Calling All Subcontractors

The SC Department of Commerce has partnered with SLS Construction and Home Inc., who was awarded the disaster recovery contract from South Carolina from the October Floods. They will be undertaking a massive rehab project of residential homes damaged or demolished from the flood. They are seeking tradesmen (electrical, plumbing, HVAC, framers, painters, etc.) to get involved with the project.

Interested? Attend the Subcontractor Outreach Event on Wednesday, December 7, 3 – 5 p.m. at Central Carolina Technical College. Click here for more details and to register.

S.C. Leading Indicators Rising

After recording three straight months of declines, the South Carolina Leading Index bounced back in August, the S.C. Department of Commerce reported Monday. August’s index of leading economic indicators was 100.96, gaining 0.29 points, the agency said. A value of 100 indicates improving economic conditions for the next three to six months. Key housing-related factors include:

  • Single-family homes prices rose 1.2% to $164,950.
  • Residential building permits issued dropped 10.1% to 1,814 in August.

Read more at GSA Business by clicking here.

S.C. leading index of economic indicators up for 4th straight month

South Carolina’s leading index of economic indicators in May improved for the fourth straight month and hit its highest point since June 2007, according to a report posted by the S.C. Department of Commerce.

The leading index, driven in part by a jump in new-home construction and a drop in unemployment claims, reached 101.1 in May, according to the report, authored by David Clayton, director of the agency’s research division.

“Heading into summer, the housing market continues to improve in South Carolina,” the report said.

The number of residential construction permits rose 26.3% in May compared with April. Meanwhile, the total value of the permits issued in May rose 17.5%.

The coastal region posted the largest increases in new residential construction permits with Charleston up 53% in May over the previous month, and Myrtle Beach up 39%.

The median sales price for a single-family home climbed $8,500 or 5.6% in May, the reported added.

“Last month’s median sales price gain was the largest, in dollar terms, since August 2009,” the report said.

Overall, the volume of home sales in May rose 21% compared with May 2012, with the heftiest increases in Greenville and Spartanburg, each up about 40%.

On the jobs front, nonfarm employment increased 5,400 jobs or 0.3% in May from the prior month.

Meanwhile, the average weekly number of initial claims for unemployment insurance was 4,306 in May, about 2.6% less than April and about 4% less than May 2012.

Greenville reported the largest decline at 14%, followed by Spartanburg, down 9%.

Other key S.C. indicators in May included:

  • Personal income decreased 1% to $163.3 billion in the first quarter.
  • S.C. stock index gained 1% of 0.95 points, closing at 100.85.
  • 0.01% decrease in labor force, down 276 to seasonally adjusted 2,169,409.
  • No change in unemployment rate at 8%.
  • 1.4% decrease in weekly manufacturing hours to 41.3 hours.
  • 0.4% decrease in available online job posts to seasonally adjusted 56,400 listings.

Source: Columbia Regional Business Report

South Carolina Department of Commerce To 11 Accomplishments in 2011

South Carolina Department of Commerce released its list of top 11 accomplishments for 2011:
  1. Continental Tire the Americas – $500 million investment to generate 1,700 new jobs over the next 10 years. 
  2. TD Bank – $17 million investment creating 1,400 new jobs. 
  3. 5-STAR USA – investing $25 million and creating more than 1,000 jobs over the next five years. 
  4. Bridgestone – $1.2 billion investment, which will result in more than 850 new jobs. 
  5. Amazon – investing $25 million and creating 750 jobs. 
  6. Nephron Pharmaceuticals Corporation’s – $313 million investment to generate 707 new jobs. 
  7. TIGHITCO Inc.- $30 million investment that will generate 350 new jobs. 
  8. ZF Group – investing an additional $80 million and adding 300 new jobs. 
  9. Bosch Rexroth Corporation – $80 million investment and creating 160 new jobs over the next five years. 
  10. Gestamp South Carolina – investing $51 million and creating 100 new jobs. 
  11. BMW added a $100 million investment and committed to create 100 new jobs.
Note that half of these announcements are in the Upstate.