GSA Book of Experts 2022

About the cover:

As COVID-19 disrupted every facet of our lives for going on three years now, we got creative with the photo shoot for Book of Experts. With the help of Matt LaPenna and Mark Kamibayashiyama of Drum Creative, we brought together a group of executives for a cover shot while observing health and social distancing protocols.

After Matt started the concept in 2020, Mark took over and brought in the “experts” one at a time, positioned each in a different place on the set and took individual photos. Then, with the assistance of Photoshop, he magically brought them all together for the cover photo. The process has worked so well that we’ve continued to use Mark’s expertise to create this year’s cover. Check out the individual shots at right and the finished product below. Thanks, Matt and Mark!

From left to right, front row to back row:

William Jackson - Co-Owner, Instel Power Products

Joe LaPenna - President/CEO, Drum Creative

Paul Pappy - Owner/CEO, Sonfast Corp.

Dr. Curt Grob - Occupational Medicine Director, Doctors Care

Jackie Baxley - Principal & Practice Leader, HRP Associates, Inc.

Bill Simmons - Founder, Thrive Business Strategies of

Mark Kamibayashiyama

Photographer at Drum Creative

HEALTH CARE

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are faced with the need to develop a program. Maybe there has been a recent valued customer. Perhaps you identified meaningful impact to offset environmental, There could be a recognized need and employees. The drivers may be different, but same: Where to start?

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Doctors Care: The Expert in Occupational Medicine Services

Upholding a Legacy & Helping Companies Thrive in a

“sustainability” is open to various refine our understanding of this dynamic charged) topic? While everyone’s have found these steps helpful whenever

Post-Pandemic World

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communities of South Carolina for comprehensive urgent care, medicine and corporate wellness weekend hours. We treat over 1 over 4,500 major employers and

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Our world runs on electricity. That becomes obvious whenever there’s an outage. While it’s an inconvenient hassle to lose power at home, a company losing power can mean widespread ramifications that affect revenue, schedules and employees. The annual dollar-cost to U.S. industry due to power loss runs in the tens of billions. Preventing this loss requires regular testing, maintenance and upgrading of a facility’s electrical system.

Employer Health Services and work closely with employers. keeping them informed of patients’ treatment recommendations. to make it easy to navigate minimal business interruption. years of specialized training. They helping each patient achieve the

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sustainability program will require stakeholders, both internal and external to an live and die with any one person. points of view lays the foundation integration and implementation. While team the type of organization, consider such as: top management, supply chain, resources, engineering, maintenance, service, transportation/distribution and organizations may solicit external input customers and other key stakeholders.

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With more than five decades in business, we’ve seen it all. Our electrical solutions are backed by a team of highly trained professionals with a deep knowledge of both modern equipment and legacy products. In many cases, we know more about vintage equipment than the manufacturers do. We

Once you have your team, you are now ready to embark on identifying how the company impacts the world and how the world impacts the company. To narrow this task, I have seen two approaches successfully applied: materiality assessment and International Standards Organization (ISO) context of the organization and risk

Organizations that have ESG reporting obligations will commonly take the approach of a materiality assessment. The general approach

Employer Health Services welcomed occupational medicine, Dr. Curt Grob, a trained, board-eligible Grob coordinates and oversees Doctors Care. That includes providers on occupational medicine, best occupational medicine compassionate and personal companies succeed by taking says. “My mantra is, ‘Let’s work outcomes.’ ” on-site medical director for addition to providing occupational Training Center personnel. at the Medical University of

When my father, Stuart Jackson, took over as company president in 1983, Instel moved beyond just a testing company major provider of electrical equipment, service and repairs, and the company has grown by leaps and bounds since. He brought brother, Matt, into the company, and taught us everything we know about running a successful business – from the technical aspects we do, to how we treat customers, partners and coworkers. Our family is close, and we carry the power of those values to the team. We work together in a spirit of cooperation, trust and accountability, and we all understand the value of being there for our

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“I am very excited about the expertise and savvy Dr. Grob brings to our occupational medicine service line,” said Dr. Shelley Janssen, chief medical officer for Doctors Care. “His enthusiasm for

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Stuart, William & Matt Jackson | Photographer: Amy Randall

Assess What is Important to You and Your Stakeholders

Dr. Curt Grob, Occupational Medicine Director

Today’s culture, sociologically speaking, is handicapped by technology, fear of communication, and a general malaise for human-to-human connection. Blame what you will; COVID, virtual meeting fatigue, complacency, but we are becoming generationally inept at connecting with others. So how do we get to where we want to be professionally, socially and economically we are unwilling to engage with our own species on a level, that not too long ago was commonplace? DISCIPLINE. Let’s force ourselves to be uncomfortable with all that’s changed until we recognize old behaviors and rebuild our broken relationships at least our broken perception of them.

I have made it a personal goal to persevere through the mire of disconnection. I value relationships and reputation over revenue. The first two will ALWAYS produce the last.

In 2023, my mission statement for my business and my community is, “Make Impact.” If you’re not willing to apply purpose to your action, why? We passively interact with thousands of people every day and we don’t offer any attention to the blank stares on their faces, the red cheeks and puffy eyes from a recent cry, the silent screams of frustration with an ongoing situation they can’t control or change. We are generally unaware. I’m challenging as many as I can to break the chains of status quo and unseat our aloof existence.

I’ve led a networking team in the Upstate for seven years. During that time, team members have come and gone, but the culture of our team is based on consistency in leadership, commitment to the good of the team, setting an example of conduct, and supporting our values in word and action.

Professional Network Connections (shameless plug) is that example. From the top to the bottom, PNC builds team culture that demands relational connection. We use that to grow our businesses, but the magic is when we realize that we’re not a part the team so we can sit back and collect leads.

We use the quality of our own relationships to benefit the team. We work harder cultivating and nurturing our own customer relationships so that we can produce a strong introduction for someone else. The trust that we’ve established becomes trust our referral partners. It’s a beautiful thing to watch a selfless introduction become opportunity for another. In the end, the customer wins and our reputations, our legacy, is galvanized.

To put a bow on this; everything we do should make an impact. The first time someone meets us, we should never miss a chance to leave a mark on that exchange that demands a second conversation, germinates curiosity. We are created as social beings, to be in fellowship with one another. Let’s not waste any more time of our lives avoiding each other. Instead, let’s build each other up in community and MAKE AN IMPACT!

In 2022, we saw an average appreciation Carolinas. In 2023, expect that to drop historically high.

It is important to note that homes appreciating as fast as they did in 2020 that they will still get a good price, but achieved during those two outlier years.

In 2023, homes will remain on the historic average of 90 to 120 days. And for well-maintained homes priced fairly. Recession.

Any recession that may occur in 2023 In a recession, housing is one of the first to rebound.

Any such recession will be a recession drop before we level out, not a Recession downturn the world experienced in 2007.

Starting your Sustainability Program

Steps to develop and implement a successful sustainability program

BY JACKIE BAXLEY, PRINCIPAL AND EHS&S PRACTICE LEADER

Many organizations are faced with the need to develop a sustainability program. Maybe there has been a recent request from a valued customer. Perhaps you identified the need to make meaningful impact to offset environmental, social or economic risks. There could be a recognized need and expectation from your employees. The drivers may be different, but the challenge is typically the same: Where to start?

The precise meaning of “sustainability” is open to various interpretations. How do we refine our understanding of this dynamic (and sometimes emotionally charged) topic? While everyone’s journey will be different, I have found these steps helpful whenever establishing new systems.

1. Form a Team

Developing a meaningful sustainability program will require input from diverse stakeholders, both internal and external to an organization. Any system will live and die with any one person. Engaging a team with various points of view lays the foundation for a more sustainable integration and implementation. While team members will vary based on the type of organization, consider representatives from areas such as: top management, supply chain, marketing, sales, legal, human resources, engineering, maintenance, operations, customer service, transportation/distribution and finance/accounting. Some organizations may solicit external input from the community, customers and other key stakeholders.

Form your cross functional team

2.

Assess What is Important to You and Your Stakeholders

Once you have your team, you are now ready to embark on identifying how the company impacts the world and how the world impacts the company. To narrow this task, I have seen two approaches successfully applied: materiality assessment and International Standards Organization (ISO) context of the organization and risk and opportunity approach.

Organizations that have ESG reporting obligations will commonly take the approach of a materiality assessment. The general approach

Example prioritization and mapping of impacts

for a materiality assessment is to first identify key issues such as workforce diversity, employee health and safety, waste management, compliance, energy usage, packaging, ethical conduct and other environmental, social and economic issues. The organization then collects information about these issues from both internal and external stakeholders in order to prioritize and map these issues.

Many organizations already have an ISO14001 Environmental Management System and/or ISO45001 Occupational Safety and Health Management System. Those with such systems are familiar with the elements of Clause 4 Context of the Organization and Clause 6.1 Risk and Opportunity. This activity of identifying intended outcomes, internal and external issues that can impact those outcomes, along with the needs and expectations of interested parties can be evaluated relative to identifying key risks or opportunities specific to an organization’s environmental, social and economic issues.

3. Establish Programs to Control Your Impacts

Whether from a materiality assessment, an ISO approach, or similar, once the key impacts have been identified, the team can focus its resources on those impacts that were deemed significant.

The team can pull in additional subject matter experts or resources to develop a strategy to control these impacts. Organizations may establish objectives and targets to offset risks. Organizations may develop new policies, plans or procedures to control or eliminate risks. Organizations may put into place monitoring, measuring, analysis and reduction strategies to mitigate impacts. Depending on your organization and your stakeholders, you may want to publicly report some of these programs and metrics, or at the least, report and track internally.

4. Continually Improve

Your initial “development” team may transition to an implementation team that continually assesses the successes, challenges and opportunities for improvement associated with your sustainability program. This team will implement, maintain, and improve upon the sustainability program and ensure that as new processes, products, services or internal and external issues arise, the organization continues to assess what is material and implement effective strategies.

As with any new program, there will be challenges, stumbles, stops and starts. As you approach these or other steps in developing your sustainability program, remember that the first step is the most important, so get started!

Your program will include monitoring and measuring of impacts

Doctors Care: The Expert in Occupational Medicine Services

Doctors Care has served communities of South Carolina for more than 40 years, offering comprehensive urgent care, primary care, occupational medicine and corporate wellness support, with flexible evening and weekend hours. We treat over 1 million patients per year and support over 4,500 major employers and municipalities across the state.

Under the Doctors Care Employer Health Services and Occupational Medicine umbrella, we work closely with employers. We understand the importance of keeping them informed of patients’ progress, return-to-work status and treatment recommendations. We work with employers and employees to make it easy to navigate workers’ compensation processes with minimal business interruption. Our providers are highly skilled, with years of specialized training. They are known for their commitment to helping each patient achieve the best results possible.

Recently, Doctors Care Employer Health Services welcomed a new expert in the field of occupational medicine, Dr. Curt Grob, Occupational Medicine director and a trained, board-eligible occupational medicine physician. Grob coordinates and oversees all occupational medicine services for Doctors Care. That includes coaching statewide Doctors Care providers on occupational medicine, and consulting employer groups on the best occupational medicine benefits for their employees — all with a compassionate and personal approach to patient care.

“I’m passionate about helping companies succeed by taking the best care of their workforce,” Grob says. “My mantra is, ‘Let’s work together as a team to get the best outcomes.’ ”

Grob previously served as on-site medical director for Spectrum Health Resources, in addition to providing occupational medicine to Federal Law Enforcement Training Center personnel.

He attended medical school at the Medical University of South Carolina and has a wide range of graduate education, including degrees in health care economics from the Harvard School of Public Health and in public health from SUNY at Albany.

He recently completed a residency in occupational medicine at HealthPartners Institute in Minneapolis. He is a member of the American Society of Occupational and Environmental Medicine and the South Carolina Spine Society.

“I am very excited about the expertise and savvy Dr. Grob brings to our occupational medicine service line,” said Dr. Shelley Janssen, chief medical officer for Doctors Care. “His enthusiasm for occupational and environmental medicine and his approachable demeanor will make him a real asset to our providers and our employer clients.”

Doctors Care maintains a solid commitment to looking to the future as we continue to meet the needs of our patients and partners. Our driving mission is to provide the highest quality care while delivering the greatest possible value and convenience. We will work with you in every aspect of the treatment, communication, documentation and billing for your injured employee. To set up a nocost agreement, call 888-845-6887.

Dr. Curt Grob, Occupational Medicine Director

How a Fractional COO Can Impact Your Business

BY BILL SIMMONS • FOUNDER/CO-OWNER • THRIVE BUSINESS STRATEGIES

Business owners everywhere struggle with getting their vision executed at the level they expect.

This is the number one reason they reach out to Thrive Business Strategies, the premier Fractional COO firm in the nation.

Thrive Business Strategies has cracked the code on how to deliver experienced Chief Operation Officer Services in a fraction of the time and at a fraction of the cost.

A s the business owner, you’re the creator - the visionary of the business. Your focus should be on growth and profits, not the behind-the-scenes operations of running your company or the details of every sale, product, or service.

Your vision requires more than just you. You need a partner who is clear about your strategy, leads execution of your vision, and holds people accountable for results.

This is why Thrive Business Strategies created the Thrive OpsCycle. The Thrive OpsCycle is an operating system designed to clarify strategy, increase execution, and expand accountability. The Fractional COO with Thrive Business Strategies installs the OpsCycle into your company to guide the relationship. The 5 stages of the OpsCycle include:

1. Strategy Advance – The Fractional COO begins every engagement developing the strategy based on the business owner’s vision, goals, and desired company culture.

2. Deep Dive – During this stage the Fractional COO gets behind the curtain of your business to build connections with your team and evaluates your tools, systems, and processes.

Bill Simmons, Founder/CEO of Thrive Business Strategies

3. Quarterly Sprints – The Fractional COO helps lead your business 90 days at a time by establishing and evaluating quarterly priorities. These priorities should improve processes, analyze people, expand progress, and increase profit.

4. Annual Advance – The Fractional COO is your partner as you review various business functions to focus on continued business growth.

5. Transition Strategy – Your Fractional COO is clear on your goals for the future of your business and life.

The unique Thrive Business Strategies approach also includes delivering Fractional COO Services as a team. Kai Bailey (Co-Owner and CEO) says, “We don’t believe a single unicorn exists. However, our team can be a unicorn collectively”. This eliminates the need to find one person who can “do it all”. Thrive Business Strategies provides you with

the opportunity to access a team of experience and expertise across business functions. This access accelerates positive execution, results, and sustainable momentum for your company culture.

If you are frustrated with a lack of execution in your business, let one of our Fractional COO’s help you install the Thrives OpsCycle into your business.

Bill Simmons is the founder and Co-Owner of Thrive Business Strategies in Greer, South Carolina. With over 30 years’ experience helping individuals and entrepreneurs clarify and execute their visions, his team is the one to turn to when you’re ready to grow your life or organization. He and his team have mastered the process of clarifying a vision, creating a strategy for action, and seeing the plan through to success. Reach out today at www.fractionalcoo.info.

Upholding a Legacy & Helping Companies

Thrive in a Post-Pandemic World

BY WILLIAM JACKSON • CO-OWNER • INSTEL POWER PRODUCTS

Our world runs on electricity. That becomes obvious whenever there’s an outage. While it’s an inconvenient hassle to lose power at home, a company losing power can mean widespread ramifications that affect revenue, schedules and employees. The annual dollar-cost to U.S. industry due to power loss runs in the tens of billions. Preventing this loss requires regular testing, maintenance and upgrading of a facility’s electrical system.

With more than five decades in business, we’ve seen it all. Our electrical solutions are backed by a team of highly trained professionals with a deep knowledge of both modern equipment and legacy products. In many cases, we know more about vintage equipment than the manufacturers do. We pride ourselves on being problem-solvers first because our customers rely on us to keep them operational, and to be there at a moment’s notice in an emergency.

When my father, Stuart Jackson, took over as company president in 1983, Instel moved beyond just a testing company to become a major provider of electrical equipment, service and repairs, and the company has grown by leaps and bounds since. He brought me and my brother, Matt, into the company, and taught us everything we know about running a successful business – from the technical aspects of what we do, to how we treat customers, partners and coworkers. Our family is close, and we carry the power of those values to the entire Instel team. We work together in a spirit of cooperation, trust and accountability, and we all understand the value of being there for our customers.

Stuart, William & Matt Jackson |

Photographer: Amy Randall

SOLUTIONS

Overcoming Supply Chain Issues

Supply Chain Issues. While that phrase seems to be overused and sometimes even exploited these days, supply chain issues are very real. Their impact has been far-reaching and rampant for well over two years, and virtually every industry has been affected. While Instel has not been completely immune to supply chain issues, the nature of our business has allowed us to combat the ever-present problem.

With our robust inventory and ability to bring broken and damaged equipment back to life, supply chain issues are often a non-issue for our customers. Rather than waiting up to two years on a new piece of equipment by way of a manufacturer, we have been able to supply panels, switchboards and switchgear in less than four weeks. This advantage has enabled our customers to keep their projects on schedule, keeping their businesses running at maximum efficiency.

A recent example of Instel being able to step in and mitigate supply chain issues is a large, state-of-the-art outpatient surgery center – Gastroenterology Associates – in Greenville. The electrical contractor ordered a switchboard in October 2021, hoping to have it in-hand for installation by spring 2022. By April, the switchboard had still not arrived because of supply chain

issues. At that time, we were contacted by the general contractor and tasked with finding a solution to help maintain the project’s progress. With strict regulations and requirements, there are unique nuances when building, installing equipment and meeting code in a medical facility. With those special considerations in mind, Instel got to work.

Within two weeks, we had a switchboard in place for temporary use. Within three weeks, we sold and installed a permanent switchboard that met all engineering specifications. We will now buy back the switchboard Gastroenterology Associates initially purchased a year ago, and that switchboard will likely allow us to help keep another project on track for another valued customer.

If a customer is unable to get the equipment they need to keep their business up and running, that inability could – quite easily – put them out of business. While supply chain issues will undoubtedly continue to persist, we are proud of our robust inventory and highly skilled team that can ensure that our customers meet their operational timeframe. We appreciate our valued customers who rely on us every day to keep the lights on.

Make an Impact: Feed to get Fed

BY PAUL PAPPY • PRESIDENT • SONFAST CORPORATION

Today’s culture, sociologically speaking, is handicapped by technology, fear of communication, and a general malaise for human-to-human connection. Blame what you will; COVID, virtual meeting fatigue, complacency, but we are becoming generationally inept at connecting with others.

So how do we get to where we want to be professionally, socially and economically if we are unwilling to engage with our own species on a level, that not too long ago was commonplace? DISCIPLINE. Let’s force ourselves to be uncomfortable with all that’s changed until we recognize old behaviors and rebuild our broken relationships or at least our broken perception of them.

I have made it a personal goal to persevere through the mire of disconnection. I value relationships and reputation over revenue. The first two will ALWAYS produce the last.

In 2023, my mission statement for my business and my community is, “Make an Impact.” If you’re not willing to apply purpose to your action, why? We passively interact with thousands of people every day and we don’t offer any attention to the blank stares on their faces, the red cheeks and puffy eyes from a recent cry, the silent screams of frustration with an ongoing situation they can’t control or change. We are generally unaware. I’m challenging as many as I can to break the chains of status quo and unseat our aloof existence.

I’ve led a networking team in the Upstate for seven years. During that time, team members have come and gone, but the culture of our team is based on consistency in leadership, commitment to the good of the team, setting an example of conduct, and supporting our values in word and action.

Professional Network Connections (shameless plug) is that example. From the top to the bottom, PNC builds team culture that demands relational connection. We use that to grow our businesses, but the magic is when we realize that we’re not a part of the team so we can sit back and collect leads.

We use the quality of our own relationships to benefit the team. We work harder at cultivating and nurturing our own customer relationships so that we can produce a strong introduction for someone else. The trust that we’ve established becomes trust in our referral partners. It’s a beautiful thing to watch a selfless introduction become an opportunity for another. In the end, the customer wins and our reputations, our legacy, is galvanized.

To put a bow on this; everything we do should make an impact. The first time someone meets us, we should never miss a chance to leave a mark on that exchange that demands a second conversation, germinates curiosity. We are created as social beings, to be in fellowship with one another. Let’s not waste any more time of our lives avoiding each other. Instead, let’s build each other up in community and MAKE AN IMPACT!

President, Paul Pappy

Does Your Website Have An Ego Problem?

BY JOE LAPENNA - PRESIDENT & CEO

Billy gazed with admiration at his new website.

It was like staring at himself in a mirror. He proudly kicked back in his chair and stroked the ego of his digital reflection. “You look maah-velous!” he thought. But would his target audience agree?

WARNING: Avoid This Fatal Flaw On Your Website

If your website looks too much like you and not enough like your customer, it’s like going on a first date and only talking about yourself. Boring. Don’t lose your opportunity to take your relationship to the next level. No matter how attractive you think your company is, people are not interested in you until they understand what you can do for them.

There Is A Hero–But It’s Not You

It’s easy to position yourself as the hero of your brand’s story. You have something amazing to offer and have worked hard to get where you are. Unfortunately, your potential customers are not interested in whether you are successful. They are too caught up in their own problems. We miss the opportunity to make a human, emotional connection to the situation our customer needs us to solve.

Assume The Guiding Role

When crafting your message, your role is to guide the hero. Position your company, services, or products as a guide to help your hero avoid failure and achieve

success. If you show customers how quickly you can solve their problems, they are more likely to trust you and move from engagement to commitment. Then, strategically place calls-to-action buttons on your website so customers don’t have to guess or work too hard figuring out how to get what they need.

Increase Website Conversion Rates

We at Drum Creative have pivoted to a proven and authentic marketing framework, which has led to a huge difference in conversion rates and growth. Our website used to have some serious ego problems too. Then, we learned how to woo customers through the StoryBrand arch. It’s the most incredible tool to build more authority and trust with customers and increase website conversion rates. As certified StoryBrand guides, we help companies clarify their message, make empathetic connections with their customers, and achieve greater success in their marketing strategies.

Joe LaPenna, President &

CEO

If you show customers how quickly you can solve their problems, they are more likely to trust you and move from engagement to commitment.

Independent wealth management stewardship, service

SeaCrest Wealth Management LLC focuses on unique needs of clients

BY DEAN LIVINGSTON • CERTIFIED WEALTH STRATEGIST • SEACREST WEALTH MANAGEMENT LLC

Dean Livingston is a Certified Wealth Strategist® with SeaCrest Wealth Management, LLC.

SeaCrest is an independent, employee-owned Registered Investment Advisory boutique. We are a select group of Wall Street veterans, independently partnered with Charles Schwab & Co., TD Ameritrade, and Fidelity.

Livingston’s commitment is to put his clients’ interests first, serving as their independent investment steward, and fiduciary.

“I advise about 50 families, providing wealth strategy counsel and management to each, based on their unique needs and circumstances. This business is my personal passion, calling, and it is a privilege.”

As a Registered Investment Advisor (RIA), his services are provided through Charles Schwab & Co.

Dean provides conflict-free, unbiased professional investment portfolio strategy and management services, on a fixed fee basis.

He works with each client, in coordination with their tax and legal advisers, to employ disciplined investment, tax, and estate planning strategies, consistent with their specific goals and future needs.

He keeps his clients informed and maintains well-disciplined asset-allocation, tax-efficient strategies.

Upon completion of a BS in Accounting at USC in 1984, Dean worked in the tax and audit departments of successive CPA firms.

He later located to Washington, D.C., as the Personal Assistant to the late Sen. Strom Thurmond, President Pro Tempore of the United States Senate.

In 1987, Dean began his career as a Wealth Advisor.

“Greenville, being blessed with the combination of a faith-based community, entrepreneurial spirit, excellent education, and visionary leadership, is home.”

Dean, his wife Tina, and daughter Jenna are members of First Presbyterian Church. He has served as Treasurer, Elder, Deacon and Foundation Director.

Key Economic Trends That Will Boost the Upstate’s Resilience

Upstate SC Alliance releases list of economic trends that will empower the 10-county region to remain competitive.

We find ourselves in unique and uncertain economic times — amidst supply chain issues, geopolitical instability, inflation and continued effects from the pandemic. These uncertainties have made it challenging for business leaders to plan and develop effective strategies. In response to this shifting business landscape, the Upstate SC Alliance has identified key economic macrotrends that will help our region meet industry needs, attract and retain talent, and remain competitive.

The Upstate SC Alliance is a public-private nonprofit focused on establishing the Upstate as a unified and innovative economic region, marketing the region for global business investment and talent attraction, and fostering public-private collaboration and regional relationships. With more than 200 investors, the Alliance is a regional axis serving as a conduit for potential prospects and a forum for research-based collaboration. Its investors enjoy benefits including diverse networking, access to research and market insights, and a role in shaping the region’s long-term growth strategy.

The Alliance identified the following key economic macrotrends: Consider social values

The first trend is that Environmental, Social & Governance (ESG) and Diversity, Equity & Inclusion (DEI) reports are rising in prominence, requiring collaborative strategies at multiple levels of government and among private sectors.

Adopt new technology

Second, post-pandemic communications are fundamentally altered. The past two years have seen a global shift to digital content, less in-person interaction, shorter attention spans and increased technological savviness. Third, Industry 4.0 is changing the nature of manufacturing and industrial services, including the digitization of manufacturing, big data, cloud computing, autonomous systems, the Internet of Things and data management. The Upstate region has a strong history in automation, and it is imperative that we continue to build, tout and recruit deeper technology integration capabilities.

Embrace flexibility

Fourth, change is a constant in global markets, influencing decisions about global value chains. Tariffs, inflation, geopolitical instability and supply chain disruptions have forced global markets to adapt and consider the everpresent potential for change.

Develop resources

Fifth, workforce and talent are critical site location factors. According to a study by Deloitte and The Manufacturing Institute, there is a projected shortfall of 2.1 million skilled jobs by 2030. The Upstate must focus on talent attraction, retention, and skill-building to provide needed pipelines for existing and incoming industries.

Sixth, growth creates pressure throughout the region. The Upstate is growing — and we must continue to address challenges regarding land use, housing availability and infrastructure in order to maintain the competitive business environment and livable communities that we currently enjoy.

Through analyzing and acting on these trends, the Upstate SC Alliance will continue to anticipate industry needs, attract new businesses, assist in site location projects and maintain the economic competitiveness of Upstate South Carolina.

Interested in learning more?

Contact Lauren Scoggins, lscoggins@upstatealliance.com, or 864-283-2305 to discuss how you can get involved or become an investor with the Upstate SC Alliance.

Upstate SC Alliance’s Director of Research & Strategic Initiatives Elizabeth Watson shares the economic trends shaping the Upstate at the organization’s Strategic Plan Launch in October 2022.

Upstate SC Alliance’s President & CEO John Lummus speaks to a room full of investors at the organization’s Strategic Plan Launch in October 2022.

The organization’s 200+ investors enjoy benefits including networking, access to research and market insights, and a role in shaping the region’s long-term growth.

A Shifting Market: 2023 Real Estate Forecast

BY PAT RILEY • PRESIDENT/CEO • ALLEN TATE COMPANIES

Across the country, market dynamics continue to shift. However, residential real estate is very local and varies by market throughout the Carolinas.

A s a company, Allen Tate ended 2022 strong, with $8.5 billion in closed sales volume and 20,000 closed transactions, including 13,000 listings across our footprint in the Carolinas. These numbers reflect the company’s August acquisition of Beverly-Hanks Real Estate in the Asheville/ Mountain region of North Carolina.

So where are we headed in 2023?

Interest rates.

In late 2022, the Federal Reserve took a dramatic step to curb inflation, which resulted in an increase in the mortgage rate to more than 7%.

The market is in an “interest rate lock” environment. Currently, 64% of homeowners have an interest rate below 4%, and 32% have a rate below 3%. Any decision to move means giving up a low rate that may never repeat.

And while 7% is the historic average rate since World War II, it is going to take some time to get used to it again.

R ates have already receded from their highs and the expectation is that they could drop to 5-6%. That will likely become the new norm in 2023. Sellers and buyers have turned to paying to buy down interest rates at the closing table and buyers will potentially refinance those loans at a lower rate when the rates fall further.

Pat Riley, President/CEO, Allen Tate Companies.

Supply and demand.

The lack of supply of available homes will continue to result in a seller’s market in 2023. Inventory of existing homes may increase a bit, but the lack of new construction, continued demand from in-migration of families and companies to the Carolinas, and the number of sellers aging in place will keep appreciation rates much higher than the historic norm of 3.8% per year. Appreciation.

In 2022, we saw an average appreciation of 13-15% in much of the Carolinas. In 2023, expect that to drop to between 8-10%, which remains historically high.

It is important to note that homes are not depreciating; they are just not appreciating as fast as they did in 2020 and 2021. Sellers must understand that they will still get a good price, but probably not the price their neighbor achieved during those two outlier years.

In 2023, homes will remain on the market longer, but still below the historic average of 90 to 120 days. And no surprise – there is always demand for well-maintained homes priced fairly. Recession.

Any recession that may occur in 2023 will be short-lived and moderate. In a recession, housing is one of the first sectors to slow – and one of the first to rebound.

Any such recession will be a recession with a small “r” – a short-term drop before we level out, not a Recession with a capital “R”, like the four-year downturn the world experienced in 2007.

Affordability.

Market and economic issues are providing significant challenges for the first-time home buyer.

Affordability is an issue, with homes priced less than $150,000 almost non-existent. Only 25% of the homes sold in 2022 were priced under $300,000.

In the Greater Greenville MSA, median home prices increased from $253,114 in January 2020 to $356,798 in September 2022.

Home prices – plus rising interest rates – are keeping first-time buyers in the rental market longer. With salaries not keeping pace with home appreciation, younger buyers are increasingly relying on family to help with down payment assistance or as co-signers. Investors.

The investor market will decrease in 2023. Institutional buyers hoping to turn a quick profit by flipping homes will see a significant decrease. However, investors looking for a return in the form of rental income will continue to buy as the cap rates remain very favorable.

In 2023, expect to see a housing market normalization. The market has been spoiled with nearly perfect conditions of low, low rates and amazing appreciation in recent years.

In the Carolinas, the dream of homeownership might look a little different but remains very strong. For 66 years, Allen Tate has been helping clients navigate the homeownership journey. In 2023, we’re here to help you make your next move all you have hoped for.

number one in the carolinas

A Howard Hanna Partner

Allen Tate Realtors® Greenville-Downtown office.

Grayson Burgess, CCIM The Burgess Company 864-770-3288 grayson@tbccre.com

Frank DuPree, CCIM Vista Capital Management Group AMO®️ 864-404-3510 fdupree@vistacm.com

J. Tyson Glasser, CCIM RealtyLink, LLC. 404-435-6312 tglasser@realtylinkdev.com

Bobby Lyons, CCIM

Lyons Industrial Properties 864-590-3476 bobby@lyonsindustrial.com

Laurens Nicholson, CCIM Windsor Aughtry 864-679-3637 lnicholson@windsoraughtry.com

David Sigmon, CCIM Pintail 864-430-8060 david@pintailcp.com

Tyson Smoak, CCIM Pintail 864-325-0000 tyson@pintailcp.com

Josh Tew, CCIM Pintail 864-414-6778 josh@pintailcp.com

Matt Vanvick, CCIM Pintail 864-414-7005 matt@pintailcp.com

Edward Wilson, CCIM Wilson Kibler 803-528-3574 edward.wilson@wilsonkibler.com

Build a workforce that lasts.

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DISRUPTION. GENERATIONAL SHIFTS. LOW UNEMPLOYMENT. WORK ENVIRONMENT TENSIONS. COMPENSATION PRESSURE. WORK-LIFE BALANCE. COVID. CULTURAL DIFFERENCES. POLITICS.

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HTI

Your workforce is your greatest asset

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