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Greenville Business Magazine

The Business Narrative: Downward Trend

Oct 31, 2022 01:26PM ● By David Dykes

Business Conditions Worsened in October in the Carolinas

Firms in the Carolinas reported worsening economic activity in October, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index fell, and many more firms were pessimistic about future business conditions.

The sales index decreased notably, from 6 in September to -8 in October. The index measuring expected sales also deteriorated, moving into negative territory.

While the business services expenditures and equipment/software expenditures indexes decreased, the total capital expenditures index increased moderately in October.

Richmond Fed officials said survey results suggest that the pace of employment increases slowed in October, as the employment index fell to 7 from 16 in September. The wages index also decreased somewhat but remained high.

Most firms expected wages to continue increasing over the near-term. Firms continued to report difficulty finding skilled labor in October and have grown more pessimistic that finding workers with the necessary skills will improve over the next six months.

The average year-over-year growth in prices paid increased slightly, while growth in prices received decreased slightly. However, firms continued to expect price growth to moderate somewhat over the next year.

Magnate Worldwide Acquires SC-Based Atlantic-Pacific Express

Magnate Worldwide announced the acquisition of Atlantic-Pacific Express, a leading mission-critical logistics service provider, based in Columbia, South Carolina.

Atlantic-Pacific Express is a strategic acquisition, augmenting Magnate’s organic growth and expanding its industry solutions.

Atlantic-Pacific's presence in the Southeast region, industry expertise, and service capabilities enhances its existing offering, through its ASAP Expediting solutions, also based in Columbia. 

Founded in 1999, Atlantic-Pacific Express has been serving critical industry expedited logistics needs, with unique capabilities and expertise in the automotive, ATV, and production line environments.

“We are proud to become part of Magnate Worldwide. We have a great deal of respect for Magnate's expedited service capabilities, and believe we have a very strong service and cultural fit,” said Irene Brotherton, Founder, Atlantic-Pacific Express.

“Both ASAP and Atlantic-Pacific employees, vendors and customers will benefit greatly from our joining forces,” said Garland Hobgood, VP of Operations, ASAP Expediting.

“Within a very short period of time, we will be able to offer more to our customers and tap into technology innovation, providing more resources to both ASAP and Atlantic-Pacific clients.”

Heal Expands In-Home Care for Seniors in South Carolina

Heal, the pioneer of in-home primary care for seniors, announced it is now in-network for Cigna Medicare Advantage customers.

Cigna Medicare Advantage customers in Georgia, Illinois, North Carolina, and South Carolina have access to Heal's full spectrum of in-home primary care services, effective immediately.

Heal's services are geared specifically for seniors and include house calls, telemedicine, and remote patient monitoring.

These offerings provide affordable, value-based care to help senior patients improve their overall health from the comfort of their homes.

“It's testament to Heal's model and successful outcomes that Cigna will be joining our ranks of payer partners,” said Scott Vertrees, Heal CEO.

“This collaboration will allow us to provide comprehensive care for more seniors – whether for chronic conditions, sick visits or preventive care – all directly in their homes.”

The agreement includes all Heal Service areas in Georgia, Illinois, North Carolina, and South Carolina.

CloudScale365 Acquires Myrtle Beach-Based 

CloudScale365, a leading provider of state-of-the-art managed IT services announced the completion of the company's acquisition of Priorpoint, a regional service provider located in Myrtle Beach, South Carolina.

Priorpoint is a knowledge leader in the managed cloud and on-premises IT services market with offerings that align with CloudScale365's cloud, hosting, security, and business continuity solutions. The acquisition also doubles the company's regional data center portfolio.

CloudScale365 serves 4,000 corporations, nonprofits, and government agencies in 21 countries, and has over 750 customers in the Southeastern United States. 

“In today's fast-paced, growing IT market, the expansive knowledge and high level of service of our combined organizations will set current and future clients and employees up for success,” said Jason Casey, CEO of Priorpoint.

“The team at CloudScale365 has vast experience merging companies for long-term growth, and the company shares the same passion and values that have served Priorpoint well when supporting our small- and mid-sized business customers.”

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