Another Strong Month of Job Growth

Payroll employment in South Carolina increased by 8,100 jobs (0.3 percent) in April, according to the Federal Reserve Bank of Richmond.

The unemployment rate increased slightly to 3.2 percent.

"South Carolina had yet another strong month of job growth, adding 8,100 jobs in April. The state accounted for 4.6 percent of the national job growth in April, far outpacing their 1.5 percent share of national employment," said Laura Ullrich, a senior regional economist at the Charlotte branch of the Federal Reserve Bank of Richmond.

Payroll employment in South Carolina increased by 8,100 jobs (0.3 percent), on net, in April.

The trade, transportation and utilities sector had the largest increase in jobs month-over month (3,000 jobs) followed by education and health services (1,200 jobs) and government (1,100 jobs).

Additionally, leisure and hospitality (800 jobs), manufacturing (500 jobs), financial activities (400 jobs), and professional and business services (300 jobs) each saw additional jobs added in April.

Payroll employment remained flat in the construction sector. No sectors saw job declines in April.

On a year-over-year basis, payroll employment in South Carolina increased by 77,300 jobs (3.4 percent), on net.

The labor force in South Carolina continues to grow, increasing by 6,700 in April. Strikingly, 7.7 percent of national labor force growth in April occurred in South Carolina.

The unemployment rate in South Carolina increased slightly to 3.2 percent in April, up from 2.9 percent a year ago.

Meanwhile, residential permitting activity increased 5.5 percent in South Carolina from January to February and was up 36.3 percent from its level a year ago.

According to the Federal Housing Finance Agency, home values in South Carolina appreciated 7.8 percent from the fourth quarter of 2022 to the fourth quarter of 2023.

Fountain Residential Partners Has New Retail Opening at Dockside in Clemson

Fountain Residential Partners announced a partnership between Dockside Clemson and Tap-In: Putts & Brews.

Tap-In: Putts & Brews, a new entertainment venue featuring golf and multi-sport simulator bays with self-pour drink taps, will be coming to Dockside at Clemson in 2024.

With over 4,000 square feet at Dockside, Tap-In: Putts & Brews will feature four interactive golf and sport simulator bays with leading technology by Full Swing.

Simulator bays will include over 130 golf courses and exclusive PGA tour courses, reactive and immediate swing analysis, and multi-sport modes that include football, baseball, soccer, hockey, and carnival-style games.

In addition, Tap-In: Putts & Brews will also feature self-pour beer and wine taps by PourMyBeer, an indoor putting green, bar snacks, and social spaces for games and weekly events for the community.

“To be able to offer this new entertainment experience to Clemson and the surrounding communities has been a dream in the making for several years. It has been my vision that Tap-In: Putts & Brews would not only be a golf and entertainment venue, but also a place where social connections and memories can be made,” said Alec Hrynda, CEO and founder of Tap-In: Putts & Brews.

Dockside Clemson offers studio, one-, two-, three- and four-bedroom fully furnished apartment units with bed-to-bath parity, alongside 22,164 square feet of ground floor retail.

Communal amenities include a fitness center, swimming pool, tech study spaces and dock access on Lake Hartwell.

Dockside Clemson was developed by Fountain Residential Partners, LLC, a privately held Dallas-based multifamily real estate development, acquisition, and asset management company.

Red Lobster Files Voluntary Chapter 11 to Strengthen Financial Position

Red Lobster Management LLC, along with its direct and indirect operating subsidiaries, owner and operator of the Red Lobster restaurant chain, announced that the company has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida.

The company said it  intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern.

As part of the filings, Red Lobster has entered into a so-called stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders.

Company officials said Red Lobster’s restaurants will remain open and operating as usual during the Chapter 11 process.

The company has been working with vendors to ensure that operations are unaffected and has received a $100 million debtor-in-possession (“DIP”) financing commitment from its existing lenders, the officials said.

USA Today reported a Red Lobster in Myrtle Beach will be among locations temporarily closed.

Jonathan Tibus, the company’s CEO, said “This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth."

Tibus added, "The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”

Court filings and information about the claims process can be found at a separate website maintained by Red Lobster’s claims agent, https://dm.epiq11.com/RedLobster, or by calling Toll Free (U.S.& Canada): (888) 754-0507.

King & Spalding LLP, Berger Singerman LLP and Blake, Cassel & Graydon, LLC are serving as legal advisors. Alvarez & Marsal is serving as financial adviser and providing corporate leadership as chief executive and chief restructuring officers.

Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor.

The company was founded in 1968 and is headquartered in Orlando, FL.

South Carolina's Elderly Victims Have Lost Over $35 Million to Fraud

New research has revealed that South Carolina has lost over $35 million to elderly fraud.

Cybersecurity experts at VPNPro looked at data from the Federal Bureau of Investigation and the Federal Trade Commission to see how many victims of fraud were over the age of 60 in 2022.

The data was analyzed based on the number of victims aged 60 or over as a proportion of each state’s elderly population. 

South Carolina has had a total of 1,312 elderly fraud victims, averaging 96.5 victims per 100,000 elderly residents. 

The state reported a loss of $35,610,994 for this age group, the equivalent of $27,143 lost per victim.

On a national level, Investment scams were found to have cost elderly victims the most money in 2022, at a total loss of $404 million, with business imposters ($271 million) and romance scams ($240 million) being the second and third most lucrative scams.

Regarding contact methods, those aged 60 and over are more likely to lose money online than any other contact method.

Elderly fraud victims have lost a total of $564 million to online fraud (including social media), compared to $90 million to text scams. 

The most popular payment method for elderly victims is bank payment or transfer, producing a total loss of $570 million in 2022.

Surprisingly, cryptocurrency is the second most popular method, with a loss of $288 million.

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