“The most significant milestone in the history of the Port of Charleston..."That’s what Ports Authority CEO Jim Newsome said on the passage of Water Infrastructure Improvement for the Nation Act. This past weekend, the U.S. Senate passed WIIN. The bill’s passage gives authorization to deepen the Charleston Harbor to 54 feet at the entrance channel and 52 feet in the harbor. Senators Lindsey Graham and Tim Scott both voted for the bill. The $509 million project will allow the port to stay competitive and accommodate bigger cargo ships.
A Big Month for the Port…The State Ports Authority set a record for containerized cargo in November. The SPA saw a 15 percent increase moving 99,041 cargo containers through its terminals last month. The SPA set a goal of boosting containerized cargo by at least 6 percent this fiscal year, which started July 1st. To read more on the record breaking month, click here.
Paying More for Pensions...State workers will soon have to pay more out of their paychecks to cover their retirements. The workers’ employers, including taxpayer-funded state agencies and schools, will have to pay more as well. On Tuesday, the State Fiscal Accountability Authority approved the increase. South Carolina’s pension system has billions of unfunded liabilities thanks to under performing investments and smaller contributions. S.C. employees will pay 9.16 percent of their paychecks, up from 8.66 percent. Lawmakers are expected to start addressing that gap when they return next month.
Small Business Make up more than 96% of Businesses in S.C…and now is the time to nominate your favorite. The S.C. Chamber is working with the US Small Business Administration, the S.C. Department of Commerce, the South Carolina Small Business Development Centers, SCORE, and the S.C. Manufacturing Extension Partnership to host SALUTE TO SMALL BUSINESS. Click here to nominate a small business for an SBA Award. The deadline to apply is approaching, January 10th.
Did You Attend the Annual S.C. Chamber Summit? The 37th Annual Chamber Summit in Isle of Palms was a huge success! Attendees heard from economic experts, Chamber staff, and S.C. business leaders on the momentum of 2016 and what we hope to accomplish in 2017. We have put together some of the highlights and best snapshots of the event. Click here to see if you were featured, and please feel free to share the link!