Columbia Regional Business Report - March 14, 2022

VOLUME 15 NUMBER 4 ■ COLUMBIABUSINESSREPORT.COM

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MARCH 14-27, 2022 ■ $2.25

network

Tax season brings new rules, familiar advice

By Christina Lee Knauss

Order up!

New burger joint opens first S.C. location in Five Points.

Page 4

W

Contributing Writer

hen March rolls around, so does the height of tax season, and those who didn’t get their returns filed early start preparing — and stressing out — with only a little over a month before the filing deadline.

This year’s tax season, like the two previous ones, also looks a little different because of the ongoing financial effects of the COVID-19

pandemic.

For workers and employers alike, there are some new rules to know that will only be in effect for the 2021 tax season because of the pandemic, and there are also some key things to remember to avoid getting flagged for an audit.

One of the most important things to remember this year? The Internal Revenue Service is hurting, still plagued by chronic staffing shortages causing serious backlogs in processing returns. In some cases, taxpayers

New hotel in town 75-room, apartment-style hotel now open in Irmo.

Page 9

Joining the club

SCRA selects new members, funds Columbia startup.

Page 10

By Molly Hulsey

S

Upfront................................. 2 SC Biz News Briefs................. 3 In Focus: Real Estate and Construction....................... 13 List: Heating and Air Contractors......................... 18 Bonus List: Solar Companies .......................................... 19 Viewpoint............................23

mhulsey@scbiznews.com

outh Carolina continues to foster the fast-growing life science industry in the Southeast, according to economist Joey Von Nessen, and the number of affiliated companies have almost doubled since 2017.

Neighbors Georgia and North Carolina compete at a respective 2.8% and 4.6% growth rate. South Carolina comes in swinging with 8.1% gains in employment.

Life sciences also continues to be the fastest-growing sector within the state.

In his presentation of the latest industry economic impact report at SCBIO 2022 — the Life Sciences Conference of S.C. in Charleston on Feb. 23, Von Nessen attributed the success of the sector to demand from the state’s aging population, a strong business climate, and fewer workforce challenges faced by R&D firms

All aboard

INSIDE

See TAXES, Page 22

R&D growth drives state’s robust sector

(Photo/Christina Lee Knauss)

Lexington County pontoon manufactuer expanding.

Page 11

are still waiting for stimulus payments and refunds from the 2020 filing season.

And good luck trying to call with a question. The U.S. Treasury has said that over the past two years, up to 20% of its customer service employees have been unavailable because of COVID-19. How bad was it? During the first half of 2021, the IRS estimated there was one employee available for every 16,000 phone calls that came in.

SPARKING A CAREER Midlands Technical College holds first welding contest to generate interest in growing career.

See story, Page 6

See GROWTH, Page 11

Retail on the upswing

Recent Colliers report finds brick-and-mortar shops rebounding.

Page 16

Upfront

BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE

SC municipalities among least-expensive cities

Y

ou’re not going to believe this, but Charleston, Greenville and Myrtle Beach are among the least-expensive places to live in the U.S., according to an analysis by 24/7 Wall Street.

The financial business analysis and commentary portal used data from real estate company Red Fin and the U.S. Department of Commerce to arrive at its list of the least-expensive places to live. 24/7 Wall Street used cost of living, housing search activity and population changes for 112 U.S. metro areas to arrive at a ranking.

Before you pass judgment on the veracity of this list while looking at your tax bill, think about this: A lot of people are moving here from places like California, New Jersey and New York, and it’s not because we cost more than where they live now.

Sure we have a hugely popular quality of life and access to the beaches and the mountains and a lot of stuff in between, but South Carolina also has low taxes and relatively affordable housing.

Consider that the median house in South Carolina is $261,882, and the median house in New Jersey is $435,668. That’s a 66.4% difference from the Palmetto State to the Garden State.

Least expensive places to live in SC Area/Rank

Cost of living*

Median home value

Charleston-N. Charleston/18

-2.9%

$266,600

Myrtle Beach-Conway/21

-7.8%

$212,100

Greenville-Anderson/28

-9.3%

$186,800

Area

Net inflow of people

Median income

Charleston-North Charleston

+4,964

$70,505

Myrtle Beach-Conway

+4,314

$56,977

Greenville-Anderson

+2,498

$58,621

Charleston’s known for carriage tours, but not a low cost of living. (Photo/File)

Least expensive places to live in the US Area

Cost of living*

Median home value

Median income

Phoenix-Mesa, Ariz

-1.3%

$283,500

$67,896

Las Vegas, Nev.

-3.1%

$313,100

$62,107

Austin, Texas

-0.7%

$318,400

$80,954

Atlanta

-2.1%

$247,200

$71,742

Tampa, St. Pete, Fla.

-1.2%

$224,300

$57,906

*Compared to national average of 100% Greenville’s downtown area weaves nature, architecture and business. (Photo/File)

Source: U.S. Bureau of Economic Analysis, Red Fin, 24/7 Wall Street

ON THE

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“The progress has been incredible over the past 24 months. With Babcock nearing its opening, and with everything else in the works, activity has really picked up.” ­— Graeme Moore, owner, The Moore Co., on development at the BullStreet District

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SC Biz News Briefs

The International African American Museum is slated to open later this year in Charleston. North Charlestonbased Ingevity pledged $500,000 to the project over four years. (Rendering/Provided)

CHARLESTON

Charleston Regional Business Journal

Chemical manufacturer pledges $500,000 to Charleston museum

A

North Charleston-based chemical manufacturing company has pledged $500,000 to the International African American Museum.

The donation from Ingevity, which makes specialty chemicals, high-performance activated carbon and engineered polymers, will be gifted during a four-year period and support the museum’s operations.

“At Ingevity, we recognize the importance of taking an active role in addressing racial inequality, and we’re thrilled to support a cultural destination devoted to honoring the untold stories of African Americans,” Johnetta Greene, chief diversity, equity and inclusion officer at Ingevity, said in a news release. “Partnering with the International African American Museum aligns with our dedication to ensuring diverse, equitable and inclusive outcomes for our employees and the communities where we operate. We hope that equipping visitors with this unique educational experience will help promote cultural awareness, expand the perspective of visitors and lead to a better future for all.”

The museum is set to open later this year at the site of Gadsden’s Wharf in downtown Charleston, where many slaves disembarked from Africa. The museum’s focus will be the cultural, social and economic impact of slavery in the Americas and the diverse journeys and achievements of slaves and their descendants.

“Ingevity is playing a key role in making sure that visitors to the museum will be able to learn and engage with the rich and complex history of the African American journey,” said Tonya Matthews, CEO and president of the International African American Museum. “Through their investment, countless individuals will gain a better understanding of the people and the cultures that have contributed so much to our world. We’re so grateful for their generosity and excited to be opening the museum late this year.”

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Growing stronger R&D drives state’s most robust sector.

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Only one other state exports more to their country, but Russians account for just 1.2% of Palmetto State exports.

By Molly Hulsey

S

mhulsey@scbiznews

outh Carolinians may be more than aware of damage the Russian invasion of Ukraine has wreaked at the gas pump.

But while Russian exports barely register on

the economic radar for many states, South Carolina is the second largest exporter to the country by value.

The Palmetto State’s Russian export industry is worth $351 million each year, according to 2021 U.S. Census data, and makes up 1.2% of all export value for the state — higher than anywhere else in the United States but still a small part of the state’s $30 billion export industry.

A 162% or $17.9 million increase in state

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Russian exports from SC are small piece of export pie exports to Russia last December, along with the trade of gas turbines and precious metal compounds, contributed to South Carolina’s year-over-year export value, according to the Observatory of Economic Complexity.

The country was the fifth largest importer of vehicles from BMW’s Plant Spartanburg in 2020, according to the company.

Vehicles, aircraft parts and rubber tires

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By Teri Errico Griffis

Built in 1794

Father-son duo open business in historic family building.

Page 15

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year ago, Todd Halloran faced a heavy decision. Shut down operations for a year, maybe longer, or work through a pandemic that would inevitably force a financial loss.

Halloran loves small businesses. He thrives on their challenges, the way they can unite communities, and how they move economies.

As partner at a Los Angeles- and New York-

based private equity firm, Halloran spends his days providing capital and counsel to consumer-focused businesses. But the pandemic produced a challenge that he didn’t anticipate when he became minority owner of the South Carolina Stingrays hockey team in 2018.

Ticket sales are the No. 1 source of revenue for the Stingrays, which have a home at the North Charleston Coliseum, with sponsorships a close second. Both are driven by attendance, and last year the pandemic gutted the team’s fan base, with ticket sales restricted to

Supporting talent Adult-focused University expands to make room for future workforce.

Page 8

Diversified expands again

Traffic tension

Greenville-based life science company invests in expansion.

Page 7

Rebuild Upstate seeks new chief Nonprofit’s only CEO is stepping aside but not stepping away.

Page 14

Plan would expand West Ashley roadway to six lanes and add pedestrian path.

Page 6

Clemson, Army move ahead on autonomous tank

By Molly Hulsey

INSIDE

Leading Off .......................... 2 SC Biz News Briefs ................ 3 C-Suite ................................ 4 In Focus: Real Estate and Construction ...................... 13 LIST: HVAC contractors....... 18 At Work ............................. 20 Viewpoint ...........................23

S

mhulsey@scbiznews.com

ome of the greatest losses over the past few wars in the U.S. have been in the supply line convoy, Sen. Lindsey Graham told an audience of engineers, politicians and soldiers.

He hopes a total of $40 million from the U.S. Army piped into Clemson University’s prototype development program for autonomous combat fleets may change that.

“This project here today is going to be transformative for the Army,” Graham told those gathered for the Feb. 28 announcement at the Clemson University International Center for Automotive Research campus. “And it is one of the most important days in the history of Clemson University.”

The U.S. government recently committed up to $100 million toward the project moving forward as the university’s Virtual Prototyping of Autonomy-enabled Grounds Systems (VIPR-GS) Research Center rolls out design-

to-build simulations and digital engineering technologies for the U.S. Army’s development of on- and off-road autonomous vehicles.

The U.S. Army’s DEVCOM Ground Vehicle Systems Center first invested $18 million into Clemson’s program in 2020 and granted an additional $22 million Feb. 24.

“We would not be here today without the visionary leadership and steadfast support of my friend, Senator Lindsey Graham, and See AUTONOMOUS, Page 10

In Focus

City-building mill villages Developers unveil plans for old plant.

Page 13

Foreign investor purchases Goose Creek apartments for $52.7 million.

Page 7

INSIDE

Upfront ................................ 2 SC Biz News Briefs ................ 3 Small Business Spotlight ....... 4 In Focus: Real Estate and Construction ............... 13 List: Heating & Air Companies......................... 17 Bonus List: Solar Companies ................ 18 At Work .............................. 19 Viewpoint ...........................23

FEBRUARY 2022

By Molly Hulsey

S

Buying stateside The U.S. Army made its first investment in Clemson’s VIPR-GS program in 2020. A ceiling of $100 million has been allocated for the autonomous vehicle program since. (Photo/Provided)

25% of capacity at the arena. Fans were hesitant to visit public places, and companies on lockdown weren’t purchasing big bundles for group nights.

The impact that has carried over into the 2021-22 season.

Halloran said ownership has been financially very challenging. The business has a large following and a large profile, but in terms of profits and losses, the Stingrays franchise works as small business.

See STINGRAYS, Page 8

R&D growth drives state’s robust sector

Mini ride share

Greenville to put micro cars on streets for ride-sharing initiative.

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Pandemic moves keep sports business on defense

CULINARY ARTS Two restaurants open in former train depot on Ann Street using colorful motif and New York-style food.

Page 11

mhulsey@scbiznews.com

outh Carolina continues to foster the fast-growing life science industry in the Southeast, according to economist Joey Von Nessen, and the number of affiliated companies have almost doubled since 2017.

Neighbors Georgia and North Carolina compete at a respective 2.8% and 4.6% growth rate. South Carolina comes in swinging with 8.1% gains in employment.

Life sciences also continues to be the fastest-growing sector within the state.

In his presentation of the latest industry economic impact report at SCBio 2022 — the Life Sciences Conference of S.C. in Charleston on Feb. 23, Von Nessen attributed the success of the sector to demand from the state’s aging population, a strong business climate, and fewer workforce challenges faced by R&D firms See GROWTH, Page 6

RIDING A WAVE OF HIGH DEMAND Surge in watercraft sales challenges S.C. boating industry

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Jack Brown’s Beer & Burger Joint, a Virginia-based restaurant chain, opened its first S.C. location in Five Points last month. (Photo/Provided)

New burger joint opens in Five Points

By Melinda Waldrop

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ack Brown’s Beer & Burger Joint is now open in Five Points in the chain’s first location in South Carolina.

The restaurant chain, which offers 100% Wagyu beef burgers and a collection of craft beers, was founded in 2009 in Harrisonburg, Va. by childhood friends Aaron Ludwig and Mike Sabin.

The 2,400-square-foot retail space at 711 Harden St., across from Home Team BBQ and in the former Cover 3 bar location, is Jack Brown’s first in South Carolina.

It celebrated its grand opening last month.

Wilson Kibler facilitated the lease of the property in June 2021.

“It’s incredibly exciting to see the wave of positive momentum that continues to wash over Five Points,” Columbia Mayor Daniel Rickenmann said in a news release from the Five Points Association. “People outside of Columbia have taken notice, and Jack Brown’s could have selected anywhere in the state for their first S.C. location, but they chose Five Points in Columbia.”

The burger joint has 15 other locations throughout the Southeast. Its menu features daily specialty burgers, sweet potato fries and even a deep-fired Oreo, but customers won’t find lettuce or tomato. The owners explain in an online video that

they want to keep their burgers - some of which do feature bacon, onions, jalapenos and pickles - simple, and that tomato quality can be inconsistent.

Jack Brown’s serves Wagyu beef, also called American-style Kobe beef, from Snake River Farms in Boise, Idaho. The beef is the result of cross breeding Japanese Wagyu cattle with continental breeds to produce a rich, buttery texture when cooked.

“We focus on doing one thing and doing it really well. Our burgers are unique and craveable,” Scott Krezmer, regional manager of Jack Brown’s, said.

“We like to keep the menu simple, yet full of amazing flavors that keep you coming back for more.”

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Russian exports from SC small part of annual total

By Molly Hulsey

S

mhulsey@scbiznews.com

outh Carolinians may be more than aware of damage the Russian invasion of Ukraine has wreaked at the gas pump. But while Russian exports barely register on the economic radar for many states, South Carolina is the second largest exporter to the country by value.

The Palmetto State’s Russian export industry is worth $351 million each year, according to 2021 U.S. Census data, and makes up 1.2% of all export value for the state — higher than anywhere else in the nation but still a small part of the state’s $30 billion export industry.

A 162%, or $17.9 million, increase in state exports to Russia last December, along with the trade of gas turbines and precious metal compounds, contributed to South Carolina’s year-over-year export value, according to the Observatory of Economic Complexity. The country was the fifth largest importer of vehicles from BMW’s Plant Spartanburg in 2020.

Vehicles, aircraft parts and rubber tires are at the top of South Carolina’s export list. Russia turns to the United States for imported cars and aircraft. U.S. auto exports is an $11 billion market, according to OEC data. The Russians account for less than $800 million of that, according to the

Office of the U.S. Trade Representative.

Export restrictions put into place on Feb. 24 include controls on avionics and aircraft components, as well as telecommunication devices, sensors, navigation equipment and microelectronics.

“With these export controls, we, together with our allies and partners, are technologically isolating Russia and degrading its military capabilities,” Thea Kendler, the U.S. assistant commerce secretary for industry and security, said in a Feb. 24 statement.

Parts and components used in civil aircraft will also require an Export Administration Regulations license, according to the U.S. Commerce Department.

“Even most products made overseas using sensitive U.S. technology will be restricted for export to Russia,” Kendler said in the statement. “Russia’s violation of Ukraine’s territorial integrity and sovereignty warrants this swift and expansive export controls response.”

On Feb. 28, Volvo Cars pulled the plug on any sales to Russia, once the auto company’s fastest-growing market. The Swedish manufacturer assembles its S60 midsize sedan in Ridgeville.

“We do not know the full impact today since all sanctions have not yet been imposed,” a Volvo Cars spokesperson said in a statement. “However, considering the potential risks associated with trading

material with Russia, including the sanctions imposed so far by the EU and U.S., Volvo Cars will not deliver any cars to the Russian market until further notice.”

BMW Group also put the breaks on all sales and manufacturing in Russia on March 1. “BMW takes the position to stop now the shipping of products to Russia,” Robert Engelhorn, CEO and president of Plant Spartanburg, told SC Biz News on March 2. He estimated Russia bought 50,000 BMWs last year.

The company also has some suppliers in Ukraine, he said. According to Automotive News, the nation supplies wire harnesses used in BMW electrical systems, as well as 70% of the neon used in the global production of computer chips.

“We can say, at least for last year, we did not lose one single car,” Engelhorn said about the ongoing semiconductor shortage. “For sure, we will see further shortages throughout this year, and, for sure, be affected by the worldwide crisis situation.”

BMW’s 2022 export report showed Great Britain displaced Russia last year as Plant Spartanburg’s fifth-largest export market, as Russian manufacturer Avtotor ramped up to produce the most popular BMW models in the Russian market.

On Feb. 10, the company announced the equivalent of a $305 million investment into a Kaliningrad plant for the production

and supply of vehicles until 2028. Avtotor also has a licensing agreement with Hyundai, Kia and, formerly, GM to manufacture certain models for a domestic audience.

“This is, at the moment, put on ice,” Engelhorn said of the Avtotor production.

During the past decade, Boeing has filled orders for 63 jets for Russian customers with 34 orders for the 737 Max and 777F jets on backlog. Ukraine’s SkyUp Airlines has seven 737 Max jets on backlog.

Furman University economist Jason Jones said the sanctions placed on Russia were not as stiff as they could be.

“Are there sanctions that could be engaged that would be more effective than others?” Jones said. “Yes, but the more effective they get in slowing Russia, the more painful they are for the West, because we are integrated.”

The day after Russia invaded Ukraine and the United States placed selective sanctions on a few banks and Russian oligarchs, stock values recovered, he said.“How much does keeping Ukraine independent from Russia matter versus the pain that you feel in your domestic country? That’s a political question. It’s not an economic question,” he said. “That’s a political choice that they’re going to have to make.”

Reach Molly Hulsey at 864-720-1223 or @mollyhulsey_gsa on Twitter.

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MTC event aims to forge welding workforce pipeline

By Christina Lee Knauss

S

Contributing Writer

parks flew in a good way on Feb. 25 inside the new Welding Technology Center on the Airport Campus of Midlands Technical College.

Inside the center, more than 40 high school students from 11 schools around the state took part in MTC’s first-ever South Carolina High School Welding Skills Competition, a contest designed to give students a chance to show off their welding skills while also learning about the high demand those skills are in in the state and the nation.

The demand for welders nationwide is expected to grow around 8% between now and 2030, according to the U.S. Bureau of Labor Statistics.

About 49,200 openings are expected annually across the country.

The current shortage of welders available to meet a growing demand in South Carolina mirrors the shortage of skilled labor facing both the state and the U.S. overall.

The MTC event was created by Caleb Fulwood, director of MTC’s welding program, to generate interest in welding careers. Fulwood stressed that welding is one of the most in-demand jobs in the state and doesn’t require a four-year degree.

Welders are needed in many of the fastest-growing industries in South Carolina including construction, shipping, automotive manufacturing and aerospace production plants. It’s also a skill frequently needed in the military.

Midlands Technical College offers both a certificate program in welding and a two-year associate degree in Welding Technology. “Our programs teach all the fundamentals,” Fulwood said. “Someone can come in with no prior experience and, in a matter of months, have the skills they need to make $35 to $50 an hour.”

He noted that pay rate can climb for the

A welder works during Midland Technical College’s inaugural statewide contest, which featured more than 40 high school students from throughout South Carolina. The event’s goal was to raise awareness of welding as an in-demand, lucrative career path. (Photo/Provided)

highest-skilled welders and for those willing to travel. The average annual salary for skilled welders nationwide is $41,628, but many welders make more than that depending on their industry.

Nick Legg, a welding instructor at MTC, noted that welding offers both job security and the chance to work almost anywhere.

“It’s also a skill-driven career because in welding, you’re judged on your individual skills and what you can actually do,” Legg said.

Graduates from MTC’s welding program have taken jobs at many local and regional companies including Owens Steel, Avantech and Nucor Steel. Legg said recruiters from shipping companies in

Charleston have also expressed interest in MTC welding students.

The high school competitors were between the ages of 15 and 18 and took part in two different competitions depending on their level of skill. The Category 1 segment involved welding a T-joint, while the Category 2 event involved executing a vertical groove weld.

Prizes for the competition, which were donated by local businesses, included welding machines and auto-darkening welding helmets.

“They’re pretty significant prizes because of their value and because they’re something the students can actually use on the job or at home,” Legg said.

The competition also gave the students

MTC mascot Mav looks on during the school’s inaugural welding contest on Feb. 25. More than 40 students from 11 schools took part. (Photo/Provided)

the chance to check out the new $4.5 million Welding Technology Center, which includes 64 individual welding stations as well as extensive classroom and workshop space.

Kevin Gratton has been a welding instructor for 38 years and currently teaches at the Lexington Technology Center. He enjoys passing the skill on to his students because he knows it’s something they can use.

“What I teach them offers them a chance to go straight to work after graduation if they want or to come here to MTC and continue to study,” Gratton said. “I know they’ll be able to have a career.”

Wagener-Salley High School placed first in the Category 1 competition, and the J. Harley Bonds Career Center in Greer won the Category 2 competition.

New streetwear store realization of college student’s dream

By Melinda Waldrop

A

mwaldrop@scbiznews.com

new luxury streetwear retailer is now open in Five Points.

SWIFF, owned by Ashanti Thomas, held a ribbon-cutting ceremony at its 736 Harden St. location on Feb. 25, and the store opened to the public on Feb. 27.

Thomas started SWIFF Brand, a line of hoodies, sweatpants, T-shirts and accessories, while attending Clemson University in 2015, printing and selling merchandise from his dorm room. He

later opened a mobile store with popups at Soda City in Columbia and on King Street in Charleston.

“I was attracted to Five Points because of the opportunity,” Thomas said in a news release from The Five Points Association. “The shopping and restaurant district is already great, and there is room for even more. I saw a prime location for lease and had to jump on it. It’s always been a dream [of mine] to open a clothing store, and I’m happy to do it in Columbia and Five Points.”

SWIFF opened in the former Supercuts location that closed last year. Thomas and Columbia Mayor Daniel Rick-

enmann welcomed guests to the grand opening, with refreshments provided by Drip.

SWIFF’s name originated from Thomas and his friends, who described anything that “extra cool or sharp-looking” as “swift.”

SWIFF will host monthly in-store events and feature a bar offering espresso-based beverages and coffee. In the coming weeks, wine and local beers will also be available as part of a space Thomas wants to create for people to visit even when not shopping.

“People like tangible experiences, and that is what we will offer at our Five

Points location,” he said. “From quality clothing to our in-house bar, SWIFF will be a place native Carolinians can call their own.”

SWIFF will be open Monday through Saturday from noon until 7 p.m. and Sundays from noon until 5 p.m.

“SWIFF Brand will be a new retail option for the Five Points district that we’ve never seen here before,” Katy Renfroe, association manager of the Five Points Association, said. “I think he’s going to do really well here in our village.

Ashanti’s brand has a classic yet contemporary feel with all the color options and creative details he puts in each piece.”

March 14-27, 2022

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Redevelopment project aims to revitalize downtown Orangeburg

By Melinda Waldrop

T

mwaldrop@scbiznews.com

he city of Orangeburg will soon begin accepting proposals for a major downtown redevelopment project.

The 1.5-acre Railroad Corner project, aimed at revitalizing the city’s Russell Street commercial corridor, will include a mixed-use development of ground-floor retail and upper-story residential units.

The redevelopment will also include streetscape improvements, enhanced safety measures at street and railroad crossings, the potential for an elevated pedestrian walkway spanning Magnolia and Boulevard streets and the preservation of the historic State Theater for a potential civil rights museum.

“We are very excited to move forward to the next phase of the Railroad Corner development,” Orangeburg City Administrator Sidney Evering said in a news release. “We are very cognizant of the importance of this project, its historical significance, and the transformative impact it will have on Orangeburg and the surrounding community.”

The city has conducted a pre-development feasibility analysis on the site for the past year in partnership with the Development Finance Initiative, a program of

The 1.5-acre Railroad Corner project has been envisioned as a transformation of downtown Orangeburg’s Russell Street commercial corridor. (Rendering/Provided)

UNC Chapel Hill’s School of Government. Evering also noted the importance of input from federal and state representatives and officials, Orangeburg County, Claflin University, South Carolina State University, and the public.

“This has certainly been a community effort,” Orangeburg Mayor Michael Butler said. “We are excited to finally be

able to show the residents of Orangeburg that these efforts are coming together and that we are moving forward. I, along with members of City Council, look forward to seeing the fruit of everyone’s hard work.”

The city plans to release a formal Solicitation for Development Partner Proposals on the City’s website at https://www. orangeburg.sc.us/railroadcorner.

The

solicitation process will include the formal negotiation of a public-private development partnership.

Developer solicitation will remain open for 90 days, with a selection made this summer.

For more information, contact Evering at sidney.evering@orangeburg.sc.us or Sonyia Turner at turner@sog.unc.edu.

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March 14-27, 2022

(Photo/File)

S.C. State accepting applications for agricultural scholarship

By Melinda Waldrop

A

mwaldrop@scbiznews.com

pplications for S.C. State University’s Ag Innovation Scholarship Program, now in its third year, are being accepted through May 1.

The program is a partnership between the Orangeburg university’s 1890 Research & Extension arm and the U.S. Department of Agriculture. The scholarship covers tuition, fees, books, and room and board for exceptional students who show promise in the agriculture, food, fiber and human sciences industries.

“It is imperative that we invest in the next generation of leaders to keep up with the high demand for ag-related professionals,” Derrick Wise, state program leader for education, innovation and support, said in a news release.

“The Ag Innovation Scholarship will educate and train our scholars, keeping

them up-to-date with the latest trends and technology developments. Students will receive the tools to help them grow a bright future in the agriculture industry.”

Applicants must be S.C. residents admitted to S.C. State University as first-time freshmen or transfer students with less than 25 credit hours and a minimum GPA of 2.8. Students must also declare a major within the school’s College of Agribusiness and Family and Consumer Science.

The program’s first cohort, in 2020, included 24 scholarship recipients. They were joined by 27 more last year.

Scholars also receive professional development services, access to USDA internships, priority housing in a living/learning community and a complimentary laptop.

Scholarship funding is provided by the U.S. Department of Agriculture’s National Institute of Food and Agri-

culture through a $2.45 million grant awarded to S.C. State 1890.

Applications are available online at 1890.info/ag_scholarship. For more information about the program, contact Wise at dwise5@scscu.edu.

Allen University distributing laptops

Allen University students will receive a MacBook Air with an Apple-designed M1 chip this spring as the Columbia school completes a transition to a fully functional Apple campus.

Faculty, staff and administrators began receiving iMacs or iPad Airs last summer. All students in good standing will receive a MacBook Air after spring registration, according to a news release from the school.

The initiative “is further evidence of Allen’s commitment to provide students with tools and experiences that facilitate achieving all that they can imagine whether to excel on career paths or pur-

sue graduate studies,” Ernest McNealey, president of Allen University, said in the release. “Becoming an Apple campus was informed in part by the multi-sensory learning and capabilities Apple products provide, as well as the view that such a path creates possibilities not generally available across the breadth of a typical campus.”

Apple learning specialists will provide assistance in learning system hardware and software.

“At Apple, we believe that technology can enhance and extend teaching and learning, all while fostering creativity and collaboration skills,” said Susan Prescott, Apple’s vice president of education and enterprise marketing.

“By providing all students, faculty and administrators access to Apple products, Allen University is creating an environment that will enable students to achieve powerful new levels of innovation and community building.”

CIU breaks ground on new science lab, offers summer leadership program

By Melinda Waldrop

C

mwaldrop@scbiznews.com

olumbia International University is once again playing host to a summer business and leadership academy.

The Business & Leadership Academy, led by the faculty of the CIU Cook School of Business, will be held from July 11-15.

The program is open to burgeoning entre-

preneurs and leaders in grades 9-12.

The academy will take place from 8:30 a.m. until 4:30 p.m. daily on the CIU campus, located at 7435 Monticello Road.

The cost is $325, and the registration deadline is June 27.

For more information and registration visit CIU.edu/BLA.

Health science lab breaks ground

Last month, CIU broke ground on a

new, 2,200-square-foot health science lab.

The building will house biology and chemistry classrooms as part of the school’s new emphasis on health science disciplines, including biomedical science and other prerequisites for CIU’s new bachelor’s degree program in nursing.

David DeWitt is the dean of the science programs. He comes to CIU from Liberty University and has nearly 25

years of experience in higher education, including nine years as the chair of a biology and chemistry department.

“I’m a builder, which is something I didn’t know until I had the opportunity to build,” DeWitt said in a news release from CIU. “I love starting new programs.”

Columbia-headquartered Mashburn Construction is project contractor.

March 14-27, 2022

www.columbiabusinessreport.com 9

New apartment-style hotel opens in Irmo

By Melinda Waldrop

A

mwaldrop@scbiznews.com

new apartment-style hotel is now open in Columbia.

The 75-room stayAPT Suites, located at 851 Columbiana Drive in Irmo, is the Matthews, N.C.-headquartered company’s latest S.C. property. Hotels in Greer and Greenville opened last year.

The suites average 500 square feet and include a full-size kitchen, an open-concept living room and a separate bedroom

with a king bed or two queen-sized beds.

“We are excited to bring our unique hotel concept to Columbia,” Gary A. DeLapp, stayAPT Suites president, said in a news release. “This area has much to offer both its residents and guests, from a vibrant culture to its diverse and thriving business community. We look forward to providing Columbia travelers with an allaround better hotel experience.”

The company plans to open 20 hotels by the end of 2022 with another 15 in development, according to the release.

The 75-room stayAPT Suites opened at 851 Columbiana Drive last month. (Photo/Provided)

The county will also use a $5,000 environmental education and stewardship grant from Dominion to establish a traveling pop-up seed sanctuary to distribute seeds at community festivals, farmers markets and other county events. Popup seed sanctuary appearances can be requested by contacting Mary Hannah Lindsay, RSWCD community outreach coordinator, at lindsay.mary@richlandcountysc.gov.

“Richland Library Eastover is thrilled to partner with RSWCD and increase

equitable access to resources in our community,” said Kimberly Jones, manager of Richland Library Eastover. “The Seed Sanctuary program will allow residents in our community to continue learning and growing in their gardens and share their love for cultivating new and exciting things with their families.”

Richland Library Eastover is located at 608 Main St. in Eastover.

RSWCD launched its seed sanctuary program in spring 2020, providing free seeds to residents to encourage home

Program distributing free seeds to county residents

By Melinda Waldrop

R

mwaldrop@scbiznews.com

ichland County residents can get a free head start on spring gardening through a program that began this month.

Beginning this month, visitors to Richland Library’s Eastover branch can select up to four packets of seeds per household in a program created by a partnership between Richland Soil and Water Conservation District and Dominion Energy.

gardening and pollinator conservation.

During the first 18 months of the initiative, when COVID-19 restrictions led to orders being filled via email, nearly 3,000 people received 13,000 seed packets, prepared and labeled by community volunteers.

“It is wonderful to finally have the ability to offer an in-person seed sanctuary,” Lindsay said. “My hope is that for Richland County residents this initiative helps plant the seed of passion for home gardening and environmental stewardship.”

Is your company one of the BEST places to work? Let’s find out for sure!

Registration Now Open!

Join companies from across South Carolina in the annual Best Places to Work in South Carolina Program and let’s all find out together. Winners will gather to celebrate their accomplishments at a party unlike any other. There will be a red-carpet welcome, live music, surprise speakers, cocktails, dinner, music, TV cameras, media coverage and LOTS of glitz and glam!

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Winners will be honored in special editions of SCBIZ Magazine, Charleston Regional Business Journal, Columbia Regional Business Report and GSA Business Report and will appear in an online directory of winners with links to each company website.

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A tank farm spreads across the Savannah River Site in Aiken at sunrise. The Savannah River National Laboratory will manage the Minority Serving Institutions Partnership Program. (Photo/Savannah River Site)

Research program expands to 6 national laboratories

By Melinda Waldrop

T

mwaldrop@scbiznews.com

he U.S. Department of Energy’s Office of Environmental Management is expanding a postdoctoral research program to six national laboratories, including the Savannah River National Laboratory.

The Minority Serving Institutions Partnership Program, which will be managed by SRNL, aims to connect qualified candidates graduating with Ph.D.s from

the nation’s 700 minority serving institutions to national lab positions to address environmental, energy and national security challenges. The program will offer the opportunity for cutting-edge scientific research and technical work as well as publication in peer-reviewed journals.

“Expansion of the Minority Serving Institutions Partnership Program postdoctoral research program to serve six of the nation’s laboratories is a key step toward ensuring that the DOE and its national laboratories have a diverse and

highly qualified talent pool from which to develop its current and future workforce,” Nicole Nelson-Jean, associate principal deputy assistant secretary for field operations for the Office of Environmental Management, said in a news release.

Postdoctoral researchers participating in the program will work as fulltime employees at one of the six labs for two years. The other participating labs are: Argone National Laboratory, Idaho National Laboratory, Los Alamos National Laboratory, Oak Ridge National Lab-

oratory and Pacific Northwest National Laboratory.

“The Minority Serving Institutions Partnership Program promotes the education and development of the next generation workforce in critical science, engineering, technology, and math to further enable current and future missions of the DOE national laboratories,” Sue Clark, SRNL deputy director of science and technology, said. “We’re excited and honored to lead this program for the Department of Energy.”

SCRA accepts new companies, funds Columbia startup

By Melinda Waldrop

F

mwaldrop@scbiznews.com

our companies have been accepted as new South Carolina Research Authority member companies, while a Columbia-based startup has received new grant funding.

All SCRA member companies receive coaching, access to the organization’s Resource Partner Network, eligibility to apply for grant funding, and the potential to be considered for an investment for SC Launch Inc., SCRA’s investment

affiliate.

Apex Orthopedic Technologies LLC, Bottle Titan LLC, Checkeeper LLC and Clear Water Care Coordination are new member companies, with Clear Water Care Coordination also receiving a development grant.

Apex Orthopedic Technologies, based in North Charleston, produces a new surgical device, the R-FIX System, which use rib fixation to treat early on set spinal deformity and certain types of adult deformity.

Greenville-based Bottle Titan LLC’s

alert system is calibrated for the commercial wine, liquor, beer, tobacco and food industries to track temperature, humidity, vibration and light.

Checkeeper LLC, also based in Greenville, offers services allowing customers to print checks on their own paper and also provides mailing services for refunds, rebates and regular payments.

Clear Water Care Coordination, based in Pawleys Island, has been accepted as a member company and has received a $25,000 project development fund grant.

The company’s digital health platform

engages families and patients in the process of post-acute care discharge planning.

SCRA member company Rainwalk Technology Inc., a pet insurance provider based in Columbia, received a $50,000 acceleration grant.

The company’s online platform offers claims processing and covers most veterinary bills.

SCRA grant funding is made possible, in part, by Industry Partnership Funds.

Contributors to that fund receive a dollar-for-dollar state tax credit.

March 14-27, 2022

www.columbiabusinessreport.com 11

GROWTH, from Page 1

in particular.

With an annual $25.7 billion total economic impact on the state — a 61.6% increase since his 2017 study — life sciences continued to outperform the state as a whole in terms of employment growth over the past decade.

In 2020, when most industries in the state were stopped in their tracks by COVID-19 and witnessed a 4.8% dip in year-over-year employment growth, the life sciences grew by 4.9%, according to the University of South Carolina Darla Moore Business School economist.

“The bottom line here is that the life sciences have done very well and has seen growth that has persisted and continued uninterrupted throughout the pandemic period,” he said. “And moreover, we can also see that life sciences have been pulling up the average rate of growth in South Carolina consistently over the past decade.”

These jobs are also more widespread and higher paying than most in the Palmetto State.

Among the 30,731 employed at 1,033 life science-specific companies in the state, average wages are 79% higher at $87,369 than the average wage among all jobs in the state, $48,942. While, like the automotive and aerospace industry, life science has formed clusters of firms in the Charleston and Greenville-Spartanburg areas, 42 of the state’s 46 counties are home to at least one life science enterprise.

“Life science typically generates high wage-high skilled positions in South Carolina, more so than most other industry sectors in a variety of STEM fields,” he said. “We see the life science industry create and enable a broader expansion of the knowledge economy in South Carolina.”

In other words, it is an industry sector that is fueled by steady innovation and then the commercialization of those ideas.

According to the report’s projections for the next six years, the state’s life science research, testing and development field will continue to grow much faster than other life science subsectors at an 18.4% growth rate — and faster than the state’s economy as a whole, which he expects to grow by 9.2% between 2018

Joey Von Nessen was one of several speakers who discussed the life science industry’s growing impact on the Charleston economy at SCBIO on Feb. 23 and 24 at the Gaillard Center. (Photos/Provided)

and 2028.

The bioscience related distribution market (11.2% growth rate), agricultural products (7.5%), drugs and pharmaceuticals (7.4%) and medical devices and equipment subsectors trail behind, even as the production, construction and maintenance of medical devices, pharmaceutical and related equipment now makes up 32.9% of all life science employment numbers.

“The economic impact itself goes well beyond just the activities of the firms themselves,” said Von Nessen. He added that 39% of the close to 90,000 people employed in the life science sector work at a company that serves the industry but may not be considered a life science company itself.

For every 10 jobs created in the life science industry, another 19 in other sectors crop up across the state, according to the report. Or, from another angle, the sector supports 4.2% of all jobs, whether they are within the field or just work with it, across the state.

“Thus, the life science industry has the

ability to scale up employment in South Carolina in a way that few other industries posses,” he said in the report.

Work availability was the most common challenge cited by industry professionals in an SCBIO survey Von Nessen conducted in early 2022. But due to their smaller size, R&D companies and laboratories tended to have fewer struggles retaining a workforce.

“I think it shows that we’re diversifying our economy,” Lightsey said about the industry’s growth. “Life sciences is one of those areas of business that is going to really be transformed in the next five, 10 years, as all of this genetic science starts to come into the marketplace.”

One example given centerstage at the conference was the $51 million expansion of Greenville’s Diversified Medical Healthcare, an umbrella group for procedure tray and medical supplies manufacturing, software development and laboratory testing companies like Premier Medical Laboratory and CPT Medical.

The company will use the investment to propel its new line of the retail genet-

SCBIO exhibitors talk to attendees during the conference held recently in Charleston.

ic testing kits, MyHealthPro, to market.

Similar to 23 and Me, the kit will be used to identify sucessbility to certain genetic medicial conditions, according to the company.

“A lot of the newest innovations are coming in the manufacturing space,” Michelle McMurry-Health, president and CEO of Biotechnology Innovation Organization, said during her Feb. 23 keynote. “It’s not just that we need to repatriate a lot of the types of manufacturing that we’ve been doing (abroad) for the last 10 or 20 years. It’s that we’re going to need a whole new set of tools to manufacture scientific solutions at scale.”

Access to health care in developing nations is not limited by intellectual property rights, she said, but by the materials needed to create and transport public health products like the COVID-19 vaccine.

“The wait limiting step in biotech is increasingly manufacturing, increasingly the supplies needed to get to the end goal,” she said.

Teri Errico Griffis contributed to this report.

Boat-maker expects $5.9 million expansion to create 50 jobs

By Melinda Waldrop

A

mwaldrop@scbiznews.com

$5.9 million expansion by a Lexington County boat-maker is expected to create 50 jobs.

Lexington-headquartered Bentley Pontoons’ expansion of its facility at 1650 Two Notch Road will increase production and capacity to meet demand,

according to a news release from Central SC Alliance.

“Bentley Pontoons is thrilled to be expanding operations in South Carolina and greatly appreciates the support from the South Carolina Department of Commerce and the Lexington County Department of Economic Development through this entire process,” Ryan Marcott, company president, said in the

release.

The company manufactures many of its own boat components, including furniture, canvas work, tubes and fence railing.

The expansion is expected to be completed in June.

Information on job openings is available on the company’s contact page at https://bentleypontoons.com/con-

tact-us.

“We are excited that Bentley Pontoons has decided to grow their operations here in Lexington County,” Lexington County Council Chair Scott Whetstone said.

“This expansion will provide more job opportunities for our residents and more economic growth for our county moving forward.”

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The expert in your industry is you.

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The narrative format is a great way to share complex information that goes beyond the usual advertising display. Your “expert story” told in an article with photograph can help businesses and consumers make wise decisions.

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PUBLICATION DATE: May 16, 2022 | ADVERTISING DEADLINE: April 11, 2022 For advertising information, contact Lucia Smith at (803) 726-7547 or lsmith@scbiznews.com

In Focus

REAL ESTATE AND CONSTRUCTION LIST: Heating and Air Contractors, Page 18

NEXT ISSUE’S FOCUS:

Education and Workforce Development

JoAnn Ryan and Jim Ryan moved into TownPark at BullStreet last July. The couple moved from Hilton Head Island in search of a downtown residential experience. (Photo/Melinda Waldrop)

Couple among rapidly growing group of BullStreet residents

By Melinda Waldrop

J

mwaldrop@scbiznews.com

im and JoAnn Ryan have visited 113 countries, been on four world cruises and traveled to all seven continents, including Antarctica.

When the couple found themselves considering a permanent change in location, however, they chose one of the newest and most distinctive residential options in Columbia.

The Ryans, who met on a blind date and have been married for 42 years, moved from Hilton Head Island into Phase II of TownPark at BullStreet last July. The globetrotting duo are as content as they’ve ever been.

“When we ventured to Columbia, it was kind of like Goldilocks,” JoAnn Ryan said. “It seemed to be just right.”

The Ryans spent nearly 20 years in

a house they built in Hilton Head after moving from Atlanta, where they also lived for two decades. They downsized to a condo for four and a half years but spent much of their time traveling.

When the pandemic curbed their wanderlust, they began to think about making a change.

“When COVID came, I think just like a lot of people in the United States, you really started re-evaluating your life, and you thought … well, maybe there would be something else fun for us to do,” JoAnn said. “And we always thought that we wanted to live in downtown.”

After dismissing Charlotte as too big, Greenville as a bit pricey and Charleston as too expensive, touristy and prone to hurricane threats, the Ryans stopped in Columbia while on yet another trip.

Jim Ryan was struck by the city’s easy-to-navigate street grid, and when

the couple walked out of the downtown Marriott, they found Main Street — “pretty as anything in Greenville,” Jim said — steps away.

A Google search turned up the TownPark development, marketed by Columbia-based The Moore Co. What would become their 1,800-square-foot home had four features they wanted: a private garage, a walk-in shower, a gas stove and the rooftop deck extending from Jim’s third-floor office.

“The size of the town, a new townhouse, all of the activities that the university provides, a nice museum, a zoo — there’s just something to do all the time,” JoAnn said. “We made the decision pretty quick to move, and it just felt right the whole time. Now we absolutely have fallen in love with Columbia, and we think it is wonderful.”

A phone negotiation with Moore

Co. owner Graeme Moore, completed despite spotty reception as the Ryans drove the Blue Ridge Parkway, sealed the deal. The couple are now part of growing density at the 181-acre, mixed-use development at the site of the former S.C. State Hospital, zoned for 3,558 residential units.

“The progress has been incredible over the past 24 months,” Moore said.

“With Babcock nearing its opening, and with everything else in the works, activity has really picked up.”

Phases 1-3 of TownPark are sold out, Moore said, with Phase 4 well on its way at 80% sold as construction begins.

“The interest has been incredible over the past two to three months, and I expect that’ll continue,” Moore said.

Upon arrival, newer owners can See RESIDENTS, Page 16

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IN FOCUS: REAL ESTATE AND CONSTRUCTION

March 14-27, 2022

Construction continues at TownPark at BullStreet, now entering Phase 4. Phases 1-3 are sold out. (Photo/Melinda Waldrop)

The skeleton of the Bennet at BullStreet mixed-use building rises in front of the WestLawn building at BullStreet. The Bennet will have 269 units, its own parking garage and rooftop access, and span two blocks. (Photo/Melinda Waldrop)

The Babcock will feature 208 luxury apartments, ranging from one to three bedrooms. (Rendering/Provided)

Booming BullStreet hits throttle

By Melinda Waldrop

E

Bulldozers and construction trailers populate BullStreet. (Photo/Melinda Waldrop)

mwaldrop@scbiznews.com

ighteen months after a fire threatened its existence, the renovated Babcock Building will welcome its first residents in April.

A 14-unit portion of the planned $55 million, 208-unit luxury apartment complex at the 254,000-square-foot building, which formerly housed S.C. State Hospital patients, will open the first week in April.

Other sections of the building, which featured two dining halls and included 12 connected buildings, will open during the next year, said Hugh Shytle, co-founder and president of Richmond, Va.based developer Clachan Properties.

The luxury apartments at The Babcock, ranging from one to three bedrooms, feature more than 100 different floor plans.

“This building is massive and Byzantine and very complicated, so it’s been a challenge the whole way,” Shytle said. “The fire just added another element.”

The anxiety after first learning of the September 2020 fire that destroyed the Babcock Building’s icon-

ic cupola was soon replaced by relief when it became apparent that firefighters had contained the damage to a sturdily built middle section.

“We were terrified,” Shytle said. “The initial reports we got were that it was a devastating blow, and we really were quite concerned that we had lost so much historic fabric that an adaptive reuse project couldn’t get done. … But we hadn’t lost so much fabric that we couldn’t put it back together.”

The Babcock Building’s transformation is the largest and most visible piece of a rapidly transforming BullStreet District, the 181-acre, mixed-use site of the state’s former mental hospital. The rumble of heavy equipment pings off the spines of steel skeletons rising from the ground all over the urban campus seven years into what Greenville-based master developer Hughes Development Corp. initially envisioned as a 20-year buildout.

“BullStreet is a project that builds on itself,” said Chandler Cox, Hughes Development project manager. “There were projects early on, when we first started construction in 2015, and they’ve slowly all See BULLSTREET, Page 17

March 14-27, 2022

IN FOCUS: REAL ESTATE AND CONSTRUCTION

www.columbiabusinessreport.com 15

The Babock Building’s iconic cupola was a Columbia landscape fixture before a September 2020 fire damaged the building. The building is being renovated into 208 luxury apartments ranging from one to three bedrooms. The Babcock will welcome its first residents in April and will once again be adorned with a cupola, likely next year, according to Hugh Shytle, president of developer Cachlan Properties. “That’s a critical element of the project. We found out there aren’t many people in the country that can do a cupola. It’s not something you just go to your big-box retailer and buy. It’s a very specialized thing,” Shytle said. (Photo/Jeff Blake/JeffBlakePhoto.com)

The Bennet at BullStreet is under construction. (Rendering/Provided)

Construction vechicles at BullStreet. (Photo/Melinda Waldrop)

Page Ellington Park includes a daylighted stream. (Photo/Provided)

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IN FOCUS: REAL ESTATE AND CONSTRUCTION

March 14-27, 2022

Report: Retail brick-and-mortar shops rebounding

By Melinda Waldrop

A

mwaldrop@scbiznews.com

recent report from Colliers International found that brickand-mortar shops are on the upswing.

The 2021 Q4 analysis found that retail vacancy rates in Columbia steadily decreased during the past year to 4.75%.

According to the U.S. Department of Revenue, year-over-year retail sales in the Columbia submarket increased 19.64% in November 2021.

The Colliers report indicated that brickand-mortar shops are gaining momentum as consumers demonstrate a desire to test or try on items before purchase. Physical shops also allow an in-person return process and prevent the potential of delayed shipping or privacy concerns that can occur with e-commerce, the report said.

The reported also cited U.S. Census Bureau data which found that year-overyear national retail sales increased 33% from 2020 to 2021, with 10 consecutive months of double-digit growth since March 2021. In South Carolina, those numbers are reflected by 192,006 square feet of positive annual retail absorption, with the vacancy rate dropping from 6% in the fourth quarter of 2020 to 4.8% in the fourth quarter of 2021.

Total retail inventory grew to 98.6 million square feet at the end of 2021, up from 96.9 million square feet in the fourth quarter of 2020, according to the report.

More than 312,000 square feet of new space was under construction in the fourth quarter of last, up from 274,000 in Q4 2020.

With more space came a drop in lease rates, with the rate per square foot dropping to $20.96 from $21.58.

GMK Associates Inc. renewed a long-term lease of its 20,000-square-foot headquarters on the 21st floor of the Capitol Center building. (Photo/Provided)

Firm renews downtown lease

GMK Associates Inc. has renewed its long-term lease of its 20,000-square-foot headquarters on the 21st floor of the Capitol Center building in downtown Columbia.

Bruce Harper, managing partner at Trinity Partners, represented the planning, design and construction services firm in the transaction at 1201 Main St. GMK Associates, established in 1966, focuses on the health care, education, gov-

ernment, utility, senior living and hospitality industries.

“We are delighted to continue our relationship with Capitol Center, a building that our firm originally developed in 1987,” Jeff Baker, GMK Associates board chairman and president of architecture, engineering and construction services, said in a news release.

“We will be undergoing a major renovation of our space, which will enable us continue to grow and serve our clients for years to come.”

West Columbia building for sale

A newly renovated office building in the Triangle City area of West Columbia is for sale for $398,850.

The 3,770-square-foot building at 1205 D Ave. features a modern look as well as a showroom and a storage area accessible by a loading dock.

Zoned C1 for intensive commercial use, the building’s location between 12th Street and Charleston Highway provides high visibility and traffic volume.

RESIDENTS, from Page 13

experience the amenities that attracted the Ryans, who walk the Segra Park concourse daily, enjoy post-game fireworks from their rooftop deck and eagerly await the opening of planned dining options such as Iron Hill Brewery and Restaurant.

The Ryans don’t mind being in the midst of BullStreet’s ongoing buildout.

JoAnn Ryan worked in apartment development and management in Atlanta, while Jim was a member of the U.S. Naval Construction Battalions, better known as Navy Seabees. That experience has led to one BullStreet project contractor offering him a job, Jim said with a laugh.

“We both have a great deal of interest in construction, so this to us is just so fascinating to watch what all is going on,” JoAnn said.

A map of the world in the Ryans’ home has multi-colored pinpoints indicating all the spots the couple have visited. The Ryans moved to TownPark at BullStreet from Hilton Head Island in July and say they’ve fallen in love with Columbia. (Photo/Melinda Waldrop)

March 14-27, 2022

IN FOCUS: REAL ESTATE AND CONSTRUCTION

www.columbiabusinessreport.com 17

BULLSTREET, from Page 14

built on themselves. You feel the density that’s coming together. You’re really just starting to see the vision of BullStreet.”

Other residential projects underway include the 269-unit, two-block Bennet at BullStreet, slated to open next year. The 120 units at Merrill Gardens are filling up, with potted plants and gliders now decorating balconies. And TownPark at BullStreet, with a total of 28 planned townhouses, has started construction on Phase 4 after selling out phases 1-3.

On the retail side, the WestLawn building, which celebrated its groundbreaking last March, has now taken timber-andsteel shape. Iron Hill Brewing and Restaurant is on track to open next year. Publico is planning a second location inside the Ensor Building, Sanctuary Food Hall is slated to occupy the Chapel of Hope and the Laundry Building is being refurbished for a future retail tenant.

The Williams Building is slated for use as a public space, while the 650-space Freed Street parking garage opened for March 5’s baseball game pitting rivals South Carolina and Clemson. A second parking garage is nearing completion, and a third entrance to BullStreet, at Bull Street and Elmwood Avenue, is being finished with funds from Richland County’s Penny Tax Program. And not to worry. The cupola that greeted motorists approaching that intersection will return,

A map shows finished projects (in blue) as well as those underway (in green) at the BullStreet District. (Image/Provided)

likely in 2023, Shytle said.

“We’ve been working on this project for about five years and a lot has hap-

pened, both good and bad, at BullStreet in the five-year period,” he said. “We’ve gone through a pandemic, etc., but there’s

South Carolinas Media Engineer for Economic Growth

CO

just a lot of traction at BullStreet right now. We think we’re hitting it at the right time.”

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March 14-27, 2022

Heating & Air Contractors

Ranked by No. of Certified Technicians in the Columbia Area, then Listed Alphabetically Top Local Official(s)

Year Founded

Technicians

Employees

Residential / Commercial

Specialization

Northpoint Heating & Air Inc. 1125 Sparkleberry Lane Extension Columbia, SC 29223

803-788-8081 www.northpointac.com bzokan@northpointac.com

Brent Zokan, Joe Zokan, Ryan Zokan

1991

20

28

85% 15%

Sales, service, installation, new construction and maintenance for residential, commercial and multi-family properties

Cullum Services Inc. 2048 Industrial Blvd.

Lexington, SC 29072

803-951-9366 www.culluminc.com coulterd@culluminc.com

Dallas Rowe

1972

13

20

100%

HVAC, boilers, chillers, refrigeration, RTU's, Liebert, controls, monitoring; all commercial and industrial service, maintenance and installation

Blythewood Heating, Air Conditioning & Refrigeration Inc. 7819 Winnsboro Road Columbia, SC 29203

803-789-4978 www.blythewoodhvac.net officemanager@blythewoodhvac.net

Charles Duffie, Mike Harrelson

2001

3

14

65% 35%

Commercial and residential installation and maintenance

2nd Wind Heating & Air Conditioning 6130 Shakespeare Road Columbia, SC 29223

803-786-7433 www.2ndwindhvac.com service@2ndwindhvac.com

Brian Lawler, Mickey Lawler

1985

-

Heating and air conditioning

AAA Heating & Air LLC 844 Founders Road Lexington, SC 29073

803-676-1367 www.callaaatoday.com info@callaaatoday.com

Edward Dennis

2007

-

Indoor air quality control

Air & Heat Provider LLC 142 Latonea Drive Columbia, SC 29210

803-731-8300 www.hvaccontractorcolumbia.com

Loc Phan

2000

-

Heating and air conditioning systems contractor

Air Necessities 7718 Two Notch Road Columbia, SC 29223

803-736-0711 www.airnecessities.net william@hvacnec.com

William Morrison

-

Residential and commercial HVAC

Air Time Climate Control LLC 3400 Fernandina Road Columbia, SC 29210

803-772-5603 www.airtimecc.com

Eugene O'Banion

1994

-

Residential HVAC

Aire Serv 2237 Leaphart Road, Unit A West Columbia, SC 29169

803-470-0407 www.aireserv.com/central-sc

1992

-

Full-service HVAC company

Airtec Services Heating & Air 324 Lincoln St. Columbia, SC 29201

803-252-9888

Wanda Whitfield, Rudy Whitfield, Calvin R. Whitfield

1986

-

Installation, sales and service

All American Heating & Air 3220 Leaphart Road West Columbia, SC 29169

803-796-8356 www.allamericanheatingandair.com info@allamericanheatingandair.com

Gene Royer, Debbie Royer

1991

-

Residential, light commercial HVAC systems, indoor air quality , duct cleaning, repair and replacement as well as blown attic insulation

ARS / Rescue Rooter of Columbia 121 Windhill Road Columbia, SC 29203

803-403-8656 www.ars.com

-

Residential and commercial HVAC, plumbing, sewer and drain services

Cassell Brothers Heating & Cooling LLC 10042 Broad River Road Irmo, SC 29063

803-732-9669 www.cassellbros.com info@cassellbros.com

James E. Cassell

2008

90% 10%

Residential and commercial HVAC, generators, duct cleaning, indoor air quality, 7-day service

Central Heating & Air Conditioning Service Inc. 4031 Baldwin Road Columbia, SC 29204

803-786-0170 www.centralhvacservice.com centralsvc@bellsouth.net

Jackie T. DavisNorris, Buddy Davis, Bobby Mason

1966

-

Cool Care Heating & Air 3102 Bronx Road Columbia, SC 29204

803-772-7715 www.coolcarehvac.com office@coolcare.me

Cordell Brown, Teresa Wardlaw, Kenny Wardlaw

2001

83% 17%

Cool Crafters LLC 14 Gardenhill Drive Columbia, SC 29229

803-788-9700 www.coolcrafters.com service@coolcrafters.com

Javed K. Romani

2010

-

HVAC

Drawdy's 2509 Main St. Elgin, SC 29045

803-782-3546 www.drawdys.com

Rusty Williams, Jay Williams

1968

-

Residential HVAC

Johnson Controls Inc. 3243 Sunset Blvd.

Columbia, SC 29169

803-476-0000 www.johnsoncontrols.com

David E. McKenzie

1885

-

Commercial, industrial HVAC systems, mechanical work, control systems, remote monitoring and diagnostics of chillers

Kaminer Heating & Cooling 110 Kaminer Way Parkway Columbia, SC 29210

803-888-4115 www.kaminerhac.com

Todd Kaminer, Karrah Williams, Woody Kaminer

1956

-

Residential HVAC

Metro Heating & Air Conditioning 8770 Old Percival Rd. Columbia, SC 29223

803-736-4617

Paul Moorehouse

1978

-

Commercial services

Midland Air Service Experts Heating & Air Conditioning 1720 N. Lake Drive Lexington, SC 29072

803-358-8459 www.serviceexperts.com

1957

-

Residential HVAC

MSS Solutions 200 Rich-Lex Drive Lexington, SC 29072

843-756-1050 www.msssolutions.com ed.bootle@msssolutions.com

Ed Bootle

1996

-

Commercial and industrial HVAC service, repairs, and maintenance; capital and design/build mechanical projects, building automation systems

Precision Air Services 247 Plumbers Road Columbia, SC 29203

803-569-1847 jburns@precisionaircolumbia.com

Charles Kale, Joe Burns, Doug Kale

2001

-

Residential and commercial HVAC contractor

Total Comfort Solutions 346 Orchard Drive West Columbia, SC 29170

803-772-4495 www.totalcomfortsolutions.com

Jim Reynolds

1976

-

Manufacturing, industrial, health care, commercial facility HVAC systems and controls

Trane Carolinas 111 Lott Court West Columbia, SC 29169

239-990-9995 www.trane.com/carolinas

Heather Sewell, Rhett Baldwin

1913

-

Provides HVAC equipment, parts, building automation systems, turnkey, maintenance and repair services

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

Commercial, industrial and new school construction; residential Whole-house energy evaluations, Aeroseal duct sealing, indoor air quality, Generac generators

Researched by Business Report staff

March 14-27, 2022

IN FOCUS: REAL ESTATE AND CONSTRUCTION

Solar Companies

See who the movers and shakers of the Midlands are and what they are up to.

Listed Alphabetically Homestar Solar Solutions 1020 Wildwood Centre Drive Columbia, SC 29229 803-764-3560 www.solarcarolina.com Ion Solar 1330 Old Dairy Drive Columbia, SC 29201 803-602-6274 https://ionsolar.com Mid-Carolina Solar Manufacturing Inc. 472 U.S. Highway 378 W. Lexington, SC 29072 803-359-6255 Palmetto SolarPros Irmo, SC803-732-2662 www.palmettosolarpros.com Powerhome Solar 2109 Landmark Drive Cayce, SC 29033 (803) 679-2001

www.columbiabusinessreport.com 19

Real Value Inc. Solar Solutions 1031 Sparkleberry Lane Ext. Columbia, SC 29223 803-699-1120 www.realvaluess.com Solar Chief 1101 Ferguson St. Columbia, SC 29201 803-602-3397 www.solarchiefusa.com SunPower by South Coast Solar LLC 1219 Bluff Road Columbia, SC 29201 803-626-0552 www.southcoastsolar.com U-Save Solar LLC Columbia, SC803-636-7525 www.u-savesolar.com

MORNING REPORT

Sign up today for the Morning Report email newsletter at www.SodaCityBizWire.com

Get your message in front of the top decision-makers in the Midlands as they start their morning with the top business announcements in the Midlands!

For advertising information, contact Lucia Smith at (803) 726-7547 or lsmith@scbiznews.com

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 lists@scbiznews.com.

IT’S TIME TO BINGE BUSINESS What’s New and What’s Hot!

Check out our new content as well as our trending videos on this ever-changing playlist.

Recognition Events

With events like Women of Influence in the Upstate, Icons and Phenoms in the Midlands and Health Care Heroes in the Lowcountry, SC Biz News honors the movers and shakers across the state.

With nearly 150 videos (and counting), our YouTube channel features a wide variety of businessrelated content. Our playlists have something for everyone.

Coffee With

This ongoing video series features business executives sharing insight about their business, the industry in which they work and the community in which they live.

Coping with COVID

Explore the impact the coronavirus is having on our daily lives, both at home and at the office.

Subscribe to SCBIZtv and stay in tune with what’s happening across South Carolina. https://www.youtube.com/scbiztv

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March 14-27, 2022

CALLING ALL HIGH-GROWTH COMPANIES!

2022

Is your company one of the top high-growth companies in the state? Let’s find out! Winner rankings will be revealed during a fast-paced countdown celebration in Columbia. The top 20 small and top 20 large companies will be profiled in SCBIZ magazine.

Nominate today: bit.ly/22roar20noms Self-nominations are encouraged!

Nominations close on April 1, 2022 at 5:00 p.m.

Presented by:

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

#R20SC

At Work

PEOPLE, PLACES AND HAPPENINGS ACROSS THE MIDLANDS

People in the News CONSTRUCTION

Richard Kinard, leader of Mashburn Construction’s Coastal Division, has joined the Carolinas Association of General Contractors board of directors Kinard as building division chair. Kinard brings more than two decades of construction experience to the organization.

Construction Dynamics Inc. promoted Nathaniel Spells Jr. to vice president of operations and David Myers, PE, to vice president of construction services. Spells had been preconstruction manager.

Spells

joined McGregor & Company as a staff accountant in the Columbia office.

She received her bachelor of science in accounting and her master of science in accounting from the University of Miami.

GOVERNMENT The new director of agribusiness development at the South Carolina Department of Agriculture is Laura Jordan. A graduate of Clemson University’s College of Agriculture, Forestry & Life Sciences and the South Carolina Economic Development Institute, Jordan is pursuing her master of business administration at the University of South Carolina.

Cayce City Councilman Hunter Sox has won the McLaughlin Scholarship to attend this month’s Congress of New Urbanism in Oklahoma City.

Sox

EDUCATION

LAW

The South Carolina Association for Middle Level Education gave its Dr. Randy Wall Distinguished Service Award to Dixon Brooks, Ph.D., chief Brooks instructional officer for Lexington School District Two, in recognition of his contributions to the work of middle level education. Brooks has been with Lexington Two since 1994 and has held a number of leadership positions, including principal at three schools.

The American Bar Association has named Ashley Dixon, a Robinson Gray associate, as an ABA Free Legal Answers Pro Bono Leader for 2021. This Dixon is in recognition of the 74 civil legal questions she answered on a volunteer basis during the year. Dixon focuses her practice in workers’ compensation defense.

She is a graduate of North Carolina State University and earned her juris doctor at the University of South Carolina School of Law.

FINANCIAL SERVICES CUNA Brokerage Services has brought in Rick Addy as financial advisor for SAFE Federal Credit Union. Addy, a graduate of Furman University, has more than 20 years of experience in the financial services industry and is registered with the Financial Industry Regulatory Authority.

Wei

Yan

has

Addy

Haynsworth Sinkler Boyd’s Ron Scott has been selected to participate in the spring 2022 Midlands Diversity Leaders Initiative, a program of Furman University’s Scott Riley Institute. Scott’s practice focuses on public finance, local government, and economic development.

NONPROFIT Yan

Elliott Epps has joined United Way of the Midlands’ community impact team as director of leadership and capacity build-

ing. As such, his aim is to increase capacity within local nonprofits and manage overall relationships with local community-serving agencies.

Epps oversees United Epps Way’s Blueprint for Leadership program, which trains local community members, including emerging leaders, to serve on nonprofit boards.

REAL ESTATE At the Art of Real Estate, Jay Bartos is a new associate agent, Michelle Legaspi is now leads coordinator, and Cole Warren has been promoted to market manager.

Cindy Creamer, Realtor at Dunes Real Estate in Hilton Head, is the 2022 South Carolina Realtors president. As president, she is focusing on the association’s strategic plan.

long, an associate with Robinson Gray.

The 2022 board also includes Lindsey Yarborough, president-elect and programs co-chair (Mashburn Construction); Lauren Greene, immediate past president and CREW Network Foundation chapter champion (First Citizens); Alli Morgan, treasurer (Lillibridge Healthcare Services); Jenny Lanford, secretary |(Haynsworth Sinkler Boyd); Jessica Koumas, sponsorship chair (Quackenbush Architects + Planners); Boo Moca, membership chair and returning board member (Wilson Kibler); Dee Deberry, programs co-chair and new member (AEI Consultants); Elizabeth Riley, communications co-chair (Colliers | South Carolina); Amanda Merchant, communications co-chair and new member (Callaway Construction); and Marie Dieckmann, at-large (CBRE). CREW Midlands-SC is the local chapter of Commercial Real Estate Women Network.

SERVICES

Creamer

At Colliers | South Carolina, Columbia’s Chuck Salley and Craig Waites are among the newly named managing directors. Salley has 41 years of experience in all aspects of industrial brokerage.

Waites specializes in site selection, land brokerage, and the sale of retail/ owner-occupied properties.

In addition, Colliers | South Carolina promoted a handful of brokerage associates, among them Columbia’s Thomas Beard, who is now a vice president and recently received his SIOR designation, and Ryan McCue, ALC, now a senior brokerage associate.

Beard is an industrial Beard brokerage specialist serving central South Carolina, McCue is a land brokerage specialist.

Last, Yvett Helms has joined Colliers | South Carolina’s Columbia office as a property accountant, responsible for financial reporting on commercial property management accounts. A graduate of Montana State University, Helms holds a bachelor of arts in business administration.

The president of CREW Midlands-SC’s 2022 board of directors is Molly Campo-

Terminix Service has named Cody Dale the 2021 Service Leader of the Year and Audrey Locklear the 2021 Customer Care Specialist of the Year. Regional winners include Kylie Netherland, Columbia Central (Customer Service Specialist of the Year, South Central Region) and Jason Russell, Columbia Central (Service Leader of the Year, South Central Region).

Nexsen Pruet names new COO

An Upstate resident with more than 30 years of experience in legal business administration is Nexsen Pruet’s new COO. Craig Holderman, who most recently served as CFO at Greenville-based Ogletree, Deakins, Nash, Smoak & Stewart, also spent 23 years at Stroock & Holderman Stroock & Lavan LLP in New York, working his way up to director of financial operations. Holderman will work closely with leadership at Columbia-headquartered Nexsen Pruet to guide the multi-specialty business law firm’s operations, strategic planning and execution.

“We are thrilled to welcome Craig to this leadership role with Nexsen Pruet,” Leighton Lord, Nexsen Pruett board chair, said in a news release. “His extensive experience will be invaluable to the firm, and I have no doubt he will be instrumental in leading Nexsen Pruet to further success.”

22

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March 14-27, 2022

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

MARCH 28 EDUCATION & WORKFORCE DEVELOPMENT List: Colleges and Universities

Advertising Deadline: March 14

APRIL 11 MANUFACTURING & AUTOMOTIVE List: Law Firms | Bonus List: Business Communication Companies

Advertising Deadline: March 28

APRIL 25 ARCHITECTURE, ENGINEERING AND CONSTRUCTION (AEC) List: Landscape Architecture Firms

Advertising Deadline: April 11

MAY 16 GROWTH REPORT: LIFE SCIENCES List: Life Science Companies Special Section: Book of Experts

Advertising Deadline: April 25

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

The deadline for filing 2021 tax returns is April 18. (Photo/File)

TAXES, from Page 1

As a result, the IRS is begging taxpayers to do everything possible electronically, from filing returns to getting answers to tax questions at the IRS.gov site. (And no, you no longer will need to upload a selfie in order to access your online IRS account.)

“File as early as you can, file electronically and make sure you link up your bank account so your refund can be direct deposited,” said Bryan Cannon, CEO and chief portfolio strategist for Charlotte-based Cannon Advisors. “People that don’t do those three things are going to experience some delays.”

For this filing season, IRS.gov has added several new features available 24 hours a day, including a special tax season alert page updated daily and a tool called “Understanding Your IRS Notice or Letter.” It also has special resources on the expanded tax benefits from the American Rescue Plan including: the expanded Child Tax Credit; increases in the Child and Dependent Care Credit and Earned Income Tax Credit; and the Recovery Rebate Credit, which allows eligible taxpayers to claim the full amount of any missed 2021 stimulus payments.

“We want taxpayers to know that IRS.gov is a deep well of easily accessible material that is constantly updated,” said Stacy Engle, an IRS spokesperson.

“Online tools and assistants can clarify an IRS letter you’ve received, track your refund and give you details on what tax benefits you may qualify for.”

This tax season also brings with it some special pandemic-related changes to filing rules and some issues that taxpayers and employers need to know about, Cannon said, including: Unemployment income: Because so many people lost jobs when the pandemic hit, taxpayers who had to file unemployment got a break for 2020. For that year only, up to $10,200 in unemployment income was tax-free for those who made up to $150,000 a year. For 2021? Sorry, all unemployment income is taxable again.

Advanced Child Tax Credit Payments: The American Rescue Plan Act of 2021 increased the amount of the tax credit a taxpayer could receive for each dependent child, to $3000 for each child ages 6 through 16 and $3,600 for each

child under 6. The act also enabled the Advanced Child Tax Credit, which for the second half of 2021 disbursed monthly payments equal to half of the total child tax credit a taxpayer would be able to claim for 2021. Those advance payments are not taxable and don’t need to be reported as income, Cannon said.

Employee Retention Tax Credit: This is a tax credit for employers enacted in 2020 as part of the CARES Act, designed to reward business owners for retaining employees during the pandemic.

“It was available to all employers regardless of size,” Cannon said. “It was there if you were ordered to shut down, like what happened to restaurants or gyms, or if you had a significant drop in income compared to the previous year.”

To qualify for the credit in 2021, businesses had to be forced to partially or fully shut down operations because of local government restrictions related to the pandemic or had to experience an 80% reduction in receipts from the prior year.

For 2021, the maximum amount businesses can claim is $7,000 per employee for the first three quarters of the year.

Home office deductions: If you were forced to work at home by the pandemic, you might wonder if you can deduct expenses for setting up a home office. The answer? Not if you file a W2, meaning you receive wages or a salary from a company.

After changes to the tax rules through the Tax Cuts and Jobs Act of 2017, only contract employees or sole proprietors can claim home office expenses as a deduction.

“If you’re producing W2 income and you deduct home office expenses, you’re going to get flagged,” Cannon said.

“People took a lot of liberties with that deduction, and in some cases sorely abused it, so now there’s no deduction if you file a W2.”

The best-case scenario for those who file W2s is if your employer provided the equipment to allow you to set up a home office or agreed to reimburse you for any equipment you had to buy.

And finally, the most important thing to remember for tax season: The deadline for filing for most Americans is April 18. For those who live and work abroad, it’s June 15. If you need more time, you can get an automatic extension until Oct. 17.

Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Timid response to Russia unlikely to create economic chaos in US

N

obody knows exactly what is going to happen next in the war between Russia and Ukraine. But a couple of things seem obvious. Ukraine cannot last long without significant military support from the U.S. and Europe.

The willingness of Germany and the Netherlands to send military equipment to Ukraine is a step in the right direction, but far too little and way too late.

There is no still no STEPHEN talk of reducing or SLIFER eliminating Russia’s primary exports of oil or natural gas.

Preventing Russia from using the SWIFT network is useful, but its effectiveness is dampened by the fact that it excludes oil transactions. There seems to be no intention whatsoever by the U.S. and Europe to reverse what is happening in Ukraine.

No one is willing to stand up to a bully.

Putin wins.

Within days Ukraine has moved into Russia’s sphere of influence. In light of that relatively tepid response by the U.S. and Europe, there is likely to be little impact on the U.S. economy. Firms will continue to create jobs. The consumer will continue to spend. The economy will continue to grow at a reasonably rapid pace. Inflation may be higher than thought previously.

In view of the heightened uncertainty, any notion that the Fed will respond aggressively to counter rising inflation is off the table. Rates will rise but not rapidly enough to do any particular damage.

Ho hum. More of the same. The outcome could be different, but that requires political courage. That willingness to act aggressively is distinctly lacking on both sides of the Atlantic.

What do we conclude from all this?

First, volatility in all markets will remain elevated for some time to come and will ebb and flow with every successive news headline.

As long as this nervousness persists, it will be hard for the stock market to rebound.

But in the absence of a more vigorous response by the West, it may not sell off that much either. As amazing as it seems, the S&P 500 index is only 9% below the record high level it set in December. It feels more like 40%.

Why is the stock market hanging in there? First, firms are still creating jobs.

Payroll employment has risen on aver-

The Russian invasion of Ukraine has raised many uncertainties, but at least one expert doesn’t think there will be much impact on the U.S. economy. (Photo/File)

age 540,000 per month for the past three months and the weekly data on initial unemployment claims suggest that we will get another solid report for February.

We expect to see an increase in employment of 500,000 in that month and a decline in the unemployment rate of 0.2% to 3.8%.

Second, consumers are continuing to spend. Consumption spending jumped 2.1% in January. While a part of that gain was attributable to inflation, real consumption spending climbed by 1.5%. The first quarter is off to a great start.

Perhaps contributing to the January spending spree is the fact that the number of new COVID cases has plunged since reaching a peak in mid-January. Air travel and dining in restaurants have rebounded vigorously. People are doing things that they chose not to do when COVID cases were soaring.

At the same time, the beleaguered manufacturing sector may finally be emerging from its supply constrained doldrums. Durable goods orders jumped

3.2% in November, 1.2% in December and 1.6% in January. In the past year durable goods orders have risen 14.1%. In the past three months that has picked up to a breath-taking 24% pace.

The bottom line is that through January the economy was on a roll. Maybe the situation in Ukraine will change all that and growth will soften. But the weekly data on layoffs and the number of people receiving benefits suggest that nothing has changed through mid-February. The steadiness in stock prices seems to indicate that investors have not lost the faith.

The economic fundamentals thus far suggest solid growth in the economy. Unfortunately, that steamy growth rate has pushed inflation higher as demand far outstrips supply. The Fed’s inflation target – the core personal consumption expenditures – has risen 6.1% in the past year and is showing no sign of slowing down.

We look for it to climb by 5.2% in 2022.

To alter all this there needs to be a game changer. The United States and Europe need to do something to induce

fear in Putin. He could respond to the sanctions, but he does not need to do anything else. He has Ukraine. Anything further on his part could trigger a more vigorous response by the West. Why bother?

He has won. Sad. From 1980 until 2003, when he retired, Stephen Slifer served as chief U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group along with being responsible for forecasts and analysis of the U.S. economy. He has written two books on using economic indicators to forecast financial moves and previously served as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. Slifer can be reached at www.numbernomics.com.

We Want to Hear From You Write: Melinda Waldrop, Editor Columbia Regional Business Report 1612 Marion St., Suite 301 Columbia, SC 29205 Email: mwaldrop@scbiznews.com

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