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Columbia Business Monthly

The Business Narrative: SC Employment Snapshot

Dec 21, 2022 08:16AM ● By David Dykes

South Carolina Is Still Enjoying Record Low Unemployment 

The state’s seasonally adjusted unemployment rate in November was unchanged at 3.3 percent from October’s estimate, according to the South Carolina Department of Employment and Workforce.

The seasonally adjusted, monthly survey of households estimated the number of South Carolinians working decreased to 2,302,601.

That is a decrease of 5,296 people from the October estimate, but an increase of 16,652 people over the November 2021 estimate.

The estimate of unemployed people decreased to 78,153. That is a decrease of 406 people from October’s estimate and a decrease of 7,014 from the November 2021 estimate.

Nationally, the unemployment rate was unchanged at 3.7 percent from October’s estimate, according to the Current Population Survey.

The state’s estimated labor force (people working plus unemployed people looking for work) decreased to 2,380,754 from October’s level of 2,386,456.

That is a decrease of 5,702 people from the October estimate, but an increase of 9,638 individuals over the November 2021 estimate.

“South Carolina is still enjoying record low unemployment at 3.3 percent. However, the state’s labor force participation rate of 56.4 percent continues to have our agency’s attention,” said S.C. Department of Employment and Workforce Executive Director Dan Ellzey.

 “Despite the low unemployment rate, SC Works Online Services has approximately 100,000 jobs posted,” Ellzey added. “Opportunities are available in manufacturing, construction, retail, transportation, warehousing, hospitality, restaurants, healthcare, business, I.T., and more.

"Hourly wages continue to rise, with increases of 3 percent since January and 13.7 percent since the start of the pandemic, and many businesses are willing to train on the job.”

Greystar Closes Greystar Credit Partners III

Greystar Real Estate Partners, LLC, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, announced the final close of Greystar Credit Partners III, LP.

Greystar officials said the $600 million commercial real estate debt fund will focus on the acquisition of securitized subordinated debt as well as private label securitizations, junior notes, and mezzanine debt collateralized by the continuum of for-rent residential assets.

GCP III is the successor to GCP II, a $600 million fund created in 2020 that completed its investment activities concurrent with the formation of GCP III.

"GCP III is the continuation of an effort initiated in 2018 to scale into credit strategies that leverage the firms nearly 30 years of multifamily operating expertise to make thoughtful, data-driven and timely principal investment decisions," said Brett Lashley, managing director and leader of credit at Charleston, S.C.-based Greystar.

Added Kevin Kaberna, executive director and leader of Greystar's Investment Management platform in North America: "By leveraging our vertically-integrated platform and unique understanding of the nuances of multifamily investment and development, we are well-positioned to continue to tap into strategic investment opportunities across the U.S."  

Lashley along with Senior Director Patrick Reilly will continue to oversee Greystar Credit Partners' investment management activities.

Greystar manages and operates more than $250 billion of real estate in 227 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region.

Greystar is the largest operator of apartments in the United States, manages nearly 794,000 units/beds globally, and has an institutional investment management platform comprised of more than $62 billion of assets under management, including over $26 billion of development assets.

Greystar was founded by Bob Faith in 1993.

Dennis Eagle, Inc. Expanding Operations In Dorchester County

Dennis Eagle, Inc., a subsidiary of United Kingdom-based manufacturer Dennis Eagle Ltd., announced plans to expand operations in Dorchester County.

The company’s $2.1 million investment will create 49 jobs over the next five years, according to the South Carolina Department of Commerce.

Part of the international Terberg Environmental Group, Dennis Eagle, Inc. is a leading manufacturer of garbage collection vehicles.

The company’s vehicles specialize in improving driver, passenger and pedestrian safety through low-entry cabins and large windshields that reduce blind spots, Commerce officials said. 

Located at 104 G Pinnacle Way in Summerville, Dennis Eagle, Inc. will expand its existing facility where the company produces chassis and powertrains, to accommodate growing demand, the officials said. 

Those interested in joining Dennis Eagle, Inc. should go to the Terberg Group’s careers page. 

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

The council also awarded a $200,000 Set-Aside grant to Dorchester County to assist with the costs of building improvements. 

Flybar, Inc. Establishing Distribution Operations In Greenwood County

Flybar, Inc., a sporting toy company, announced plans to establish distribution operations in Greenwood County.

The company’s $8 million investment will create 36 jobs, according to the South Carolina Department of Commerce.

Founded in 1918 as the “original pogo stick company,” Flybar, Inc. has become one of the largest pogo stick manufacturers in the world.

The company has expanded its active play and bounce portfolio, producing over 500 products in 14 different categories.

In addition to pogo sticks, the company manufactures skateboards, ride-on vehicles, trampolines, sleds, preschool toys and more. The products are available at major retailers in store and online.

Located at 795 West Alexander Road, Flybar, Inc.’s new distribution operations in Greenwood will support its increasing inventory and fulfillment needs, Commerce officials said. 

Operations are expected to be online by early January 2023. Those interested in joining Flybar, Inc. should go to the company’s contact page.

The state’s Coordinating Council for Economic Development awarded a $75,000 Rural Infrastructure Fund grant to Greenwood County to assist with the costs of building improvements.

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