COLUMBIA, SC (WSPA)- The University of South Carolina’s Darla Moore School of Business hosted it’s 39th Economic Outlook Conference.
South Carolina’s economy has been on the right track since 2009.
The state’s unemployment rate has dropped drastically and thousands of jobs have been created.
Doug Woodward, a research economist with the business school, has been studying the state’s economy and national trends.
“After 10 years of steady growth following the great recession, which ended in 2009, this is going down in history as I want to call it ‘The Great Expansion,'” said Woodward during a media availability ahead of Tuesdays’ scheduled events.
There has been a drastic decrease in the state’s unemployment and an increase in jobs.
Research economist Joseph Von Nessenanother highlighted some of the economic success in the state.
“South Carolina’s unemployment rate right now is 2.6%, which is a full percentage point below the national average. And if you look back at what’s been happening over the last 10 years, 10 years ago today South Carolina’s unemployment was 11.6%.”
All 46 counties saw job gains, but the state’s steady growth also creates problems that could hinder the state’s economic potential.
Von Nessen added, “Simply because if employers need expansion and demand and they can’t find the workers they need then it becomes more challenging.”
Despite the growth in the past decade economists predict slower growth in 2020, but are confident the state will not hit a recession.
The state has an expected extra $1 billion in the 2020 budget. Economists suggest investing the surplus in higher education to help generate the much needed workforce.