Three Things to Know: June 30

This week's information compiled by your SC Chamber team includes: 
SC to Receive $551 Million for Broadband Expansion, SC Chamber Joins NAM Coalition Against Overburdensome Regulations, BLS Releases Quarterly Census of Employment and Wages (QCEW) Data

 1. SC to Receive $551 Million for Broadband Expansion

The Biden Administration has dedicated $42.45 billion to its Broadband Equity, Access, and Deployment (BEAD) program as part of the “Internet for All” initiative. This initiative is a nationwide effort to ensure all Americans have access to affordable and reliable high-speed internet service. South Carolina is set to receive $551.5 million of these funds. In response to the news, South Carolina Broadband Office Director Jim Stritzinger stated, “Today was a historic event, and we are incredibly grateful for the additional resources to expand our workforce and deliver high-speed internet access to even more homes, businesses, and community anchor institutions throughout South Carolina.”

The Department of Commerce’s National Telecommunications and Information Administration (NTIA) has estimated that about 119,580 households and small businesses in South Carolina do not have access to high-speed internet. While the BEAD funds will help, South Carolina lawmakers and Governor McMaster have already implemented a plan to expand broadband access across the state. Last year, they allocated $400 million from the American Rescue Plan Act (ARPA) to broadband infrastructure. Stritzinger also added “We’re in great shape in South Carolina. We’re moving quickly and we have a lot of financial resources right now. So we’re not waiting for BEAD, we are making ARPA money come to life on a daily basis right now.”

More information about how South Carolina is implementing their plan to expand broadband access can be found at ors.sc.gov/broadband.

2. SC Chamber Joins NAM Coalition Against Overburdensome Regulations

Last week, the SC Chamber joined the National Association of Manufacturers (NAM) and over 130 other federal and state business, manufacturing, and trade associations in launching the Manufacturers for Sensible Regulations coalition to address the impact of the current regulatory onslaught coming from federal agencies. The coalition’s campaign will seek to inform the administration and Congress about the devasting impacts of overburdensome regulations, including increased compliance costs, decreased investment in capital equipment, and significant declines in job creation and wage growth, among others.

In a letter sent to White House Chief of Staff Jeff Zients, the coalition noted that the cost of complying with federal regulations is significant, particularly for small to mid-sized manufacturers. For example, while the average U.S. company pays $9,991 per employee per year to comply with federal regulations, small to mid-sized manufacturers pay $34,671 per employee per year. These costs can “…stall or even prevent manufacturers from growing their workforce, purchasing equipment, conducting research and development and investing in their communities.”

The coalition asked the Biden Administration to designate a senior-level adviser to ensure that federal regulators are implementing policies that ensure public health and safety, while also supporting manufacturers’ continued job creation and economic competitiveness.

3. BLS Releases Quarterly Census of Employment and Wages (QCEW) Data

The U.S. Bureau of Labor Statistics recently released its’ Quarterly Census of Employment and Wages (QCEW) for the fourth quarter of 2022. The number of jobs across South Carolina was up by 76,164 in Quarter 4 of 2022 at 2,215,145 compared to 2,138,981 in Quarter 4 of 2021. In addition to an increase in the number of jobs, the number of establishments across the state also grew by nearly 9.8 percent over the course of the year, from 155,780 to 171,043. Following suit, the average weekly wage for workers in these jobs rose by 1.6 percent, from $1,101 to $1,119.

Measurements show the two sectors that saw the strongest growth trends were Professional and Technical Services (+13,911) and Accommodation and Food Services (+12,683). On the other side of that spectrum, the weakest sector was Administrative and Waste Services (-7,926). The counties in South Carolina with the largest employment increases over the year were Charleston (+13,478) and Greenville (+11,760), while the county with the largest decline was found to be Marlboro (-947). Out of the 46 counties in the state, 32 experienced average weekly wage increases and all but 6 saw the total number of businesses increase.

“We are seeing an upward trend of employment statewide with over 76,000 more people employed in the fourth quarter of 2022 than in 2021,” said DEW Executive Director William Floyd. “This is a great reflection of South Carolina’s upward trajectory in the job market.”