SC Manufacturing Growth to Slow

According to a new report, the Southeast will continue to outpace the national economy thanks to its manufacturing growth. However, the report believes South Carolina won’t accelerate quite as fast as the rest of the region due to a manufacturing slowdown.

Screen Shot 2014-07-14 at 4.12.33 PMEconomists that released the study say South Carolina’s economy should accelerate to “a still moderate 1.6 percent pace” this year and then by 2.8 percent in 2015.

Clemson University economist Bruce Yandle told The Greenville News that South Carolina’s pace of economic growth has slowed after the state accelerated ahead of its neighbors. Yandle believes there are three reasons to still expect strong growth in late 2014: the state is a heavy exporter within the world economy; state’s manufacturing sector is expanding with investments in existing and new plants; and benefits from a strong services economy, linked to manufacturing, should continue.

The original report believes South Carolina might underperform neighboring states’ economies for another year or two but should remain “a powerhouse of manufacturing.”

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