Friday, December 19, 2025
Three Things to Know: December 12th
This week's information compiled by your SC Chamber team includes:
New Report Shows Economic Impact of V.C. Summer Project Restart, SC Chamber Joins Letter to Congress Supporting the USMCA, Responses Needed: Identify Rules or Regulations That Stifle Job Growth and Hurt S.C.'s Economy
1. New Report Shows Economic Impact of V.C. Summer Project Restart
At the 2nd Annual SC Nuclear Summit on Tuesday, Westinghouse Electric Company released an independent report from PricewaterhouseCoopers (PwC) outlining the economic impact of completing the two partially built AP1000 nuclear units at the V.C. Summer nuclear plant in Fairfield County.
Santee Cooper, which currently owns the two partially built reactors, has signed a memorandum of understanding (MOU) with Brookfield Asset Management, which owns Westinghouse, to potentially sell the two partially built reactors pending completion of a formal feasibility period. Should the final deal be approved, Santee Cooper would receive $2.7 billion in cash, plus a 25% ownership share of the reactors and the power produced from them (roughly 500 megawatts).
The economic impact outlined in the report shows that just the seven-year construction phase of completing the reactors would create more than $7.3 billion of gross domestic product (GDP) for the state while supporting 7,300 high-paying jobs annually.
Once operational, the two completed units will create an additional $1.6 billion of annual GDP and support more than 2,700 jobs annually over an 80-year lifetime. Additionally, the units can provide 2,000 megawatts of nuclear capacity, able to power at least 1.5 million homes.
The tax revenue impact of restarting the V.C. Summer project also cannot be ignored with $1.6 billion in tax revenue projected over the seven-year construction phase, $400 million in tax revenue annually, and $31 billion in tax revenue generated over the 80-year lifespan. Additionally, the jobs created will range from high-skilled construction jobs to long-term careers in engineering, operations, and maintenance.
In October, Westinghouse, Brookfield, and Cameco announced an $80 billion deal with the U.S. Government to build ten new nuclear reactors across the country. The two reactors at V.C. Summer would be the first and second completed should the project proceed.
2. SC Chamber Joins Letter to Congress Supporting the USMCA
Last week, the SC Chamber joined a coalition of more than 500 national business and agriculture associations, as well as state and local chambers of commerce from across the country, in signing a letter expressing continued support for the U.S.–Mexico–Canada Agreement (USMCA).
The USMCA is scheduled for a joint review in July 2026. The joint review is a mandated requirement of the agreement, and once completed, all three countries must decide whether to extend the agreement for another 16-year term. Ahead of the joint review, the Office of the U.S. Trade Representative (USTR) published notice announcing related public consultations and hearings. The first hearings were held last week.
The coalition acknowledges that the joint review process is necessary and that certain compliance concerns must be addressed; however, it maintains that the USMCA remains critical to safeguarding and strengthening the nation’s economic future. More than 13 million U.S. jobs depend on trade with Canada and Mexico, and U.S. manufacturers export more made-in-America goods to these two countries than to the next 12 largest export markets combined. According to the National Association of Manufacturers (NAM), the USMCA “…has been a boon for manufacturing in the United States, to the tune of $2.9 trillion in contribution to GDP last year.” Canada and Mexico also account for one-third of U.S. agricultural exports and serve as the top two export destinations for America’s small and medium-sized businesses.
The USMCA is scheduled for a joint review in July 2026. The joint review is a mandated requirement of the agreement, and once completed, all three countries must decide whether to extend the agreement for another 16-year term. Ahead of the joint review, the Office of the U.S. Trade Representative (USTR) published notice announcing related public consultations and hearings. The first hearings were held last week.
The coalition acknowledges that the joint review process is necessary and that certain compliance concerns must be addressed; however, it maintains that the USMCA remains critical to safeguarding and strengthening the nation’s economic future. More than 13 million U.S. jobs depend on trade with Canada and Mexico, and U.S. manufacturers export more made-in-America goods to these two countries than to the next 12 largest export markets combined. According to the National Association of Manufacturers (NAM), the USMCA “…has been a boon for manufacturing in the United States, to the tune of $2.9 trillion in contribution to GDP last year.” Canada and Mexico also account for one-third of U.S. agricultural exports and serve as the top two export destinations for America’s small and medium-sized businesses.
3. Responses Needed: Identify Rules or Regulations That Stifle Job Growth and Hurt S.C.'s Economy
The S.C. House of Representatives' Labor, Commerce and Industry (LCI) Committee's Regulatory Review Subcommittee is currently taking testimony from businesses and industry leaders across the state to identify regulatory issues that make it more difficult to do business here in the Palmetto State. The subcommittee’s goal is to ensure that businesses can run efficiently and without unnecessary interference from state government.
The subcommittee has requested input on existing rules or regulations that may be stifling job growth or hindering South Carolina’s economy. To assist with this effort, the South Carolina Chamber of Commerce has prepared a short survey where individuals can provide specific examples of any burdens they are facing. Responses will be shared directly with the subcommittee. Please submit responses by Tuesday, December 16th.
Additionally, the Regulatory Review Subcommittee will be holding a meeting on Wednesday, December 17th at the Solomon Blatt Building (1105 Pendleton St, Columbia, SC 29201). Business owners are invited to attend and share any regulatory issues or concerns in person.
If you have examples to share or would like additional information, please contact Will Frierson or Carter Laffitte directly.