USC economists: 2017 SC economy strong and stable amid political uncertainty
Steady economic gains are expected for South Carolina in 2017 despite the political uncertainty that comes with new governor and U.S. president. The gains build on positive growth across most of the Palmetto State’s industries and regions, according to University of South Carolina economists at the Darla Moore School of Business.
Doug Woodward, director of research, and Joseph Von Nessen, a research economist, presented their 2017 forecast Thursday (Dec. 8) to more than 150 of the state’s business and community leaders at the 36th Annual Economic Outlook Conference (EOC). They reported that the state is poised to build on its existing momentum and to continue generating new jobs and rising incomes for South Carolinians.
They expect job creation — the single best predictor of economic performance — to grow 2.6 percent in 2017.
“South Carolina’s economy is growing at a healthy pace,” said Von Nessen. “And we expect the state to continue to build on this momentum in 2017.”
The economists said two industry sectors led the broad-based growth in 2016.
The manufacturing sector and the professional and business services sector were the fastest growing industries this year, having driven high-wage job creation throughout the state and supporting high rates of consumer spending.
“We are seeing strong job growth within the professional service sectors as well as within aerospace, automotive and tire manufacturing,” he said. “Each of these industries is creating jobs that pay significantly above the state average. In turn, these workers are spending their wages in South Carolina and thus creating additional economic activity.”