Archive for year: 2023

South Carolina’s hospitality industry has had a strong start in 2023 despite a decrease in the number of rooms available statewide, according to a recent report from Colliers South Carolina.

Statistics show that the industry has outperformed year-over-year, with a strong first quarter in 2023.

Investors in the industry as well as property owners have been dealing with a unique market situation as they navigated the current lending environment, according to the report. Buyers have realized the high cost of debt and adjusted underwriting while sellers, which resulted in softer transaction volumes in the first quarter of this year, the report said.

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Those hoping to buy a home in Florence County may not find what they’re looking for due to a lack of inventory. And with Florence’s population rapidly growing, the housing shortage could soon grow worse.

“Our problem right now is lack of inventory,” said Joey McMillan, a Realtor with Coldwell Banker. “That’s what’s driving this market right now.”

The housing shortage extends throughout Florence County. Karon Epps, a Realtor in Lake City, said availability is just as tight in southern Florence County as it is in the north.

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Joe W. Rocky Pearce, Jr., is a lifelong resident of Florence, South Carolina, graduating from McClenaghan High School in 1970. At McClenaghan, he lettered five years in golf under Coach Jack Sullivan, holding the number one position and becoming captain of the team his senior year.

Rocky is currently serving as chairman of the board of directors for the South Carolina Public Employee Benefit Authority (PEBA). The Authority is charged by the state of South Carolina with managing the state’s employee insurance programs and retirement systems for South Carolina’s public workforce. He has continued to serve the City of Florence. In 2013, he was appointed for the second time to the Florence County Economic Development Partnership Board, and currently serves as chairman of the board.

Click here for more information and ticket pricing. Suggestion – Get your tickets now, this Gala will sell-out fast.

Members of the House of Representatives returned to Columbia last week for a quick day of session, while House and Senate conferees met to work on conference reports on items like the FY2023-24 budget. Notable actions taken this week included:

• FY2023-24 Budget (H.4300) – On Thursday, a conference committee comprised of three House members and three Senators adopted and approved a compromise version of the state’s $13.8 billion FY2023-24 budget. The agreement comes on the heels of weeks-long negotiations between House and Senate budget writers. SC Chamber priority items included in the compromise version of the budget include:
  • $151.4 million to increase starting teacher pay by $2,500 to $42,500, and additional funds for certain teacher salary increases.
  • $96.2 million to fund the first phased-in reduction of the individual income tax rate from 6.5% to 6.4%.
  • $93.7 million in technical college scholarships for critical-needs jobs through the SC Workforce Industry Needs Scholarship Program (SCWINS).
  • $500,000 in recurring operational funds for the Be Pro Be Proud program.

Both the House and Senate must now take up and pass the amended version of the budget before it can be sent to Governor Henry McMaster’s desk for his signature or for any line-item vetoes.