Events News
Annual Economic Outlook Conference Well Attended
Keynote Speaker Laffer Gives Optimistic Assessment of U.S.
Economy;
South Carolina Economic Conditions Less Rosy, Say USC
Economists
More than 250 business and government leaders attended the 26th Annual Economic Outlook Conference held November 28 in Columbia. The event was sponsored by the University of South Carolina's Moore School of Business and the Palmetto Institute.
Economist Arthur Laffer told conference attendees that U.S. economic conditions have never been better. Laffer, who served as a member of President Reagan's Economic Policy Advisory Board, recalled policies from that era as well as more recent initiatives which he said have spurred economic growth.
USC economists Donald Schunk and Doug Woodward gave a more cautionary forecast for the S.C. economy. On the positive side, Schunk predicted that South Carolina will continue to create an above-average number of jobs and the unemployment rate will drop below 6 percent in the coming year. On the negative side, South Carolina will continue to lag behind the rest of the country in terms of per capita income, the employment rate, and technological innovation.
The ongoing loss of manufacturing jobs continues to have an effect on employment and wages, said Woodward. Globalization and the influx of illegal immigrant workers are also factors. Woodward suggested South Carolina will need to focus on what he referred to as the "four T's" - technology, talent, trade, and taxes - to improve the picture for S.C. workers.
A panel of business leaders that included Head of
Roche Global Chemical Manufacturing
Don Herriott, USC's Vice President of Research and Health
Sciences
Harris Pastides, and South Carolina Secretary of Commerce
Joe E. Taylor, discussed economic development opportunities
during the conference's morning session.
John Darby, president and CEO of The Beach Company, provided an update on the activities of New Carolina - S.C.'s Council on Competitiveness. Among recent initiatives, the group hired Michael McNulty, former head of Ireland's National Tourism Organization and vice chairman of the European Travel Commission, to assess the state's tourism industry. McNulty suggested that doubling the state's tourism marketing budget could result in double the tourism revenue over the next ten years.
More about Dr. Arthur B. Laffer