‘South Carolina is going to be a good place to be in 2020,’ Taking a look at next year’s economy
Economists are predicting another solid year for South Carolina.
Columbia, S.C. (WOLO) — Economists are predicting another solid year for South Carolina. The 2020 Economic Outlook for the state was presented at a conference on Tuesday.
For the state, economists predict a slower growth in 2020, but no recession. At the conference, economists gave their full prediction of what next year’s economy will look like.
“South Carolina is going to be a good place to be in 2020,” said Doug Woodward, a professor of economics and Director of the Division of Research at the Darla Moore School of Business at the University of South Carolina. “This is the best economy I’ve seen in my lifetime. We’ve got an unemployment rate now is 2.6%. I never thought we would see that but I’m glad I lived to see this day.”
That low unemployment rate and strong economy is expected to continue as we head into the new year.
“South Carolina’s economy has looked good in 2019. We’ve been very resilient in the face of these economic headwinds that we’ve seen in terms of slowing global demand, and of course the ongoing tariff and trade negotiations,” said Joseph Von Nessen, Research Economist with the Darla Moore School of Business. “We still expect steady and income gains for South Carolinians in 2020.”
“There’s always uncertainty when going into an election year, that creates a cloud over what the new administration will do in terms of policy. But we think we’ll weather this,” said Woodward.
Economists said the good job market will continue and they expect to see positive growth in 2020, just at a slower rate.
“We’re anticipating slower growth for 2020, but no recession. South Carolina’s economy remains strong,” said Van Nessen.
“Our populations growing faster than the rest of the country, our employment is growing faster than the rest of the country. And importantly, our overall standard of living personal income is growing faster, and that’s true in all major regions of our state,” said Woodward.