Monday, November 3, 2025
PRESS RELEASE: SC Chamber President and CEO Mike Brenan Announces Retirement
Three Things to Know: October 31st
This week's information compiled by your SC Chamber team includes:
SC Chamber Joins NAM in Letter Urging Congress to Reopen the Government, Tax Foundation Releases 2026 State Tax Competitiveness Index, Santee Cooper Selects Brookfield Asset Management to Explore Restart V.C. Summer Project
1. SC Chamber Joins NAM in Letter Urging Congress to Reopen the Government
With the federal government shutdown having now lasted a full month, the SC Chamber joined the National Association of Manufacturers (NAM) and 30 other state manufacturing and business associations in a letter to Senate Majority Leader John Thune, R-S.D., Senate Minority Leader Chuck Schumer, D-N.Y., Speaker of the House Mike Johnson, R-L.A., and House Minority Leader Hakeem Jefferies, D-N.Y., calling for Congress to end the shutdown and reopen the government.
The letter says, "An open and fully functioning government is essential to the growth of the American economy, the success of manufacturers across the country and the wellbeing of our communities... The consequences of a government shutdown extend far beyond the halls of federal office buildings. It slows down the critical safety approvals of products on which families depend, especially lifesaving health care products. Inspections of new facilities, including manufacturing facilities and power plants, grind to a halt—meaning newly completed factories sit idle and valuable sources of power cannot be added to the grid. Permitting becomes next to impossible, and housing projects, retail construction, data centers, manufacturing production lines, infrastructure projects and other job-creating investments cannot break ground."
The federal government has been shut down since Oct. 1, as the U.S. Senate has failed to pass a “clean” continuing resolution (CR) that has passed the U.S. House and would extend government funding until November 21. The SC Chamber previously issued a statement urging Congress to end the shutdown saying, “A strong economy depends on certainty and stability; however, the ongoing government shutdown has the potential to do just the opposite, causing unpredictability that will hurt businesses, workers, and communities across the Palmetto State. The longer this shutdown continues, our competitiveness and long-term growth will be threatened due to lapsed federal contracts and other critical government services, stalled infrastructure projects and government loans, and delayed permitting that will harm large and small businesses alike.”
This remains an ongoing situation.
2. U.S. Chamber of Commerce Files Suit Over Trump Administration's H-1B Visa Changes
This week, the Tax Foundation published its 2026 State Tax Competitiveness Index, which ranks states based on their overall tax competitiveness, not just their business tax climates. The Index compares states on several key tax metrics including corporate taxes, individual income taxes, sales, use, and excise taxes, property and wealth taxes, and unemployment insurance taxes, and has been relied upon by policymakers and advocates to understand how their state’s tax code stacks up relative to peer states and identify areas for improvement.
South Carolina's overall tax climate ranking remained the same at 29th overall in this year’s version of the Index, although the state's corporate tax ranking improved to 8th overall. The state's individual income tax ranking slid by one spot, to 24th, while the state’s unemployment insurance, sales, and property tax rankings improved one spot each to 27th, 28th, and 40th.
Looking across the Southeast, South Carolina has a less competitive tax system on paper than our neighboring states, as Florida and Tennessee both rank inside the top ten at 5th and 8th, North Carolina ranks 13th, and Georgia ranks 18th. Alabama performs worse than South Carolina, ranking 37th.
Continuing to modernize and simplify South Carolina’s tax code and reducing business tax burdens is imperative to ensuring the Palmetto State's long-term competitiveness and will remain a top priority of the business community in the 2026 legislative session.
3. HBCU STEM Kickoff
Last week, Santee Cooper announced that it had signed a letter of intent with Brookfield Asset Management to explore completing two partially built AP1000 nuclear units at the V.C. Summer nuclear plant in Fairfield County. Brookfield was one of over 70 potential bidders that responded to a request for proposal (RFP) Santee Cooper put out in early 2025 and one of 15 formal proposals received and reviewed by Santee Cooper. The letter of intent establishes a six-week initial project feasibility period during which the companies will pick a project manager, evaluate construction providers, and engage with potential power buyers.
If the project moves forward, completion of the two units could bring about 2,200 MW of carbon-free power capacity to the state. Additionally, it would also generate “thousands of temporary construction jobs” and “hundreds of permanent skilled operations jobs.” For businesses and communities across South Carolina, the implications are strong: expanded energy supply, improved grid reliability, and enhanced attractiveness for industry investment.
In announcing the partnership, Santee Cooper Board Chairman Peter McCoy said, “Brookfield came to Santee Cooper with a proposal that set out the path to turn our prior nuclear investment into lasting value for our customers and all South Carolinians. Our goals include completing these reactors with private money and no ratepayer or taxpayer expense, delivering financial relief to our customers and gaining significant additional power capacity for South Carolina."
Santee Cooper President and CEO Jimmy Staton underscored the importance of this announcement, noting the Trump Administration's goal for the U.S. Department of Energy to approve 10 large-scale nuclear reactors and have them under construction by 2030. In comments to the Board, Staton said, “South Carolina is going to have number one and number two in that process. You have placed South Carolina in the epicenter of the resurgence of nuclear in the United States.”