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Replay of South Carolina Economic Forum

Sumter, SC, May 5, 2022

How long will inflation continue to rise? How long will labor shortages continue to be a problem? Is a recession on the horizon? How should companies and employees prepare for the next 12-18 months?

These were a few of the questions we covered at a recent forum I hosted on South Carolina’s economy and labor force. Joining me were three expert panelists: Dr. Joey VonNessen, a research economist at the Darla Moore School of Business at the University of South Carolina; Michele Abraham, the State Director for the SC Small Business Development Center; and Dr. Bryan Grady, the Labor Market Information Director at the SC Department of Employment and Workforce.

Timestamps for specific questions can be found below in “Minute:Second” format. For example, the first question starts at 04:10, which represents the four minute and ten second point of this video.

00:00 – Welcome

01:10 – Panelists introductions

4:10 – What is your current professional assessment of the South Carolina economy and our labor force?

9:20 – What sectors of South Carolina’s economy are doing well and why? Similarly, what sectors are struggling and why?

18:03 – What are some of the obstacles facing South Carolina businesses? What caused these obstacles, and how do we overcome them?

23:25 – When are we going to see relief with labor shortages? How much longer will this be an issue for our businesses?

31:31 – In terms of wages and wage growth, what can we expect over the next 12-24 months here in South Carolina?

35:26 – We’re hearing a lot of talk about a recession on the horizon. Do you see this as a possibility? If so, why? And how do you think South Carolina businesses will fare compared to other states?

42:40 – Short of adding to the federal debt and pumping billions of federal dollars into the state economy, what can the federal government be doing to help South Carolina? And what should the South Carolina state government be doing?

48:33 – We’re here at Central Carolina Technical College in Sumter. So let’s talk about the role of community and technical colleges in South Carolina. How important are they to our state’s labor force, and what role will they play in our recovery over the next 2-4 years?

53:16 – (several audience questions)

1:05:10 – What are 1-2 things each panelist wants South Carolina business leaders to know as we head into the rest of 2022?