Three Things to Know: July 28

This week's information compiled by your SC Chamber team includes: 
SC Chamber Releases 2023 Results for Business, Artificial Intelligence and the Future of Work, 2023 Business Week Wrap-Up

 1. SC Chamber Releases 2023 Results for Business

This week, the SC Chamber released its annual Results for Business report reflecting on their advocacy efforts during the 2023 state legislative session. The 2023 Results for Business report emphasized that the SC Chamber’s advocacy resulted in over a $1.14 billion impact for South Carolina’s business community, or approximately $6,640 per employer in the state. In a year when the General Fund had record revenues, the General Assembly and the SC Chamber were able to use those dollars to deliver results for the business community. Every dollar saved for businesses is another dollar to be reinvested in South Carolina’s economy.

“The SC Chamber’s advocacy efforts in 2023 resulted in meaningful victories for the business community including the creation of a standalone “one-stop shop” environmental affairs agency, a realignment and consolidation of all publicly funded workforce development efforts in the state, and funding for technical college scholarships for critical-need jobs, among others,” said SC Chamber President and CEO Bob Morgan. “However, there is still more work to be done to ensure South Carolina’s business climate is the best it can be by protecting businesses from lawsuits that hunt for the deepest pocket, modernizing our state’s tax code, and investing in both the workforce of today and the future. We appreciate the opportunity to represent the interests of Palmetto State employers at the State House and will work collaboratively with the General Assembly to advance a pro-business, pro-jobs agenda again in 2024.”

View the 2023 Results for Business report here.

2. Artificial Intelligence and the Future of Work

The McKinsey Global Institute released a report this week in which they analyzed generative AI and the impact it could have on the future of work in America. The report noted that automation has taken major strides forward with the introduction of generative AI tools. Generative, as McKinsey lays out, refers to the fact that these tools can identify patterns across enormous sets of data and generate new content. In the past, this has been an ability that only humans were capable of. They note that the most striking advance has come in the form of natural language capabilities, through the use of tools such as ChatGPT. Other AI systems can generate images, videos, and audio.

Many businesses are still studying the potential applications for how they can benefit from this new technology. It has now been seen that AI can be used to write code, design products, create marketing content and strategies, streamline operations, analyze legal documents, provide customer service, and accelerate scientific discovery. Although generative AI is still in its early stages, it is clear that it will soon have a large impact on the future of work in the United States and the rest of the world. The McKinsey report estimates that generative AI could take over tasks accounting for 29.5 percent of the hours worked in the U.S. economy by 2030 and displace approximately 11.8 million workers in low-wage occupations.

3. 2023 Business Week Wrap-Up

Last week the South Carolina Chamber of Commerce hosted nearly 100 students on the University of South Carolina's campus for the 38th annual South Carolina Business Week. SC Business Week is a week-long experience available to in-state students in high school or rising first-year college students.

Throughout the week, students had the opportunity to learn from many prominent company executives, discuss current business topics, and develop leadership skills. Starting with the business basics and adding more complex issues throughout the week, students collaborated with business executives to learn how to write and pitch a business plan. Unlike any other, SC Business Week offered unique value to students who plan to study business at the collegiate level by allowing them to be fully immersed in the renowned Darla Moore School of Business.

SC Business Week did not only offer knowledge, experience, and connections; the program also provided scholarship awards. SC Business Week awarded over $14,000 across four scholarships to some of the most exemplary program attendees this year. In the future, SC Business Week hopes to continue to grow its impact and offer this invaluable week-long experience to more remarkable South Carolina students.

View photos from this summer's Business Week here.