South Carolina’s economy is growing slowly and steadily according a team of economists who regularly assess the state’s revenue activities.
The state Board of Economic Advisors met Wednesday to review September’s numbers. They cautiously agreed that the state is not headed for a double dip recession
The board reviews monthly and yearly trends in state revenue–through retail, individual and corporate taxes.
“We are actually about a little over five and half percent ahead of our plan in terms of revenue projections in the first part of the fiscal year,” says Board Chairman Chad Waldorff. “Some of the health is coming from inflation which is running a few points higher that it was at the beginning of the year. But overall more people are working, the income taxes are up almost 7 percent year-to-date, corporate income taxes are up about 20 percent year-to-date and sales taxes up about 4 percent year-to-date.”
“Good, steady growth in all three of the big drivers in the revenue picture, ” Waldorff says.
He says a sharp economic dip in August was a scare, but the board thinks it was an anomaly.
“The numbers seem to indicate that August figures were a bit of an aberration. There seems to be more certainty coming back into the economy. There’s still the potential out there for a double dip, but the odds seem to be decreasing,” Waldorff says.
The board also met in the afternoon with a team of economists from across the state to confirm their assessment.
Manufacturing employment was up in September and a good sign for the state is that includes an increase in textile jobs, which have been hard hit in the past decade. That is in part to textiles being used in the manufacturing of tires, and the state has recently landed three major tire plants.