USC Economists Predict Expansion of South Carolina’s Economy in 2025

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South Carolina’s economy is expected to expand in 2025 with steady growth projected across most industries, even as inflationary pressures remain a concern, according to economists Douglas Woodward, Ph.D., and Joseph Von Nessen, Ph.D.

The University of South Carolina Darla Moore School of Business, in partnership with the South Carolina Chamber of Commerce, released the 2025 economic forecast at Wednesday’s 44th annual Economic Outlook Conference, held at the Pastides Alumni Center.

The Palmetto State is likely to see steady growth in 2025 despite an increased risk for inflation. 

The outlook highlighted how the state’s economy has readjusted to more sustainable growth patterns following the deflation of the stimulus-based pandemic bubble.  

“If we had to give it a grade, we would grade South Carolina’s current economic performance at a B+ level,” said Von Nessen, research economist in the Moore School’s Division of Research.

“There’s no question that consumer sentiment remains low because of high prices and the lingering effects of inflation. But consumers are continuing to spend, all major sectors are seeing positive employment gains, we have historically low unemployment in South Carolina, and wage growth is once again outpacing inflation — meaning that consumers are beginning to claw back some of their lost purchasing power.”

Looking ahead to the new year, Woodward and Von Nessen project that if wage growth continues to outpace inflation, consumers will likely recapture their lost purchasing power in 2025. This makes it more likely that consumer spending — the single biggest driver of economic growth — will continue unabated.

“This economy is still in recovery mode, even though most economists don’t use that term very often these days,” Von Nessen said.

“But the reality is that to have a full recovery from the 2020 recession, South Carolina must recover all of its lost jobs and all of its lost purchasing power. It’s this second piece that we haven’t seen yet. This is why many South Carolinians continue to feel so frustrated and often don’t believe it when they hear that the economy is doing well overall.”

Another part of South Carolina’s readjustment to a more sustainable growth pattern is the cooling of the labor market. For example, South Carolina’s unemployment rate has increased to its current level of 4.7 percent from 3.0 percent in January 2024. While this is a dramatic increase, the average unemployment rate in South Carolina across all previous economic expansions was 6.0 percent, meaning that the labor market is still in a strong position. 

According to Woodward and Von Nessen, the biggest threat that South Carolina’s economy faces in 2025 is the possibility of a rebounding inflation. Despite the fact that the U.S. inflation rate has been slowly falling towards the Federal Reserve’s target of 2.0 percent, there are still significant price pressures that could blunt this momentum. 

This threat of higher inflation could be further exacerbated by new tariffs being proposed for the Trump administration. Nevertheless, the economists also stressed that tariffs could, under the right circumstances, generate long-run benefits for South Carolina. 

LaserForm & Machine Expanding Kershaw County Operations

LaserForm & Machine, Inc. , a metal fabrication and machine shop, announced it is expanding its operations in Kershaw County. The company’s $16 million investment will create 32 jobs. 

Founded in 1994, LaserForm & Machine produces low- and high-volume quantities to meet customers' needs.

The company's capabilities include laser cutting, forming, turret punching, welding, machining, and powder coating.

LaserForm & Machine will expand its Kershaw County metal fabrication operation by purchasing a 101,000-square-foot facility located at 412 Groves Street in Lugoff.

In addition to its existing Kershaw County operation, which will remain operational, the company also operates a facility in Richland County.

“It is great to see another one of our existing companies find success and grow its operations in our state,” said South Carolina Secretary of Commerce Harry M. Lightsey III.

“LaserForm & Machine's expansion is a big win for the local community, and we celebrate this significant $16 million investment in Kershaw County.”

Operations are expected to be online in the second quarter of 2025.

Thursday is Share the Warmth Day in Greenville

In the spirit of giving and to encourage sharing warmth with neighbors, the mayors of several Southern cities, including Greenville, have proclaimed Dec. 12, 2024, as Share the Warmth Day in their respective cities.

Share the Warmth is a long-running program from Piedmont Natural Gas that helps provide emergency funding for neighbors who need help paying their energy bills, regardless of the energy source. Piedmont customers can contribute to the fund through the company's Round Up program; the program also receives money from community donations and a direct contribution from Piedmont itself.

“Piedmont's Share the Warmth program has been helping our neighbors in need stay warm since 2003,” said Brian Weisker, senior vice president and president of Piedmont Natural Gas.

“We've named December 12, or 12/12, as Share the Warmth Day because it's an easy reminder for customers that for no more than $12 a year, they can make a huge difference in the lives of others. When customers join Piedmont's Round Up program, we round up their monthly natural gas bill to the nearest dollar and contribute 100 percent of the difference to Share the Warmth.”

Piedmont Natural Gas has worked with mayors throughout its three-state service territory in hopes of encouraging both Piedmont customers and the community at large to support this program and help keep neighbors warm this winter.

Piedmont offers several easy options for customers to enroll in Share the Warmth:

• Visiting Piedmont Natural Gas website, and clicking the Share the Warmth button to enroll
• Texting SHARE to 21209
• Filling out the form on the back of their bill
• Calling Piedmont at 800-752-7504.

All funds collected through Share the Warmth go to help neighbors in the community where the money is donated, and 100 percent of contributions are distributed through local nonprofit partners directly to those in need.

New Program Aims to Help Identify Revolutionary War Casualties

FHD Forensics announced a multi-agency collaboration with Historic Camden Foundation, South Carolina Battleground Preservation Trust (SCBPT), Richland County Coroner's Office (RCCO), South Carolina Institute of Archaeology and Anthropology (SCIAA) and South Carolina Department of Natural Resources on a forensic identification project of historic significance.

As a continuation of the Camden Burials campaign begun in 2022, the company is now undertaking the genetic genealogy analysis of some of the “The Fourteen” as they became known.

In 2022, skeletal remains and artifacts of 14 Revolutionary War soldiers from the Battle of Camden were unearthed after shallow battlefield burials were being exposed by many years of erosion and relic hunting activity.

“The burials were very cursory in nature,” said SCIAA archaeologist James Legg.

“Prisoners of war were likely made to bury the dead in extremely shallow graves — we're talking 12 to 14 inches deep. Some of them even showed evidence of plow marks from 20th century farming, that's how poorly these soldiers were treated.”

“This was a humanitarian recovery preventing these individuals from being further damaged,” said Dr. Bill Stevens, deputy coroner at RCCO. “The biological anthropologists in our office worked for months to x-ray, clean, examine and re-assemble the remains before reburial.”

It was the deep respect and reverence exhibited by everyone involved in the Camden Burials project that FHD Forensics' founder and genetic genealogist Allison Peacock says inspired her team to get involved.

Genetic profiles from the ancient DNA of the first two Revolutionary War soldiers of thirteen have been successfully sequenced by Astrea Forensics in order to undertake the challenge of identifying them using genetic genealogy. The 14th, probably a North Carolina Loyalist, was determined to be Native American and was not sampled.

Peacock believes these are the oldest John Doe investigations in the country.

Historic Camden Foundation is the steward of Camden's colonial and Revolutionary War history. As owners of the largest portion of the battlefield, they provided funding for the identifications.

“As property owners, we are the caretakers of not only the resources we can see above ground, but also to the rich history below ground,” said Cary Briggs, executive director, Historic Camden Foundation.

Peacock invites anyone with ties to colonial Maryland, Delaware, or North Carolina or the Battle of Camden to visit the FHD Forensics website to join the project.

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