchored by TD Bank. (Photo/Provided)

Columbia’s office market felt the effects of the COVID-19 pandemic during the fourth quarter of 2021, with the continuing work-from-home trend and rising construction costs contributing to negative absorption. A fourth-quarter analysis by Colliers International’s Columbia office found 218,787 square feet of negative absorption, fueled by staff of major office users continuing to work remotely. Vacancy rose in the fourth quarter to 15.5%, up from 14% in the third quarter and 13.9% in the fourth quar-

ter of 2020, according to the report. Total inventory remained at 14.5 million square feet, unchanged from both the third quarter of 2021 and the fourth quarter of 2020. The market saw no new supply, with 75,000 square feet remaining under construction from the third quarter of 2021, according to the report. Available office space is difficult to sublease, the report found, as it is either too large or expensive to subdivide. Rising construction costs also make upfitting existing space a challenge.

“It is unlikely that this dynamic will substantially change until new product is delivered or older buildings with large amounts of vacancy have sufficient capital invested in them to make them competitive,” the report said. Class A rents increased to $21.68 per square foot in the fourth quarter, up from $21.44 in the third quarter and $21.36 in the fourth quarter of 2020. Class A rents in Columbia’s central business district remained stable at $23.65 per square foot.

CIU accepting applications for new nursing program By Melinda Waldrop

mwaldrop@scbiznews.com

olumbia International University is now accepting applications for its new Bachelor of Science in Nursing program. Classes begin in August, pending approval from the State Board of Nursing. Jill McElhney, a nurse with 27 years of health care experience, leads CIU’s nursing program. Under her guidance, enrollment in the nursing program at Colorado Christian University doubled, according to a news release from CIU. The Bureau of Labor Statistics projects about 194,500 openings for registered nurses each year from 2020 to 2030, with many of those openings resulting from the need to replace workers who job changes or retire. The average age of a registered nurse in 2020 was 42.6, and the average salary as of May 2020 was $75,330. CIU’s state-of-the-art nursing simulation center includes full-body manikins that allow for clinical skill training, cognitive thinking and behavioral com-

Columbia International University’s new nursing program features a state-of-the-art simulation center complete with full-body manikin. (Photo/Provided)

munication. “With every clinical course, they (students) will spend four weeks in simulation on campus before they spend four weeks in the hospital or the clinical setting,” McElheny said in the release. “During those four weeks

of simulation, we’ll debrief and learn from the mistakes they may have made, and then they’ll be checked off before they can enter the clinical facilities. They will be very well prepared.” All prerequisites and nursing coursework will be taught on the CIU campus.

The school also offers an online RN-BSN program giving registered nurses the opportunity to earn the BSN degree. To apply for the BSN program or to request information, contact CIU admissions at 803-807-5024 or admissions@ ciu.edu.

January 24-February 13, 2022

www.columbiabusinessreport.com 9

Popular Five Points restaurant opening BullStreet location By Melinda Waldrop

mwaldrop@scbiznews.com

ublico Kitchen and Tap will open its second Columbia location at the BullStreet District this spring. The restaurant, which offers LatinAsian fare at its Five Points flagship, plans to open a 3,600-square-foot restaurant in the Ensor Building, adjacent to Segra Park and the First Base Building. “Publico at BullStreet is going to be familiar enough that you know where you are when you walk in, but different enough from the Five Points restaurant to know that we’ve evolved in 2022,” Mike Duganier, owner of Public Kitchen and Tap, said in a news release. “Our menu for the most part will be the same as the Five Points location.” The BullStreet location will have an industrial feel with exposed brick, Duganier said. It will feature a large, pet-friendly outdoor patio with a VIP (Very Important Puppy) menu, proceeds from which will benefit SQ Rescue, a no-kill animal rescue organization in Columbia. Publico, located at 2013 Greene St., offers items including made-from-scratch tacos, burgers and salads, along with craft beer and cocktails, and emphasizes locally sourced products.

The Ensor Building will be the site of Publico’s BullStreet location. (Photo/JeffBlake/JeffBlakePhoto.com)

“I’ve been a fan and customer of Publico for several years and am excited about having the restaurant in the BullStreet District,” Robert Hughes, president of BullStreet master developer Hughes Development Corp., said. “The restaurant is innovative, appeals to a cross-section of Columbia and does a lot of im-portant things for the community, which is what the BullStreet District is all about.” Publico is one of several additions to recently arrive at or planned for Bull-

Street, a 181-acre, mixed-use development at the site of the former S.C. State Hospital. Renovations continue at The Babcock Building, being transformed into a 208-unit luxury apartment complex, while plans were announced last September for Bennet at BullStreet, a 280,000-square-foot community with 269 luxury apartments. Demolition for the University of South Carolina’s new, $300 million medical

school campus was completed last spring, and work continues on that site. Design work also ramped up last spring for Iron Hill Brewing, which announced plans in March 2020 for a BullStreet location. The development has been without a restaurant since Bone-In Barbeque closed in February 2020. “When I see everything happening at BullStreet — the University of South Carolina’s medical school, the apartments and single-family houses, REI, Starbucks, a new brewery in the works — I know that’s a big part of Columbia’s future, and I want to be a part of it,” Duganier said. Duganier’s career began at a family-owned restaurant and bar in New York state and has taken him across the country. He opened athlete-branded restaurants in cooperation with the NFL before making Columbia his home base. His longtime business partner and friend, Robert “Bob” McCarthy, passed away as plans for the BullStreet District location were being finalized. “Bob was very excited about our expansion to BullStreet and the overall business plan we have for the company,” Duganier said. “The brilliance, energy and passion he devoted to the company will be honored by continuing his commitment to an unsurpassed dining experience for every guest in all our restaurants.”

www.columbiabusinessreport.com

January 24-February 13, 2022

SC Film Commission seeks to grow resources statewide By Teri Errico Griffis

tgriffis@scbiznews.com

his past year, there’s been a major shift in film and television consumption toward streaming services. Red Notice, starring Dwayne Johnson, Ryan Reynolds and Gal Gadot, went straight to Netflix becoming the most watched film in the service’s history at 364 million hours in the first month. Amazon, HBO, Netflix, Paramount and more services are churning out new products around the clock, and the S.C. Film Commission is ready to facilitate as many productions as possible in 2022. Matt Storm, the new S.C. Film Commissioner, said once the country eased up on heavy pandemic restrictions, allowing more flexibility to film, the floodgates opened. “And it’s not just us,” he said. “There’s no stage space in L.A., Atlanta. Every place that has filming has more filming than it can handle, and we’re among that.” At the Commission’s Columbia office, Storm said he and Project Manager Dan Rogers are inundated with interest in filming in South Carolina, mainly small-budget features and series productions. Planning ahead, Avengers star Paul Bettany visited the Lowcountry in October with his writing partner, Dana Brown, to view locations for a movie they co-wrote. “It’s awesome that we have Paul Bettany and other stars coming down for Righteous Gemstones, which is a huge hit for HBO,” Storm said. “These guys are doing it because they love the script, and they love the fact that they can shoot in Charleston. They can go get coffee and not get swamped by people versus shooting a cameo spot on another show in Atlanta where they have tons of pap.” Interest in filming in South Carolina has grown immensely over the years because there are now a lot more mediums to publish content, Storm said. “You don’t have to rely on movies and movie theaters so much anymore. You have an easier avenue for people to consume the product,” Storm said. A tale of success to come out of the state is Netflix’s drama Outer Banks, which has primarily filmed in the Lowcountry since 2019. When the second season was released in July, the streamable series shot to the top and remains one of the service’s most watched series of the year. The attention has also drawn tourists to Charleston. Alex Goldstein, general manager and tour guide for Charleston Outdoor Adventures on Bowen’s Island, said since the summer of 2020, patrons have been loving their kayak tours for the overlap with Outer Banks, including marshes, waterfront homes and Bowen’s Island Restaurant, which was featured in season two — albeit with temporary signage changes and dec-

Outer Banks’ actors Rudy Pankow, Chase Stokes and Jonathan Daviss film a scene for the Netflix show in downtown Charleston. (Photo/Provided)

orations. “I would do kayak tours and at least a couple times a week, someone on my tours — even when we’re not talking about anything like that — will ask if this is where Outer Banks was filmed or This past year, there’s been a major shift in film and television consumption toward streaming services. Red Notice, starring Dwayne Johnson, Ryan Reynolds and Gal Gadot, went straight to Netflix becoming the most watched film in the service’s history at 364 million hours in the first month. Amazon, HBO, Netflix, Paramount and more services are churning out new products around the clock, and the S.C. Film Commission is ready to facilitate as many productions as possible in 2022. Matt Storm, the new S.C. Film Commissioner, said once the country eased up on heavy pandemic restrictions, allowing more flexibility to film, the floodgates opened. “And it’s not just us,” he said. “There’s no stage space in L.A., Atlanta. Every place that has filming has more filming than it can handle, and we’re among that.” At the Commission’s Columbia office, Storm said he and Project Manager Dan Rogers are inundated with interest in filming in South Carolina, mainly small-budget features and series productions. Planning ahead, Avengers star Paul Bettany visited the Lowcountry in October with his writing partner, Dana Brown, to view locations for a movie they co-wrote. “It’s awesome that we have Paul Bettany and other stars coming down for Righteous Gemstones, which is a huge hit for HBO,” Storm said. “These guys are doing it because they love the script, and they love the fact that they can shoot in Charleston. They can go get coffee and not get swamped by people versus shooting a cameo spot on another show in Atlanta where they have tons of pap.” Interest in filming in South Carolina has grown immensely over the years because there are now a lot more mediums to pub-

lish content, Storm said. “You don’t have to rely on movies and movie theaters so much anymore. You have an easier avenue for people to consume the product,” Storm said. A tale of success to come out of the state is Netflix’s drama Outer Banks, which has primarily filmed in the Lowcountry since 2019. When the second season was released in July, the streamable series shot to the top and remains one of the service’s most watched series of the year. The attention has also drawn tourists to Charleston. Alex Goldstein, general manager and tour guide for Charleston Outdoor Adventures on Bowen’s Island, said since the summer of 2020, patrons have been loving their kayak tours for the overlap with Outer Banks, including marshes, waterfront homes and Bowen’s Island Restaurant, which was featured in season two — albeit with temporary signage changes and decorations. “I would do kayak tours and at least a couple times a week, someone on my tours — even when we’re not talking about anything like that — will ask if this is where Outer Banks was filmed or say that the scenery looks like the show,” Goldstein said. While tours don’t intend to focus on the Outer Banks connection, Goldstein said she has had specific requests from fans of the show. One dad in particular requested a private tour for his daughter and a group of teen girls to learn about the places Outer Banks was filmed. Goldstein happily obliged and sent out a captain who was a mutual fan of the show. Heading into 2022, the state continues to be limited by its $15 million annual incentive budget, which primarily is allocated to Outer Banks and Righteous Gemstones. But an extra $15 million earmark the organization was awarded in the summer will help fund some of the newer projects. Storm would like to see what proposals

come up in the beginning of the year before he plans how to spend the entirety of the earmark. He’d also like to use some of the funds to grow statewide outreach for more filming, in particular for increasing internship opportunities and furthering filming education. “There’s a really good program in Charleston through Trident Technical College that we partner with. They have interns on set, and they have a great indie grant program, which is awesome,” Storm said. “But I would love to do something not just Charleston-centric. That’s kind of my thought for the future. I don’t know what that’s going to look like yet, but I would love to use funds for that, for increasing awareness.” The S.C. Film Commission already has been in contact with a company in Greenville looking to bring the same kind of production energy to the upstate. Storm also hopes to collaborate with University of South Carolina, which recently increased its media art presence. The inevitable goal is to increase production interest statewide, to make incentive money worth it for everyone, not just the bigger markets, Storm said. If movies only film in Charleston, what’s in it for places like Clarendon or Marlboro counties? But more and more money is piping into Charleston because that’s where the talent and support services have been built. A potential film coming to Union County soon could change things — particularly create more reason to increase incentive money statewide. “If we had more money, we’d be able to have more resources, but if we don’t have more crew to back it up I don’t know if there’s a point,” Storm said. Righteous Gemstones and Outer Banks will get to work filing their third seasons later this year, and Storm said, “For now, we’re just keeping the train rolling and seeing where things go legislative-wise.” Reach Teri Errico Griffis at 843-849-3144.

January 24-February 13, 2022

www.columbiabusinessreport.com 11

CEO says ports positioned to navigate uncertainty By Teri Errico Griffis

out to St. George, closer to where domestic trucks handle the cargo that’s transloaded, is a better model, Newsome said. The land’s cheaper. Facilities are closer to the workforce. And companies aren’t competing with the Charleston workforce. “I believe I’m right in saying that what we did in Ridgeville for Walmart is a catalyst for that whole area of growth. And we felt that start,” Newsome said.

tgriffis@scbiznews.com

n April 2020, the S.C. Ports Authority budget called for a 10% reduction in volume as the pandemic rolled across the global supply chain. Jim Newsome, SCPA President and CEO, had no idea if even 1.23 million containers would be achievable, but he couldn’t imagine articulating a 30% reduction — and wasn’t prepared to let go of any employees in such a skill-driven industry. “I was nervous,” he said. Like other CEOs, he had never managed a pandemic before. Little did Newsome know that the SCPA would soon see record volumes that kept on climbing. He anticipated the port losing nearly 15% of cargo volumes in fiscal year 2021, when in reality numbers rose 10%. Newsome sat down with the Charleston Regional Business Journal to talk about the year that’s past, and more specifically, the year ahead as the country navigates year three of the pandemic.

Retail inventory

Newsome admits the SCPA was late to the game when the agency began focusing on retail in 2020, but coming on board when they did couldn’t have been more crucial. With the pandemic causing e-commerce to skyrocket, be it gadgets to pass the time, clothing and late-night QVC orders or home furnishings, the port has benefitted from increases in cargo imports. Newsome owed much of that shift to people being forced to stay indoors and avoid traveling, restaurants and group entertainment. While he expects at some point the scales will tip back, e-commerce is here to stay, particularly as inventory to sales ratio remains rather low, he said. “There is still some inventory retail to be done,” Newsome said. “I don’t know if you’ve been in a retail store lately, but they are a bit sparse on products on shelves.” The CEO believes the ports will remain strong through the first half of the year — and possibly even stronger after that because of Walmart Import Distribution Center 7’s opening in Ridgeville, a growing presence with Amazon and export projects that are expected to come online this year. “I think the fundamentals of our business outside of just normal growth in the Southeast makes the port business just a good place to be. People are moving south and we can still manufacture and we have land to do transloading and things like that,” he said.

Retirement wrap up

The CMA CGM Brazil leaves Wando Welch Terminal. (Photo/SCPA, Marion Bull)

Cargo capacity

With the country importing 20% more cargo than the supply chain was built for, Newsome said the SCPA is bumping up against the same challenges as other ports, including congestion and overflows, but South Carolina is managing because measures were being put into place that helped mitigate some of the issues. The Hugh K. Leatherman Terminal was constructed to add more berth capacity. The Charleston Harbor was deepened to allow larger ships. A third start time was added at 1 a.m., allowing ships to be serviced between the original 12-hour gap of 7 a.m. to 7 p.m. Though the HLT hasn’t been fully utilized in year one as intended — seeing only 50% usage at best — the North Charleston Terminal has served as a buffer for the overloaded Wando Welch Terminal, maximizing its capacity and taking on small service ships that can be moved. “Just open the terminals 24 hours a day,” people tell the CEO as if it’s that simple a call to make. Newsome wouldn’t argue if it was possible, but to extend hours, he’d need 200 to 300 trucks an hour, or essentially trucks driving around 24/7. Such a number could never happen. Chassis shortages and empties sitting twice as long on lots have only created more chaos in the industry. Right now, container dwell times are up from an average 4-9 days to 15 as there aren’t enough distribution centers to support e-commerce, forcing companies to leave cargo indefinitely on SCPA terminals. “(Companies) don’t want empties back. They don’t have the space for them,” he said. “So guess what that does? That means you can’t pick up a full one, and it becomes a self-fulfilling prophecy of backlog.” One problem then begets another, Newsome said, and the country has created a chassis shortage, too. There are two ways to keep cargo in a container. One is to leave containers at SCPA terminals and pay for storage,

while the second is to put it on a chassis, take the cargo offsite, park it at the distribution center “and hope for the day when it can be unloaded,” Newsome said. The result is putting the chassis pool at 100% utilization and companies aren’t playing nicely in the sandbox together. Like toilet paper hoarding, some businesses may corner thousands of chassis to the detriment of everyone else, Newsome said. In March 2020, SCPA had 6,000 inbound loads after a record month. By December 2021, the agency recorded 17,000, of which 5,000 had been sitting more than 15 days. “It’s like a traffic jam on 526. There’s just too much in the mechanism right now,” Newsome said.

Westward growth

Watching companies scoop up property westward down Interstate 26 has been gratifying for Newsome. “It’s what we thought would be the case,” he said. After Walmart chose to build its newest distribution center in Ridgeville, economic leaders believed it would only be a matter of time until other companies took notice. Since the state can’t grow east because of the water, or north and south because of wetlands, westward is the only direction available. Companies are expanding into St. George, Holly Hill and Santee — towns that were previously quiet and not immediately associated with business booms. “We always felt that the global supply chain would locate near a port if we built the right infrastructure and we offered good product. We could attract the business,” Newsome said, adding that the pandemic helped the state because it forced people to look for alternatives. The pandemic gave South Carolina the opportunity to have a discussion with companies that might not have had a discussion with before. Spending more in drayage to get cargo

With the end of fiscal year 2022 also comes the end of Newsome’s tenure at the SCPA. In October, he announced his retirement from the agency, and shared that COO Barbara Melvin will take his place. The first female to run a top 10 operating container port in the U.S., Melvin was identified early on as someone who could ultimately succeed Newsome with the right steps, he said. But she had to run S.C. Ports operations first, initially tackling the Charleston Harbor Deepening Project and the Hugh K. Leatherman Terminal expansion. Melvin, who has been with the ports since 1998, has since earned an executive MBA to gain formal business training, as well as a supply chain MBA. By stepping down, Newsome hopes to create room for even more employees to rise up, noting that if he stayed too long, others might not see openings for themselves and leave. Already, Newsome’s been at SCPA longer than he has remained with any other agency, which is surprising to someone self-described as “restless.” He admits he considered his tenure when he signed his 2012 contract, ultimately having a 10-year timeframe in mind. “CEOs have a shelf life,” he said. “You get so many good ideas in the tank.” Leading up to June 30, Newsome promised to work hard “until whatever time I leave that day as I’ve always done.” Following his retirement, he then will continue to serve as advisor for the next year. “I’m looking forward to it,” he said. “I’ve got a lot of things I want to do in life both professionally and personally, so I don’t envision sitting at home looking at four walls… My wife has already told me that if I had that in mind, that she doesn’t want me there either.” Newsome remains hopeful for the port’s future regardless of what happens in 2022. “I’ve always said to y’all that I think we would grow up above the market in the ports in the Southeast, and I believe that to be true,” he said. Reach Teri Errico Griffis at 843-849-3144.

www.columbiabusinessreport.com

January 24-February 13, 2022

MAXIMIZE YOUR MARKETING 2022

This event shines the spotlight on both established leaders and the state’s rising stars who make an impact in business while making time to give back to the community.

This annual event recognizes 20 small and 20 large companies in an exciting countdown format that culminates in the crowning of the two best-performing companies in the state.

The Top Projects competition recognizes the most outstanding construction projects completed in South Carolina in 2021.

OCTOBER

DECEMBER

JULY

AUGUST

NOVEMBER

The Best Places to Work in South Carolina program ranks companies that meet certain criteria for practices, programs and benefits. Celebrate with a party unlike any other, with a red carpet welcome, surprise speakers, cocktails, dinner and lots of glitz and glam.

The SC Manufacturing Conference and Expo will be held in Greenville. This multi-day event includes the Salute to Manufacturing Awards Luncheon, a manufacturing expo, panel discussions and several interactive, practical workshops.

2022 | SOUTH CAROLINA

MANUFACTURING

CONFERENCE AND EXPO

For sponsorship opportunities, contact Robert Reilly at rreilly@scbiznews.com or 843.849.3107.

In Focus

2022: THE YEAR AHEAD LISTS: Hospitals, Page 14

NEXT ISSUE’S FOCUS:

Architecture, Engineering and Construction

Illustration/File

U.S. economy poised for post-recovery surge By C. Grant Jackson

Contributing writer

all it pandenomics. While Washington seems gridlocked on many fronts, Doug Woodward, director of the division of research and professor of economics at the University of South Carolina, says he is seeing agreement about how to handle the nation’s economy. And, ultimately what is happening could be good for South Carolina’s economy, Woodward told attendees at USC’s 41st Economic Outlook conference in early December. “There is a consensus about how to approach economic theory these days that we didn’t have before the pandemic,” Woodward said. What Woodward calls pandenomics, a word he coined, “is quite

different than what we had before COVID broke out a year and a half ago.” While partisanship is certainly rampant in the nation’s capital with more and more polarization, “what is really incredible is that there has been this consensus about economic policy during the pandemic,” Woodward said. That has resulted in a huge amount of aid and stimulus coming out of Washington, and that is largely the reason the reason that consumer spending is doing so well and the economy is recovering, he said. “We’ve never had this kind of stimulus, not anything close to it. At least not since the Great Depression,” he said. “And there seems to be a consensus around that. That seems to be bipartisan.” The bipartisanship that Woodward sees in Washington has been centered around a

consensus that the economy needed more money. “That’s what everyone thought was the key. It’s like oxygen to resuscitate the economy after we shut it down in March and April of 2020,” Woodward said. “Everybody agreed we needed an expansionary monetary policy to get us out of this potential depression that everyone was worried about just a year ago, and the key to getting us out was to put us on this life support. And we’ve been on life support with more money ever since that time, since March 2020.“ But now that is shifting. “We’re going to turn off the oxygen and see if the patient can live without it,” said Woodward, whose remarks came just a week before the Federal Reserve announced on Dec. 15 that it would begin

to taper off the monthly bond buying program that it has used to pump money into the economy. It has been the Federal Reserve policy of Quantitative Easing, the large scale purchase of assets, which has been hyper-stimulating the economy, Woodward said. “We’ve never had anything like this before in history. This is why we are bouncing back so quickly,” he said. The Federal Reserve has added some $5 trillion in new money to an economy that is roughly $22 trillion in total, he said. “So that is a lot of money to be shoveling into the economy, the likes of which we have never seen before. So now we are going to start tapering this off. We are going to be in for an interesting ride here.” See ECONOMY, Page 20

www.columbiabusinessreport.com

IN FOCUS: 2022: THE YEAR AHEAD

January 24-February 13, 2022

Hospitals

Ranked by No. of Licesned Beds Phone / Website / Email

Top Local Official(s) / Year Founded

Beds

Active Staff Physicians / Registered Nurses

803-434-7000 www.prismahealth.org

Mark S. O'Halla 2017

1,352

Lexington Medical Center 2720 Sunset Blvd. West Columbia, SC 29169

803-791-2000 www.lexmed.com taugsburger@lexmed.com

Tod Augsburger 1971

557

573 1,400

G. Werber Bryan Psychiatric Hospital 220 Faison Drive Columbia, SC 29203

803-935-7143 stuart.shields@scdmh.org

Stuart Shields 1978

530

803-256-5300 www.yourprovidencehealth.com terry.gunn@providencehospitals.com

Terry Gunn 1938

451

422 595

Regional Medical Center of Orangeburg & Calhoun Counties 3000 St. Matthews Road Orangeburg, SC 29118

803-395-2200 www.trmchealth.org mwhisenhunt@regmed.com

Charles E. Williams 1919

286

Columbia VA Health Care System 6439 Garners Ferry Road Columbia, SC 29209

803-776-4000 www.va.gov/columbia-south-carolina-health-care vhacmsdornpa@va.gov

David Omura, Jeffrey Soots, Bernard DeKoning 1932

204

206 644

Correct Care of South Carolina 7901 Farrow Road Columbia, SC 29203

803-935-0505 www.wellpath.us rlawrenz@wellpath.us

Ronald Lawrenz 1998

159

4 52

Three Rivers Behavioral Health 2900 Sunset Blvd. West Columbia, SC 29169

803-796-9911 www.psysolutions.com shannon.marcus@uhsinc.com

Shannon Marcus 2000

122

Encompass Health Rehabilitation Hospital of Columbia 2935 Colonial Drive Columbia, SC 29203

803-254-7777 www.healthsouthcolumbia.com chris.daughtry@encompasshealth.com

Chris Daughtry 1989

Newberry County Memorial Hospital 2669 Kinard St. Newberry, SC 29108

803-276-7570 www.newberryhospital.org info@newberryhospital.net

Bruce Baldwin 1925

23 109

Gilliam Psychiatric Hospital - S.C. Department of Corrections 4344 Broad River Road Columbia, SC 29210

803-896-8597 drake.james@doc.state.sc.us

James Stoney Drake 1984

ContinueCare Hospital at Palmetto Health Baptist Taylor St. at Marion St. Columbia, SC 29220

803-296-3701 www.continuecare.org/palmetto dbest01@continuecare.net

John Jones 1998

150 40

S.C. Vocational Rehabilitation Evaluation Center 1400 Boston Ave. West Columbia, SC 29170

803-896-6040 acato@scvrd.net

Alison Cato 1923

Kirkland Correctional Institution Infirmary 4344 Broad River Road Columbia, SC 29210

803-896-8567

Daniel Mullins 1975

William J. McCord Adolescent Treatment Facility 910 Cook Road Orangeburg, SC 29118

803-534-2328 www.tccada.com mdennis@tccada.state.sc.us

Mike Dennis 1993

1 7

Morris Village 610 Faison Drive Columbia, SC 29203

803-935-7100 www.state.sc.us/dmh/morris_village george.mcconnell@scdmh.org

George McConnell 1975

Willow Lane Infirmary 4650 Broad River Road Columbia, SC 29210

803-896-9461 patave@scdjj.net

Patrick Tavella 1966

Company Prisma Health-Midlands 1301 Taylor St., Suite 9A Columbia, SC 29201

MUSC Health Columbia Medical Center 2435 Forest Drive Columbia, SC 29204

• • •

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com. 1 Locations include Prisma Health Baptist, Prisma Health Baptist Parkridge, Prisma Health Richland and Prisma Health Tuomey Hospital 2 Locations include MUSC Health Columbia Medical Center Downtown, MUSC Health Columbia Medical Center Northeast and MUSC Health Kershaw Medical Center 3 Additional location includes S.C. Sexually Violent Predator Treatment Program

Source: South Carolina Department of Health & Environmental Control Researched by Business Report staff

January 24-February 13, 2022

IN FOCUS: 2022: THE YEAR AHEAD

www.columbiabusinessreport.com 15

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IN FOCUS: 2022: THE YEAR AHEAD

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January 24-February 13, 2022

IN FOCUS: 2022: THE YEAR AHEAD

www.columbiabusinessreport.com 17

LOOK AHEAD, from Page 1

be part of the discussion as the session moves forward.” Legislators and Gov. Henry McMaster pledged to keep that momentum going. McMaster’s 2022-2023 executive budget proposes plans for investing that surplus, along with $2.4 billion in coronavirus relief funds provided by the American Rescue Plan Act, a $1.9 trillion relief fill approved in March 2021. “If we take advantage of this once in a lifetime opportunity – by making big, bold, and transformative investments in the areas of education, infrastructure, workforce, and economic development, South Carolina will prosper for generations to come,” McMaster wrote in a letter to the General Assembly. The budget calls for a proposed 1% rate reduction over five years, from 7% to 6%, for all personal income tax brackets, $120 million for K-12 education funding reform and $500 million (non-recurring) and $100 million (recurring) to the S.C. Department of Transportation to upgrade the state’s network of roads and bridges, among other proposals. South Carolina has the highest marginal income tax rate among Southern states and ranks 31st in the nation for overall business tax climate, including a No. 36 ranking for property tax, according to national nonprofit The Tax Foundation. “I think South Carolina’s income taxes are too high,” Senate Majority Leader Shane Massey told the Business Speaks audience, adding that property taxes are sales taxes are no better. “We’re clearly out of line with a number of our sister states, and it makes us less competitive.” The executive budget also proposes recommendations for ARPA funds, including $400 million to expand broadband access, $124 million to expand the Workforce Scholarships for the Future program targeting high-demand careers in technical fields, and $250 million allocated to unemployment trust fund and small business assistance. “Like every other state, we don’t have enough workers,” Morgan said. “We’re fortunate that people continue to move here. We’re the 10th-fastest growing state in the country, and we still have more jobs going unfulfilled than we have people who are looking for work.” Workforce shortages have also contributed to supply chain woes that have clogged the flow of goods from manufactures to consumers as the pandemic wears on, Morgan said. “There are goods that are sitting offshore that, because of a lack of workers, because of a shortage of computer chips, we’re not able to bring product to the market at a time when products produced in South Carolina are in greater demand than ever before,” Morgan said. “The private sector, frankly, is going to have to figure that out, in partnership with the ports and the trucking industry and others. …

A HOPE sign, sponsored by City Center Partnership, pops up at different Main Street locations, signaling a desire for brighter times ahead. (Photo/Melinda Waldrop)

Our economy is doing very well, but it could be doing so much better.”

A story of success

A major step in moving his business forward, Brown said, was onboarding with NDC, one of three major players in the health care industry that coordinates supply chain solutions for more than 1,200 distributors in North America and 700-plus health care manufacturers. “Before, let’s say we had relationships with 30 or 40 individual manufacturers. So depending on what we wanted to order and depending on which manufacturer made it, we would have to deal directly with them,” Brown said. “What NDC does is they consolidate all that, and then we have access to over 300 manufacturers through NDC. “It makes it easier for us, it makes easier for our customers. Our customers, our hospital systems, don’t have to have 20 different trucks backing up. They can get a pallet with 20 different products on it.” While health care providers are and will remain the focus of Rhino’s business, its growth has helped it serve smaller-scale customers looking for resources amid the surge in the omicron variant of the coronavirus. Rhino has helped a local restaurant worker, afraid he had been exposed to COVID-19 and in need of an at-home test because calling out of work without a positive result meant risking termination, among other individual examples. “We had a gentleman drive from Charlotte to pick up 15 boxes because his wife and his newborn both had COVID, and he can’t reunite with them until everybody tests negative,” Brown said. “He waited in line for four hours in Charlotte, and when he got to the front of the line, they were sold out. You get stories like that all the time.” Rhino offers both pickup and contactless local delivery for the tests, and Brown said its warehouse inventory currently allows for same-day shipping – though it reorders frequently from a manufacturing partner producing 400,000 boxes, each containing two tests, a day. “There’s a direct correlation: Any time there’s a surge in cases, we see a surge in business,” Brown said. “We try to stay

ahead of it, where we keep inventory in so that we can ship out the same day so we can be competitive with some of the other guys. And more importantly, we value the relationship with all of our customers, so we try to give them that attention where it’s just not transactional.” Those relationships are what have kept Rhino going strong amid the ups and downs of the pandemic and are what Brown says will keep the company relevant — and profitable — in whatever a return to normal looks like. “It goes to the work that we’ve been putting in since we started to develop these relationships with the manufacturers so that when times like this happen, we already have a supply chain,” he said. “We’ve already been dealing with them, and we’re trusted. They know who we are. They know who our end users are. We’re not trying to broker it or anything like that. “Our goal is to get these products, whatever they are, into the hands of the people that need them to help save lives. … We’ve still got a long way to go from where we want to be as a company, but our goal of making sure that when COVID is over, Rhino Medical Supply is going to be a sustainable business — we’re well on our way to that.”

Down on Main Street

About three miles from Rhino’s Rosewood Drive headquarters, Columbia’s central business district is bustling with new businesses. Matt Kennell, CEO of downtown economic development organization City Center Partnership, said that while the Main Street business owners he talks to remain concerned about COVID-19 and the labor market, growth isn’t slowing. “It just keeps chugging along. It’s like The Little Engine That Could,” Kennell said. “We just see continued growth, particularly in the hospitality sector — where jobs are most in demand, interestingly enough.” The Cambria Hotel in the Congaree Vista is slated to open this spring, while another hotel, the Moxie, is under construction at 1200 Main St. Another boutique hotel is coming to Assembly Street, Kennell said, while downtown residential develop-

ment continues to boom. The Standard, a 17-story student housing tower at the corner of Assembly and Washington streets, is well under way, while the Palms of Lady expects to begin leasing next month. New restaurants are popping up all along Main Street. Vista restaurant 929 Gervais is expanding with another property, a 65,000-square-foot Korean barbecue restaurant, at 1333 Main St., while Greek restaurant Ambrosia is opening soon in the 1700 block. Prohibition, a Charleston-based speakeasy cocktail bar concept, is coming in the spring to the former Main Street Public House spot at the corner of Main and Taylor, while The Strudel Shop, a new bakery, is holding its grand opening at 1237 Washington St. on Jan. 27. Takosushi’s much-anticipated return to the Columbia area is slated to happen by the end of the month in The Arcade building, while Taco Grande is opening on Hampton Street in the spot formerly occupied by Fancy That Bistro and Sky Bistro Lounge is coming to 1120 Washington St. “It’s almost like one a day. Many of these spots that have been vacant for a long time are filling up,” Kennell said. The robust retail scene isn’t limited to restaurants. Maternity shop Sneak a Peek is open next to Oliver Gospel Mission, which is launching a high-end thrift shop on Taylor Street. And Shivas Spa, slated to occupy 1716 Main St, is part of a growing push past the 1600 super block. “I think you’re seeing things pushed solidly into the 1700 block, even into the 1800 block,” Kennell said. “We’re also seeing some growth on the side streets that we’ve been looking for, some of the projects on Taylor and Washington.” One area that has felt more negative effects from the pandemic is the Columbia office market, which a recent Colliers analysis found to have a 15% vacancy rate, up from 14% in the third quarter of 2021 and 13.9% in the fourth quarter of 2020. “That’s an issue to watch,” said Kennell, who estimated the vacancy rate on Main Street at around 10%. “But as far as the social aspects of the (city) center, it just seems like things are pretty good. People are — when they’re not quarantining, they’re out downtown.”

Forecasting the Year Ahead 18

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IN FOCUS: 2022: THE YEAR AHEAD

January 24-February 13, 2022

Former Lehman Brother economist Stephen Slifer recaps his forecast for 2022, discussing liquidity after the government oversold the recovery and the ongoing impact of tech in helping us adapt beyond a pandemic

he coming year is likely to be characterized by surprisingly robust GDP growth at 4.9%, and inflation is almost certain to remain far higher than the Fed would like to see at 4.8%. Because the Fed continues to believe that the recent run-up in inflation is caused by supply chain disruptions and not by excessive growth in the money supply, it still concludes that the flare-up in inflation is “temporary.” As a result, it is inconceivable that it will choose to aggressively fight inflation any time soon. It may Slifer well raise rates three times in 2022, which would boost the funds rate from near 0% today to 0.75% by the end of 2022, but it would still be far below its “neutral” level of 2.5%. Fed policy will remain stimulative for years to come. The combination of robust GDP growth next year, a substantial increase in inflation, and still low rates will keep corporate earnings on a roll and the stock market soaring.

Economy continues to roll

The recession in March and April of 2020 was caused by federal government action. It chose to fight COVID by shutting down the U.S. economy. As a result, GDP growth in the second quarter plunged by 31% and fell $2.2 trillion below its potential growth path. Twenty-two million Americans lost their jobs. Given that government action was the cause of the recession, our leaders in Washington felt an obligation to make people whole. But they overdid it. The combination of $5.3 trillion of stimulus checks and $4.2 trillion of Fed purchases of securities have provided $9.5 trillion of stimulus to counter a $2.2 trillion shortfall. No wonder the economy has been on a roll, and because much of that excess liquidity remains, we are bullish on the 2022 outlook and anticipate GDP growth of 4.9%.

Tech helps us adapt

In addition to excessive stimulus, the tech sector played a pivotal role in lifting the economy out of recession, and we believe that economists have underestimated its importance. Think of the bio-tech sector and the development of the COVID vaccine. Vaccine development is typically a 10-year process but the COVID vaccine was developed in a single

year thanks to technology. When the economy was shut down a firm could not meet face-to-face with its employees. Sales people could not meet face-to-face with their clients. But along comes Zoom and Microsoft Teams to allow them to approximate face-to-face meetings when they could not otherwise do so. During the pandemic, consumers could not go to local stores to shop. They had to buy things online. Amazon was well positioned to do that but, with the help of technology, brick-and-mortar stores like Walmart and Target did a wonderful job of educating their customers to order online and pick up their merchandise at the store. Many people were sick. No one wanted to sit in a doctor’s office among a bunch of other sick people waiting to see a doctor. Along came tele-health. In-restaurant dining was eliminated. In order to survive, restaurants had to develop delivery or take-out services. Along came UberEats, DoorDash and Grubhub to fill the need. Tech played a critical role in helping the economy emerge from recession, and will continue to help it adapt to this significantly revamped and ever-changing economic environment. We are confident that technology will help the U.S. economy’s speed limit climb from 1.8% currently to 2.5% or more in the years ahead.

Easing pandemic panic

Our relatively optimistic view of the economy next year could become unraveled if COVID resurfaces. We do not expect that to happen despite the recent appearance of the Omicron variant. When COVID arrived in early 2020 it had a pool of 330 million unvaccinated Americans as prime candidates to infect. But today 233 million Americans have received at least one dose of the vaccine and another 48 million have already contracted COVID and have developed natural immunity. Thus, 281 million people now have some sort of immunity, which means the pool of potential candidates for COVID to attack has shrunk to 49 million, and COVID spreads almost exclusively amongst the unvaccinated population. Our sense is that Americans will become progressively less fearful of COVID as the year progresses, and it will cease to be a significant factor in determining the economic outlook.

If one can eliminate COVID from the confluence of factors likely affecting GDP growth in 2022, the rest of the economy appears poised for growth. Out of balance demand The demand for goods and services far exceeds supply in virtually every sector of the economy. For example, in the housing market, properties fly out the door once they are listed. The typical property sells in 17 days which is the shortest length of time between listing and sale on record. Because properties have been selling so quickly, Realtors have only a 2.5month supply of homes available to show potential buyers. They need roughly a sixmonth supply for demand and supply to be in balance. There is a similar shortage of rental properties on the market. The vacancy rate for rental units is the lowest it has been since the 1980s. Thus, there a significant shortage of both single-family homes and apartment units. The solution is for builders to step up the pace of construction. But they are hampered by both a shortage of skilled workers and materials constraints. While the pace of construction will accelerate, it will be impossible for builders to eliminate the substantial backlog of demand during this coming year.

Expect issues in manufacturing

Manufacturers are facing similar difficulties. The Institute for Supply Management’s index for the manufacturing sector is near a record high level. Orders keep flowing in. Firms step up the pace of production as best they can, but they suffer from supply side constraints – delays in getting required materials, the high cost of raw materials, a shortage of critical

inputs such a semiconductors, delays at ports, a shortage of truck drivers, a shortage of warehouse space, and an inadequate supply of skilled labor. As a result, manufacturing firms have been forced to dig dip into inventories to satisfy as much of the demand for orders as they can. In the first three quarters of this year, inventories subtracted 1.6% from GDP growth. But eventually these supply issues will be resolved and the economy will receive a tailwind of roughly that same 1.6% in 2022. The Institute for Supply Management’s index for the service sector was at a record high level in October. It blew through that previous high by almost five points in November to establish an even more impressive record at 74.6.

Help wanted everywhere

Throughout this past year firms have complained about an inability to get the number of workers they need. Help wanted signs are posted everywhere. Job openings have soared to a record high level and, indeed, there are more job openings in the U.S. at 11 million than there are unemployed workers at 6.9 million. Part of the problem firms are having is that roughly 1.5 million of their former employees appear to have retired. Given massive gains in the stock market and rapidly rising home prices older Americans might be seizing the opportunity to downsize and use their newfound wealth to fund retirement. Others appear to have rejected the idea of working for someone else and are, instead, choosing to venture out on their See FORECAST, Page 19

January 24-February 13, 2022

FORECAST, from Page 18

own by becoming gig workers or starting their own business. Since the recession ended in April 2020 “payroll employment” has increased by 18.5 million workers. “Civilian employment,” which is derived from a separate survey and is used in calculating the unemployment rate, has climbed by 21.8 million. Civilian employment includes not only workers on payrolls, but also self-employed workers. Typically these two series move in tandem. But that is not the case currently. The impressive gains in civilian employment have caused the unemployment rate to fall far more rapidly than anybody expected. It now stands at 4.2%, which is a shade above the Fed’s estimate of the full-employment threshold of 4%. That level should be reached by January 2022.

GDP and inflation concerns

As a result of all of the above, we anticipate GDP growth of 8% to report from the fourth quarter of 2021, followed by a 4.9% pace in 2022. If those growth rates are accurate, any remaining slack in the economy will be eliminated by the second quarter of 2022. With no remaining slack and the economy continuing to expand at a 4.9% rate, far in excess of its potential growth rate of 1.8%, inflation is not going to retreat to

IN FOCUS: 2022: THE YEAR AHEAD

the 2% pace the Fed would like to see any time in the foreseeable future. Ever since the recession ended in April of last year, the Fed has been hawking the notion that the recent run-up in inflation was caused by the supply constraints, and once they ran their course, inflation would quickly retreat to the targeted 2% mark in 2022. We reject that idea because money supply growth is soaring. In the 1970s, Milton Friedman won a Nobel Prize for concluding that “inflation is always and everywhere a monetary phenomenon.” For years, money growth was steady at about 6%. But when the Fed bought $2.5 trillion of securities in March and April of last year, money growth soared and the Fed has continued to purchase securities since then. As a result, the gap between the current level of the money supply and its 6% trend rate has widened to $3.8 trillion. That represents surplus liquidity just waiting to get spent. When the economy was mired in recession, surplus liquidity was a good thing and helped get the economy back on track. But today with the economy at full employment that surplus liquidity will only serve to boost the inflation rate. We expect the personal consumption expenditures measure of inflation to rise 4.9% next year. It will not return to the Fed’s targeted 2% pace until such time as the Fed gets serious about fighting infla-

tion. That time is not on the foreseeable horizon. For more than a year, the Fed has concluded that the flare-up in inflation would be temporary. But in early December it concluded that the supply chain issues were not being resolved as quickly as anticipated and, as a result, inflation might remain elevated for some time to come. But it still believes that the inflation jump is caused by supply chain difficulties. It makes no mention of growth in the money supply as a possible catalyst. For a central bank to be unconcerned about growth in the money supply is unconscionable. Given its misplaced view about the cause of inflation, it is inconceivable that the Fed might begin to act aggressively to fight inflation in 2022. Early in the year, it will have met its two goals of full employment and inflation. That sets the stage for perhaps three rate hikes in 2022 which would put the funds rate at 0.75% by the end of that year. Another four rate hikes in 2023 would boost it to 1.75%.

www.columbiabusinessreport.com 19

matically. In the decade prior to the recession corporate earnings grew

Because properties have been selling so quickly, Realtors have only a 2.5month supply of homes available to show potential buyers. They need roughly a six-month supply for demand and supply to be in balance. 7% annually. In the six quarters since then they have climbed at an impressive 23.7% pace. As we see it, 2022 should be characterized by 4.9% GDP growth, 4.9% inflation, and a modest increase in the funds rate to 0.75%. Thus, the outlook for 2022 appears particularly bright. If the Fed raises rates as slowly as

Daniel Island economist Stephen Slifer delivered his economic forecast in December to a group of regional professionals and business leaders online. (Photo/Mary Wessner)

The Fed will not achieve a “neutral” funds rate of 2.5% until late 2024. Thus, the Fed has no intention of becoming serious about its desire to tame inflation for years to come.

Expect earnings to soar

With robust GDP growth next year, an increase in the inflation rate, which will give firms pricing power, and still low interest rates, corporate earnings should soar. In the past year, firms have experienced an increase in the cost of raw materials, sharply higher transportation costs, and higher wages. Despite those challenges corporate earnings have risen dra-

we envision, it may ultimately have to raise the funds quickly to a point far above the 2.5% neutral level to corral the steady increase in the inflation rate. At that point the danger of recession will increase. But that is a worry for some year beyond 2024. CRBJ

From 1980 until his retirement in 2003, Daniel Island economist Stephen Slifer was the chief U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group and responsible for the firm’s forecasts and analysis of the U.S. economy. Reach Slifer at www. numbernomics.com.

IN FOCUS: 2022: THE YEAR AHEAD

www.columbiabusinessreport.com

ECONOMY, from Page 13

But tapering off is the right move for a U.S. economy that is in a recovery, Woodward said. The U.S. is close to full employment, meeting one of the Federal Reserve’s primary goals. “We have the lowest jobless claims across the U.S. in 50 years, and in fact the labor market is too tight right now,” said Woodward, who noted that unemployment in South Carolina is less than 4%. So pumping more money into the economy would just fuel inflation: too much money chasing the same amount of goods and services, he said. Federal Reserve Chairman Jerome Powell, in a Jan. 11 hearing before the Senate Banking Committee on his renomination, told lawmakers that with the economy recovering steadily, policymakers are shifting efforts toward reining in inflation, which reached a 40-year high of 7% in December. As part of its mandate to stabilize prices, the Fed has set an annual inflation goal of 2%. The Central Bank has been widely expected to begin raising interest rates in 2022, and Powell confirmed at the hearing that the Fed is poised to take that action and could raise rates several times this year to cool off what Woodward calls the hyper-stimulated economy. But Woodward pointed out that while all this money is fueling inflation, much of that inflation has not been in goods and services, although he said that is starting to happen as evidenced by the latest

inflation report. The Federal Reserve’s increased money supply has fueled inflation largely in assets such as equities, the stock market, and now in crypto currencies, Woodward said. “That is where the price increases have been. We’ve seen incredible asset inflation over the last two years. In the context of a pandemic, people are getting wealthier,” he said. A major asset that many people have benefited from is housing. The country has seen housing appreciation “the likes of which we have never seen before. If you own houses, you have benefited tremendously by this Federal Reserve policy,” Woodward said. But, “If you don’t own homes, you’re the have-nots. You don’t own assets. You’re not benefitting from this Federal Reserve policy.” While the Federal Reserve has very little to do with creating jobs, Woodward said, it does create a lot of wealth for people who own assets. Essentially, the rich are getting richer. “So we are in the Roaring ‘20s from an asset point of view, from a wealth point of view,” Woodward said. But as the Fed tapers the economy off the oxygen supply of money, “the economy is going to have to live on its own. And as that happens that is going to affect the equity market. So my prediction for next year is that you are not going to see anywhere near the kind of appreciation or inflation of assets and stocks that you’ve seen over the last couple of years,” Woodward said.

January 24-February 13, 2022

Will the bubble burst? Woodward doesn’t think so. “I think as the Federal Reserve tapers, you are going to see some volatility in the markets,” he said. “People might move out of crypto. But I don’t think we’re looking at any major panic here. I don’t think we are going to see a stock market collapse like we have seen in previous panics throughout our history.” What would benefit the country, Woodward said, is for that $5 trillion, which has been parked bloating up assets, to go into productive investment. “We want to see this money flow into creating opportunities for new jobs, plant and equipment investment,” he said, a scenario that would be particularly good for South Carolina “because when investment goes up, we benefit a lot. We get a lot of capital investment in our manufacturing sector and distribution. We need more investment in these sectors. That is what is going to hold inflation down.” The economy needs more investment to produce more goods and services, to rely on China less, he added, “and fortunately that is starting to happen.” Woodward said he is hopeful that as the Fed policy shifts, the economy is going to start to see money flow away from the passive accumulation or appreciation of wealth in things like cryptocurrencies and into productive investment “That would be good for South Carolina, and I’m pretty sure we are going to begin to see an uptick in investment. That is going to be good for our state and overall for jobs for

a broader base of the population,” Woodward said. Another thing that Woodard sees as positive for South Carolina going forward is the consensus that has also developed around improving infrastructure. “We have heard from years from private sector employers, like Michelin, that they can’t expand if we don’t improve our infrastructure,” Woodward said. That could be addressed soon, with about $5 billion to $6 billion of the bipartisan $1.2 trillion infrastructure bill passed in November of 2021 slated to come into South Carolina and state legislators pledging to make investing in transportation and water and sewer improvements a priority for 2022. “We need this infrastructure improvement to be able to support the private sector investment, the real productive investment that we need,” Woodward said. Woodward predicts that South Carolina is going to keep roaring in 2022. “We are very optimistic. This is a new phase in the Covid economy because of the cutbacks in the Federal Reserve’s asset purchases and money supply creation,” he said. “We are still going to be in a tight job market. That is good. We are going to see wages and incomes continue to improve because of the tight labor market,” he said. “And I’m very hopeful that we are going to see real productive investment increase much more than it had even during the last expansion, supported by these infrastructure improvements. “It’s been a remarkable ride over the last year, but here we are in really, really good shape.”

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At Work

PEOPLE, PLACES AND HAPPENINGS ACROSS THE MIDLANDS

People in the News ARTS AND ENTERTAINMENT

South Carolina ETV promoted Salandra Bowman, PhD, to chief learning officer from director of training and research. In her new role, Bowman is responsible for educator and community-based training and professional development, instructional design, and the educational resources provided through KnowItAll.org.

BUSINESS SERVICES Laura Nell Hudgins is now marketing coordinator for Sunbelt Business Brokers of the Carolinas. She graduated from Louisiana State University with a bachelor of arts in mass communication and business administration.

Hudgins

CONSTRUCTION Christopher Marra is now president of Chapin Concrete Contractors, and Jacob Stone is the new executive vice president. Charlie Marra, the past president, has transitioned to director of business development.

Marra

The Thomas & Hutton civil department has three new designers: Brian Boyer, Jacob Darnell, and Jeff Mascarella. Boyer received his bachelor of science in civil engineering from Darnell Clemson University. Darnell completed his bachelor of science in civil engineering at University of South Carolina. Mascarella earned a bachelor of science in civil engineering, a bachelor of arts in geography, and a certificate in geospatial science and technology at Youngstown State University.

EDUCATION Students Aditya Bhatt, from J. L. Mann High School (Greenville County Schools), and Emmett O’Brien, from Beaufort High

School (Beaufort County School District), will represent South Carolina at the 60th Annual United States Senate Youth Program in March. Each delegate will receive a $10,000 undergraduate college scholarship. Liberty Fellowship’s Class of 2023 includes five participants from the Midlands: Dominik Mjartan (chief executive officer, Optus Bank); Aparna Polavarapu (associate professor, University of South Carolina School of Law, and executive director and founder, South Carolina Restorative Justice Initiative); Zeb Portanova (CEO, Gem Funds); Seema Shrivastava (president, Carolina Convenience Corporation); and Sarah Simmons (founder and CEO, City Grit Hospitality Group). Following completion of five multi-day seminars in the U.S. and abroad plus individual leadership projects, the new class will join the community of more than 300 Liberty Fellows working collectively across South Carolina. Georgetown County School District’s Alan Walters is now chair of the State Board of Education. The board also unanimously elected Crystal “Crissie” Stapleton, superintendent of Barnwell School District 45, as chair-elect.

Walters

FINANCIAL SERVICES WebsterRogers promoted LaVonne Rosenberg to partner from a senior manager in the tax group. She is a graduate of WebsterRogers Lead Academy, the Rosenberg 18-month Leaders Edge for emerging partners, and the four-month US Breakthrough Leaders Institute course designed to develop future leaders. Colonial Life, a Unum brand, has two new executives: Michael Stachowiak is senior vice president of sales and Shea Treadway is senior vice president of field and market development. Stachowiak

most recently led Colonial Life’s Southwest team. Treadway had been vice president of small business at Unum.

GOVERNMENT Former Columbia Mayor Steve Benjamin presented Keys to the City to Lou Kennedy and Matt Kennell at Columbia Rotary Club’s December meeting. Kennedy is chief executive offi- Kennell, Benjamin cer of Nephron Pharmaceuticals Corporation. Kennell is chief executive officer and president of City Center Partnership. Jeffrey Krohn, chief information officer for Savannah River Nuclear Solutions, was named the winner of a Bronze Stevie Award in the Covid19 response category Krohn “Government Hero of the Year” during the 18th Annual International Business Awards competition. Stevie Awards recognize outstanding performances in the workplace worldwide. The Cayce Police Department gave its 2021 Cayce Officer of the Year Awards to Sabrina Todd (Administrator of the Year); Vinton “Gill” Gillerson (Rookie of the Year); Gary Carnaggio (School Resource Officer of the Year); Donta Stewart (Investigator of the Year); Lieutenant Dave Hoffman (Supervisor of the Year); and Anthony “Tony” Branham (Cayce Police Officer of the Year). Drew Creed received the J. Edgar Hoover Award. Brian Rauschenbach completed the two-week Advanced Economic Development Leadership executive education program, earning a Master Economic Development Practitioner certificate. He is project manager with Sumter Economic Development and TheLink Economic Development Alliance.

HEALTH CARE

Treadway

At the Lexington/Richland Alcohol and Drug Abuse Council (Lradac), Ashely Bodiford is now prevention director and Troy Workman has been promoted to director of intervention. Bodiford most recently worked as director of agency development

at Behavioral Health Services Association of South Carolina. She previously worked at Lradac as the alcohol enforcement team coordinator for the 5th and 11th judicial cirBodiford cuits. Workman, who had been program manager of the Lexington Alcohol and Drug Safety Action Program department, has more than 21 years of experience in alcohol and drug prevention, intervention, and treatment. At Palmetto Infusion, Shannon Carr has been promoted to chief human resources officer from vice president of human resources, while Thomas Otis has been promoted to chief real estate officer from vice president of real estate and corporate development. In addition, Scott Latham is now vice president, home infusion services, a new role at the company. Midlands Orthopaedics & Neurosurgery’s new chief executive officer is Ron Chorzewski. He did his undergraduate work at Quinnipiac College before earning a master of business administration at Sufolk University.

Chorzewski

LAW Newly elected partners at Nelson Mullin Riley & Scarborough are Nick Charles and Donna Tillis. Charles practices in appellate advocacy, including the formulation and coordination of litigation and appellate strategies, as well as in commercial litigation, with an emphasis on toxic tort and consumer financial-services litigation. Tillis focuses on complex business litigation, particularly in the areas of financial services, class-action defense, insurance coverage and bad-faith claims, and construction defect. The Richland County Bar Association gave its Civic Star Award to Jack Cohoon, an attorney with Burnette Shutt & McDaniel. Cohoon, a longtime Boy Scouts Cohoon of America volunteer, is a member of Legal Eagles of the Indian Waters Council, a group of Eagle Scouts who work in the

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January 24-February 13, 2022

legal profession and in law enforcement. He was also part of the Burnette Shutt & McDaniel team that earned Pro Bono Leader honors in 2020.

Target your market in an upcoming issue of the Columbia Regional Business Report

FEBRUARY 14 ARCHITECTURE, ENGINEERING AND CONSTRUCTION (AEC) List: Engineering Companies

Advertising Deadline: January 31

FEBRUARY 28 BANKING AND FINANCE List: Banks

Advertising Deadline: February 14

MARCH 14 REAL ESTATE AND CONSTRUCTION List: Heating and Air Contractors Bonus List: Solar Companies

Advertising Deadline: February 28

MARCH 28 EDUCATION & WORKFORCE DEVELOPMENT List: Colleges and Universities

Advertising Deadline: March 7

For advertising information, call Lucia Smith at (803) 726-7547

Jane H. Downey, a partner at Moore Bradley Myers, has been named to Credit Abuse Resistance Education’s board of directors. Downey, who practices primarDowney ily in bankruptcy and debtor/creditor law, is certified as a mediator and arbitrator by the South Carolina Supreme Court. Catherine Ava Leatherwood is Rogers Townsend’s new member. She focuses her practice on civil litigation—in particular, products liability, construction-defect Leatherwood litigation, and general insurance defense. A graduate of the University of South Carolina School of Law, Leatherwood earned her undergraduate degree at the University of North Carolina at Chapel Hill. In addiSoucy tion, Kristen A. Soucy and R. Brooks Wright have joined the firm’s Columbia office. Soucy handles litigation matters, with a concentration on commercial and business litigation, and assists the insurance defense team focusing on construction defect. A summa cum laude graduate of Columbia College, she received her juris doctor from the UofSC School of Law. Wright handles corporate transactions with a concentration on real estate and corporate finance. He graduated magna cum laude from the UofSC Darla Moore School of Business and received his juris doctor from UofSC’s School of Law. Haynsworth Sinkler Boyd’s Kathleen M. Muthig has been elected shareholder in the firm’s Columbia office. Muthig focuses her practice on commercial real estate—including development, financing, commercial Muthig leases, and related real estate transactions. In addition, she has represented financial institutions and commercial landlords in state court and bankruptcy court. Gary T. Pope Jr., an attorney focusing on public finance and government law with Pope Flynn, has been elected president of South Carolina’s John Belton O’Neall Inn of Court for 2022–2023. New to the Columbia office of Adams and Reese is Anthony M. Quattrone, who

counsels clients in economic development and tax incentives, tax planning and controversy, corporate restructuring and governance, and mergers and acquisitions. Pope Quattrone also serves as general corporate counsel to several firm clients. He received his juris doctor from the University of South Carolina School of Law. Hannah Stetson has been elected shareholder of Turner Padget Graham & Laney. Stetson is a member of the firm’s workplace litigation team. As such, she Stetson focuses on counseling, training, and defending businesses and employers, including startups and small to midsize businesses.

MARKETING AND PUBLIC RELATIONS NP Strategy has added Jada Samuel as a project coordinator in its Columbia office. Her focus is digital media and content. Samuel most recently served as a digital-strategy director, managing content and digital campaigns for small businesses, nonprofits, and political candidates.

NONPROFIT Family Connection of South Carolina has added Alfonso Franco, community impact director for the American Heart Association, to its board of directors. Franco completed his undergraduate Franco degree at Graceland University and his graduate degree in social work at the University of South Carolina.

REAL ESTATE Katie Ellis has returned to the Art of Real Estate as a video producer. In this position, she works closely with the company’s design team as well as with real estate associates in each studio. Ellis had interned with the company.

Ellis

South Carolina Realtors has awarded its Omega Tau Rho Medallion of Service to broker Jay Rinehart, of Rinehart Realty Corporation in Rock Hill. Rinehart, a past-president of the group, has been active on committees as chair and vicechair.

Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Moving innovations out of the lab and into the market

nnovation ecosystems and economic growth in the U.S. and across the world depend on an efficient labto-market process. A lab can be a highly sophisticated and well-equipped place at a research university or federal research facility. On the other hand, it can be in a garage or a basement, which have historically served as home for several famous startup companies like Amazon, Google, HP and more. SOHAIL MALIK Research conducted in a lab either at academic institutions, federal laboratories, or in the private sector, can lead to new products in the market, creating an impact on multiple levels including improving quality of life, establishing new businesses, creating new jobs, saving lives, improving productivity, and addressing global pressing needs, and challenges. The lab-to-market process is often described as technology transfer or R&D commercialization. It involves several steps from inception of an idea to commercialization of a product or service. In academic institutions, this process is managed by a technology transfer office, which is comprised of a team of highly skilled professionals who work with inventors in commercializing their discoveries. This technology transfer operates under federal legislation called the Bayh-Dole Act, which was passed in 1980 and gives universities and small businesses the ownership and title to their inventions created in whole or in part by using federal funds. It allows universities and small businesses the right to offer license and eventually financial benefits from these federally funded inventions, which supports more research and rewards university researchers, promoting creativity, innovation and entrepreneurship. Once a researcher submits an invention to the TTO, it is evaluated for novelty, benefits, and commercial potential followed by the filing of a patent, copyright or trademark application to protect the intellectual property. IP, protected by law under the U.S. Constitution, is defined as creations of mind such as inventions, literary works, art and designs, names, images and symbols. According to the World Intellectual Property Organization, “IP rights enable

The lab-to-market process for research involves several steps from the inception of an idea to commercialization of a product or service. (Photo/File)

people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.” After protecting the IP, the TTO can choose multiple pathways to commercialize the technology, including providing translational funding for further development, which depends on technology readiness level, finding industry partners to license technology, or assisting researchers in establishing a startup company for further development and commercialization. The speed of the lab-to-market process of an invention depends on multiple factors including regulatory requirements and the type of, and need for, a specific product. Some research discoveries have immediate potential for reaching the market while others could take years. For example, pharmaceutical products, such as drugs and vaccines, generally take much longer for lab-to-market versus new software. However, there are exceptions such as the development of COVID-19 vaccines. The COVID-19 pandemic posed one of the greatest challenges for scientists

in recent times. It has also brought the global scientific community closer to collaborate and find a solution in a fastest possible way for lab-to-market entry of new vaccines. Development of COVID-19 vaccines by Pfizer and Moderna are great examples of human resilience in the time of adversity, forming global alliances and rapid lab-to-market entry to combat this challenge. Moderna, a Cambridge-based pharmaceutical and biotechnology company, collaborated with the U.S. National Institute of Allergy and Infectious Diseases while BioNTech, a German biotechnology company based in Mainz, partnered with Pfizer, a New York-based multi-national pharmaceutical and biotechnology company, to develop mRNAbased COVID-19 vaccines. These two vaccines are the fastest to develop and most profitable in the entire history of vaccines. Global sales of these vaccines are projected to be over $50 billion in 2021. Lab-to-market entry of COVID-19 vaccines exemplified a win-win for all including researchers, companies, investors, government and, most importantly, the people around the globe who got access to vaccines. Millions of lives have been saved thanks to a collective effort of

many who made this rapid lab-to-market process possible. The contributions of universities, hospitals and other research institutions toward lab-to-market and its impact on the economy is surveyed and published annually by the Association of University Technology Managers, a non-profit entity which supports professionals in the technology transfer community. According to its most recently published data, the benefits to society from the lab-to-market process from 19962017 have been enormous, contributing $1.7 trillion toward U.S. gross industrial output, $865 billion toward U.S. gross domestic product, and 5.9 million new jobs. In the state of South Carolina, SCRA is playing a critical role in supporting the innovation ecosystem by working closely with academic institutions, entrepreneurs, and industry. SCRA assists in the lab-to-market process on multiple levels, including providing research funding and investments, promoting collaborations, and assisting in the commercialization process. Please visit SCRA’s website for more information at www.scra.org. Sohail Malik, Ph.D, is director SC Academic Innovations for the S.C. Research Authority.

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