News and Press Releases for October 2006
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10/13/2006
State Wraps up Banner Week for Economic Development
Nearly 900 Jobs, $750 Million in Investment Announced as Economist Says State's Unemployment Rate Likely Overstated
Columbia, S.C. - The nearly 900 new jobs and almost $750 million in capital investment announced for the state this week have made the past days a "banner week" for South Carolina's economy, Governor Mark Sanford said today. Over the course of the week six projects have been announced across South Carolina, coming at the same time as news from one of the region's top economists that the state's unemployment rate is likely overstated by nearly a third, putting South Carolina's jobless rate on par with the national average of 4.6 percent. The governor said that news -- coupled with other positive economic indicators like gross state product growth, job growth and state revenue growth -- all point to South Carolina's economy moving in the right direction.
"Anytime you're able to put nearly 900 more people to work and draw close to $750 million in investment to South Carolina it's obviously good news, but doing it over the course of just a few days means a real banner week for our state when it comes to creating jobs and opportunity for South Carolinians," Gov. Sanford said. "There are nearly 125,000 more South Carolinians working than there were when we took office, over 5,100 fewer people receiving unemployment benefits, and South Carolina's GSP is among the fastest growing in the nation - all indicators that we're moving in the right direction with respect to our economy. Add all that up, and it becomes clearer that we've got an economy that is steadily growing stronger."
Over the past week, Governor Sanford has personally welcomed three economic development projects to South Carolina, including Poly-America, a 400-job, $100 million investment in Chester County; Johnson Controls, a 200-job, $35 million investment in Florence County; and the Market Common, a $600 million residential and commercial development in Myrtle Beach. Three other major projects have also been announced this week: Ernest Health, a 130-job announcement in Greenwood; O'Dell Corporation, a $2.5 million, 50-job expansion of an existing business in Laurens; and Ahlstrom, a $16 million, 100-job announcement in Lee County.
In Wachovia Senior Economist Mark Vitner's most recent Regional Economic Review, it was reported that South Carolina's Gross State Product grew at 6.3 percent in the second quarter of 2006 - the fastest rate of growth in the Southeast, the fifth-fastest in the nation, and more than twice as fast as the national rate of 2.5 percent growth. Officials with the state Employment Security Commission have said that roughly half of the state's unemployment rate is due to new job seekers who are entering the labor market largely because they're encouraged by positive economic trends.