Skip to main content

Columbia Business Monthly

The Business Narrative: SC Economic Outlook

Jan 10, 2023 01:18PM ● By David Dykes

Key Indicator Declines; Other Metrics Mixed

The South Carolina Leading Index (SCLI) fell in November to a value (following revisions) of 102.36, according to the South Carolina Department of Commerce.

SCLI metrics were mixed in November. Unemployment claims were 2.7 percent lower than in October.

The number of issued housing permits fell 22.6 percent month-over-month while valuation for the permits fell 16.1 percent. Average weekly manufacturing hours were up 0.3 percent.

The Conference Board's national Leading Economic Index decreased in November, following revisions, to 113.5. The Conference Board noted that weak labor market and housing indicators are inhibiting economic growth.

Commerce officials said South Carolina’s total non-seasonally adjusted nonfarm employment rose by 6,100 net jobs to 2,262,200 in November, which was 0.3 percent higher than October numbers and 3.9 percent higher than one year ago.

Sectors reporting net job gains for the month included Trade, Transportation, and Utilities (5,200); Educational and Health Services (2,100); Finance (1,100); Professional and Business Services (500); Other Services (300); and Information (100).

Net job losses were reported in the Leisure and Hospitality (-6,000); Government (-4,300); and Construction (-600) sectors.

Manufacturing and Natural Resources and Mining had no net change month-over-month. Compared to one year ago, the state economy added 84,000 net nonfarm jobs.

The average number of initial reported claims for unemployment insurance in the state decreased in November. The average for the month was 1,934 weekly initial claims, down 2.7 percent month-over-month.

In November, the number of building permits issued in South Carolina for new residential construction fell 22.6 percent to 2,816. That figure was down 29.9 percent from one year ago.

Valuation for the permits fell 16.1 percent month-over-month and was 13.7 percent lower than one year ago. Total closings were down 8.1 percent compared to October, while the median sales price was up 0.8 percent.

Total closings fell across the six MSAs, with Florence reporting the steepest decline (-16.6 percent).

Median sales price rose in four of the MSAs, with Florence reporting the steepest increase at 2.5 percent.

Furman University to Host Greenville Triumph, Liberty For 2023 Season

The Greenville Triumph and Greenville Liberty will play their home matches at Furman University’s Paladin Stadium in 2023 as the soccer club works toward construction of a multi-use stadium to host matches as early as 2024, the team announced.

Said Chris Lewis, president of the Greenville Triumph Soccer Club: “Furman has been a fantastic partner as the training site for the Liberty. Furman’s sophisticated athletic facilities, resources, and core values make it a perfect fit for our organization and playing our home matches at the stadium only builds on that relationship.”

Since its formation as the Upstate’s professional soccer club, the Greenville Triumph men’s team has played its first four seasons at Legacy Early College in West Greenville. The Greenville Liberty pre-professional women’s team joined it at Legacy Early College for its 2022 inaugural season. 

Greenville Triumph chairman and owner, Joe Erwin, praised Legacy Early College and its founder, William Brown, for their hospitality.

“Though we originally planned to stay just two seasons, the school graciously accommodated us for two more years,” Erwin said. “We will be forever grateful for the memories created on that pitch, the school administrators and staff with whom we worked, and the incredible scholars we’ve met along the way.”

The Triumph will continue its Legacy Early College internship program and have donated a scoreboard, field improvements and stadium amenities to the school.

 “At Furman, the team will continue to build on the fan experience the organization has committed to providing since its inception,” said Doug Erwin, vice chairman and chief brand officer for the Triumph. “Fans can look forward to the improved amenities and greater capacity of Paladin Stadium.”

Furman will continue as the training site for the Greenville Liberty, and the Greenville Triumph will continue to use Bob Jones University as its training site.

The Greenville Triumph and Greenville Liberty have featured several current and former Paladins, including Grace Baghdady, Caitlin Reilly, Camryn Bolick, Cameron Whitacre, Maggie Miller, Riley Parsons, Cambelle Roberson, Ben Hale, Cole McLagan and Miles Fenton.

The Liberty competed in the USL W League’s inaugural season in the summer of 2022, finishing undefeated at home.

Greenville Triumph men’s professional team began play in 2019 in the USL League One. The men’s team has appeared in three league finals, including winning the USL League One Championship in 2020.

The Triumph kicks off its fifth season at home against the Richmond Kickers on March 25 and will release the full season schedule Jan. 11. The Liberty is expected to begin its second season in early May.

For tickets and information, go to: and

Taxpayers Should Hang Up If Scammers Come Calling, IRS Says

The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers.

Thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information, IRS officials say. However, they say it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers. 

The IRS will never:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.

Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.

Call unexpectedly about a tax refund.

Taxpayers who receive these phone calls should:

Record the number and then hang up the phone immediately.

Report the call by visiting the Hotline page of Treasury Inspector General for Tax Administration and using an IRS Impersonation Scam Reporting form or by calling 800-366-4484.

Forms to report fraud are available on the Hotline page of Treasury Inspector General for Tax Administration website. Taxpayers just click the appropriate option under “IRS Scams and Fraud” and follow the instructions.

Report the number to [email protected] and put "IRS Phone Scam" in the subject line.

Corrected Links

Some readers of Monday’s Business Narrative found links didn’t work to Gov. Henry McMaster’s letter to the General Assembly and his presentation outlining his priorities in the FY 2023-2024 Executive Budget. 

Here are the correct links:

Letter to the General Assembly and a detailed explanation of each allocation, click here.

And copy of a presentation outlining the governor's priorities, click here.

 We apologize for any inconvenience.

Allow us to tell your company's Business Narrative. Send your press release to David Dykes or for more information email [email protected]