Archive for year: 2023

In the past two years, the Southeast has had roughly 2.2 million people move to the region from other parts of the country. Six of the fast-growing states in the South – Florida, Texas, Georgia, North and South Carolina, and Tennessee – are contributing more to the national GDP than the Northeast for the first time in history. This shift occurred during the pandemic and there are some who believe that it will not return to the previous position. Based on data from the Internal Revenue Service, the influx of new residents into the Southeast brought about $100 billion in new income in 2020 and 2021, while the Northeast lost roughly $60 billion in that same time period. In addition, the region has accounted for more than two-thirds of all job growth across the United States since 2020, which almost doubled its pre-pandemic share.

In addition to individuals moving south, businesses and corporations are also moving. States and cities in the Southeast have offered cash and tax incentives that make it worthwhile for them to relocate. Warmer weather, lower taxes, looser regulation, and cheaper housing have always brought in companies and retirees, but the South is now seeing this on a much bigger scale. As JPMorgan Chase CEO Jamie Dimon told Bloomberg TV, “We now have more employees in Texas than New York state.”

South Carolina is seeing the effects of the recent wealth migration in both individuals and corporations. Employment in the Charleston metro area grew by 5.9% last year, which was twice as fast as the national average. The state also saw a record $10.1 billion worth of capital investment from companies planning to locate or expand in the state in 2022. In addition, SC’s GDP has increased to over $226 billion, an increase from $221 billion the previous year.

Kerry Tharp, Darlington Raceway President, has a message.

Throughout its 75-history, NASCAR has been known to step outside its comfort zone and try something different. That’s been particularly true the past couple of decades.

For example, when NASCAR introduced the playoff system in 2004, it was considered both dramatic and revolutionary. Having a dirt race with stock cars at Bristol Motor Speedway? Unheard of. Or how about transforming the iconic Los Angeles Coliseum into a quarter-mile short track for the Busch Clash? That’s impossible. This weekend’s event in Chicago likely tops them all in terms of innovation and originality.

For the first time ever, the sights, sounds, and speed of NASCAR are coming to the streets of downtown Chicago. The Windy City, long known for its illustrious sports history, likely hasn’t experienced anything like what is going to take place with the running of the Chicago Street Race. The unprecedented 12-turn, 2.2-mile street race will take the NASCAR Cup Series and NASCAR XFINITY Series past and through many of Chicago’s most well-known downtown landmarks, including Grant Park, Buckingham Fountain, and the northern edge of Soldier Field, the home of the Chicago Bears. The Chicago Street Race will become the 177th different track the Cup Series has competed on in its 75-year history. Needless to say, the drivers are in store for quite a challenge as they look to navigate through what is truly unchartered territory.

To read the full story, click here.

The City of Florence wants to bring an additional 1,000 housing units downtown by 2030.

That’s according to the city’s newly adopted Downtown Master Plan, which was unanimously approved by Florence City Council members on June 12. It looks to expand upon the success of the city’s downtown revitalization projects by focusing on more than just the historic blocks.

“While there are still initiatives and goals that we’re going to have within there to fully utilize that area, we’re starting to reach capacity as far as availability, so it’s important that we show and demonstrate how we can redevelop those areas immediately outside of the historic district,” said Assistant City Manager Clint Moore.

To read the full story, click here.

S.C. Commerce is helping fuel South Carolina’s #innovation ecosystem through the Relentless Challenge grant program. The 2024 Relentless Challenge notice of funding opportunity is now available — the program is planning to award approximately $750,000 during the 2024 funding cycle. Read all terms and details to learn how your project or organization may qualify by clicking here.