In a rapid-fire review of various economic indicators, Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, referenced a "skills mismatch" that could hamper economic recovery.
Speaking at a Greenwood Chamber of Commerce event on April 6, Barkin rattled off a number of factors he couched as generally positive for the economy. Home sales are strong, auto sales and credit card spending are up, and aggregate disposable income has increased.
However, the prevailing shift in purchasing from services to goods, while a positive for manufacturers and builders, has created issues. Worldwide shipping and cargo problems are part of the problem. But Barkin also referred to a domestic shortage of manufacturing and construction labor while a disproportionate number of unemployed workers are from service industries — the aforementioned skills mismatch.
The economy overall is primed to bounce back "if you assume continued progress on the health front."
"I'm hopeful we're on the brink of complete recovery," Barkin said.
But he wondered aloud whether the market would respond to the employment sector shortages. If it does not, the post-pandemic recovery could slow. Barkin also alluded to the massive infrastructure plan proposed by President Joe Biden, saying any effort on that front would need a corresponding plan to add workers with the appropriate skills.
Barkin said aside from supply shortages most factors were working against inflation.
On the move
Cristian Chitu. Provided/Auro Hotels
- Byrd's Famous Cookies opened at 17 S. Main St. in downtown Greenville in early April. The company, which originated and is headquartered in Savannah, Ga., also has South Carolina locations in Charleston and Bluffton. The Main Street store is its first in the Upstate.
- AC Hotel by Marriott Greenville Downtown announced Cristian Chitu as director of food and beverage outlet services. He will oversee all food and drink service in the hotel, collaborate on menu development and work with the special events team on banquets and catering.
The rundown
South Carolina business news you need to know.
Straight from the release
- "The Employer Provider Interface Council will hold its second WellSpent-Southeast virtual meeting on April 20, 2021 — bringing together business, economic development and health care professionals to discuss ways to improve health status, the health of businesses and the linkage with other drivers of economic growth." Information and registration here.
- "United Ministries will bring Greenville together for an evening of listening, healing, and community. Community members are invited to be a part of a meaningful and moving experience including a nurturing dinner from Table 301 and Kyshona Armstrong's soulful music, which uplifts the marginalized and centers on love, justice and healing." More information on the event.
- "Rebuild Upstate was awarded GuideStar’s 2021 Platinum Seal of Transparency for the fourth year in a row. This award is the highest level of recognition that GuideStar gives to nonprofit organizations." Rebuild Upstate helps repair and improve the homes of low-income residents in Anderson, Greenville, Oconee and Pickens counties.
7-figure home sales
Recent million-dollar real estate transactions in the Upstate.
- 1825 Union Highway, Enoree, 29335 sold April 5 for $1.25 million. 4 bedrooms, 3 bathrooms, 221.64 acres. The seller was represented by Tripp Taylor of Nai Earle Furman. The buyer was represented by Tatyana Shulikov of Real Estate Plus.
- 109 N. Lawn Drive, Sunset, 29685 sold April 6 for $1.18 million. 4 bedrooms, 4 bathrooms, 0.24 acres. The seller was represented by David Hurst of Coldwell Banker Caine. The buyer's representation was not available.
- 290 Ponder Cemetery Road, Easley, 29640 sold April 6 for $1.04 million. 4 bedrooms, 3.5 bathrooms, 32.7 acres. The seller was represented by Joanne Beresh of Berkshire Hathaway HomeServices/C. Dan Joyner, Realtors. The buyer was represented by Chris Kelly of Berkshire Hathaway HomeServices/C. Dan Joyner, Realtors.
- 1 High Vista Way, Travelers Rest, 29690 sold April 9 for $1.05 million. 4 bedrooms, 3 bathrooms, 0.65 acres. The seller was represented by Ashleigh Connel of Cliffs Realty Sales SC. The buyer's representation was not available.
- 108 Turner Forest Lane, Simpsonville, 29681 sold April 6 for $1.38 million. 5 bedrooms, 5.5+ bathrooms, 1.4 acres. The seller was represented by Montgomery Realty Group. The buyer was represented by Wendy McKee of Berkshire Hathaway HomeServices/C. Dan Joyner, Realtors.
Back for more next week. Email your tips, releases and newsy bits to rgilchrest@postandcourier.com and amitchell@postandcourier.com.
April 14, 2021 at 09:50PM
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'Skills mismatch' challenges economy, Byrd's cookies opens on Main, hot home market - Charleston Post Courier
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