Dr Don Schunk, Research Economist, BB and T Center for Economic and Community Development

The December labor market data indicate ongoing weakness that highlights the precarious nature of this economy. The fragile recovery will need a return of consumer confidence and spending to be sustainable, but the fact that labor markets continue to deteriorate weakens the chances of improvement for confidence and spending. The economy needs a spark in terms of job and income creation. Historically, this spark has come from a rebound in home construction or business investment. However, both of these sectors are dealing with excess capacity: inventory of unsold homes working against construction and idle productive capacity working against business investment. The light at the end of the tunnel continues to flicker.

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Columbia, SC The State Capital

The Market: Geographically, Columbia -- the state capital -- is in the center of the state, with a two-hour drive from either the Atlantic coast or the Blue Ridge Mountains, and about halfway between New York City and Miami, with easy access to interstate highways. Not just the center of state government, Columbia also is home to the main campus of the University of South Carolina (with 27,000 students) and its developing research park, Innovista, and to Fort Jackson, the largest Army training base in the country.

Area Population: 576,557
Area Households: 223,500
Household Growth Rate: 7.45% (projected 2006-20011)
Households with Children: (Younger than age 18) 36.8%


Households Owned: 69.1%
Median Value of Owned Homes: $121,762
Average Household Income: $62,501
Median Household Income: $47,821

Education: (Columbia Metro, which includes Richland and Lexington counties)25.6% have high school degrees21.7% have some college education27.2% have associate or bachelor's degrees10.2% have advanced degrees

Ethnic Makeup: 61.9% white; 33.3% African American; 0.3% American Indian and Alaska Nat.; 1.6% Asian; 0.1% Nat. Hawaiian and other Pacific Islander; 1.3% other; 1.6% two or more races
Median Age: 35.3 years
Average Rent: $826

Climate: A temperate climate year-round, averaging 82 degrees in summer, 53 degrees in
winter; average annual rainfall 50 inches

Major Employers/Industries: Palmetto Health, 7,500 employees; Blue Cross Blue Shield of South Carolina, 5,100 employees; University of South Carolina, 1,621 employees; Richland School District #1, 5,000 employees; SCE&G, 4,000 employees; UPS, 3,528 employees; Wachovia Bank, N.A., 3,422 employees; Richland School District #2, 2,500 employees; Fort Jackson, 4,200 employees; South Carolina State Government, 30,753 employees


Culture: Koger Center for the Arts, a $15 million complex; The Columbia Museum of Art; South Carolina State Museum; Carolina Coliseum; the new Colonial Center; 11 theater groups including professional theater; professional ballet troupe and numerous other dance companies; opera; symphony; The Township, which has hosted cultural events in Columbia since 1929.

Major Community Events: First Ladies' Walk for Life: Steps Against Breast Cancer; Summer Concert Series; Central Carolina Community Foundation's International Festival of Food and Wine; South Carolina State Fair; Palmetto Health Children's Hospital's Festival of Trees; Junior League of Columbia's Clean Sweep Sale; Columbia Festival of the Arts; Home Builders Association of Greater Columbia's Home and Garden Show; Black Expo
Famous Citizens: Coach Steve Spurrier; anchor Rita Cosby; Leeza Gibbons; astronaut Charles Bolden; the late novelist and poet James Dickey; novelist William Price Fox; the late Republican National Committee Chairman Lee Atwater; Miss America Kimberly Aiken; Hootie and the Blowfish; actress Kristen Davis; Strom Thurmond; Jesse Jackson; the late James Brown; comedian Steven Colbert

Lake Murray Lexington, SC Shore Line

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Lake Murray Lake Levels

Lake Murray Shoreline Miles by County

RICHLAND COUNTY 37.1 MILES

LEXINGTON COUNTY 313.2 MILES

SALUDA COUNTY 146.6 MILES

NEWBERRY COUNTY 160.25 MILES

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Point of Sale in South Carolina -- 2010 Session Begins

Point of Sale in South Carolina -- 2010 Session Begins

Changes to South Carolina's property tax structure, known as Act 388, have had a negative effect on the real estate market and the economy of SC. Act 388 included a provision allowing for point of sale reassessments. Now, property is reassessed each time there is an assessable transfer of interest (ATI), based on the sales price.

Point of sale assessment point of sale (ATI) reassessment translates into a dramatic increase in property tax and is driving real estate investors out of our state, while businesses considering locating in South Carolina are choosing our neighboring states instead. From industrial properties in the upstate to commercial facilities in the midlands to investment residential property along the coast, every market has suffered.

South Carolina REALTORS are supporting H.3272 that addresses the inequities caused by point-of-sale assessment. H.3272 extends the 15% reassessment cap applied to all properties at countywide resassement to assessable transfers of interest (ATIs) and uses that value as the baseline for the next countywide reassessment cycle. It has already passed the House and is awaiting consideration on the Senate floor.

Addressing point of sale is paramount to attracting commercial investment and job creation in South Carolina and sends the message to potential investors that SC is ready to compete. Passage of H.3272 will put South Carolina back on the path to economic growth.Tell me more
Talking Points
Prior to 2006, counties in SC assessed property every five years, though each of the forty-six counties had a different assessment method. Some counties assessed very close to market value, while others assessed at just fifty percent of market value.

In the residential market, neighboring properties now have gross differences in property tax obligations, because one property sold post 2006 property tax reform and the other has not changed hands. This inequity will only worsen over time, as longtime residents now have a disincentive to move.

In the commercial market, when a property changes hands; the additional property tax burden must be bourn by the tenants. If the leases on that property do not allow for the increase, then the actual value of the property decreases as the commercial facilities net operating income decreases.
Further, a commercial facility that has not changed hands that is located near another that has been sold recently has an unfair and inequitable market advantage – the ability to offer lower lease costs with wider income margins. This produces another disincentive to transfer.
Addressing point of sale assessment cannot wait!
Subject:Approve Point of Sale Legislation

The time to act on point of sale legislation is NOW! Please support H.3272, which has been set for Special Order and is awaiting second reading.While I am disappointed that the Senate did not vote on or even debate H.3272 last year, the start of the new session provides the opportunity to immediately address this issue and move our state forward. Correcting the inequities caused by point of sale assessment is paramount to attracting commercial investment and job creation in South Carolina.Here are the facts: Point of sale assessment results in disparate property tax burden between neighboring properties, higher office and store rental costs for South Carolina businesses, higher rents for non-homeowners, increased pricing on the goods and services South Carolinians enjoy, disincentives to transfer property, inequitable tax burdens based on whether a property has transferred, and property devaluation. All of this forces businesses looking to locate in South Carolina to take their investment and jobs elsewhere. Hundreds of millions of dollars of commercial investment in South Carolina has been lost since Act 388 took effect. That's just the tip of the iceberg.

I respectfully urge South Carolina Delegation to bring H.3272 up for consideration and vote yes for this bill. The continued economic recovery of this great state depends on it.