The commercial real estate firm Trinity Partners has unveiled Link85, a building it calls a “new trophy-class office and headquarters” in Greer.

The building, part of RealtyLink’s master planned industrial and office development, is designed to meet what it says is a clear and growing demand: corporations seeking a smarter alternative to the Southeast’s larger, more expensive major markets.

Link85’s major advantage is its location in the Greenville-Spartanburg area, increasingly recognized as one of the most attractive relocation destinations in the region, according to a Trinity Partners news release. As companies weigh the rising cost of doing business in major Southeastern hubs, Greenville-Spartanburg offers a compelling combination of affordability, quality of life and access that few markets can match, the firm said. For corporations focused on recruiting and retaining top talent, that combination has become a decisive advantage.

The firm says a business-friendly state and a history of success for Upstate industry bolsters the area’s attractiveness. In 2025, Spartanburg County secured $3.5 billion in economic investment, the equivalent of $9.5 million per day, along with 1,024 new jobs.

“We saw what companies are looking for right now: a place where they can build a headquarters, control their costs, and give their people a quality of life that helps attract and keep the best talent,” Haydrian Lewis, developer associate for RealtyLink, said in the release. “Greenville-Spartanburg delivers all of that, and Link85 was designed to give a forward-thinking company the home it deserves in one of the most business-friendly markets in the country.”

In addition to the office headquarters, the site also offers 100,000 to 355,000 square feet of Class A industrial build-to-suit opportunity for advanced manufacturing or R&D, ideal for technology, research and life science being offered through Trey Pennington,  Jeff Benedict and Tripp Speaks at CBRE. The site provides flexibility and may be modified depending on the user requirements.

Link85 supports that vision with a 126,950-square-foot building designed by Gensler, featuring flexible 24,400-square-foot floorplates that allow tenants to plan efficiently for collaboration, focus and other activities, the release said. Located at the intersection of Interstate 85 and Highway 101, the building offers regional access, including proximity to Greenville-Spartanburg International Airport and Inland Port Greer, and carries an Opportunity Zone designation.

“This is the kind of opportunity that doesn’t come around often,” said Edward Wilson, managing partner of Trinity Partners. “Companies relocating or expanding in the Southeast are taking a serious look at Greenville-Spartanburg, and Link85 gives them a way to plant a flag here with a true headquarters.

Wilson, along with Grayson Burgess, senior brokerage associate, and Anthony Porchetta, brokerage associate, will be responsible for leasing on behalf of the owners.

The post Link85 office headquarters project unveiled in Greer appeared first on SCBiz.

“Work hard and be good,” might sound simple, but Chip Crane said it is pretty key for both life and career success.

After 26 years working his way up the Lowcountry construction ladder, Crane serves as president and CEO of Hill Construction, which specializes in commercial pre-construction, design and building services, construction management, and general contracting.

“There is no substitution for hard work, in construction especially,” Crane said. “I think sometimes people try to find a way to get around something, but to me, success will follow those who work hard.”

He was a member of the SCBIZ inaugural class of the SC500.

After entering the industry in Lowell, Mass., for a real estate developer, he worked as an architectural draftsman. The job sparked an interest in going to school for architecture at The Catholic University of America followed by earning his master’s degree in construction from the University of Illinois.

After completing school, Crane worked for construction companies in the Northeast for about 11 years, focused around the Boston area. Hill Construction offered Crane a position as a preconstruction services manager in Charleston in 2000, transferring his homebase to the Lowcountry.

Though he noticed the likenesses of the two regions, Crane has found a community in the Lowcountry that he wasn’t exposed to in Boston. Crane said greater Charleston’s construction community works together to see one another succeed.

“Charleston has been a great fit for me. It has a lot of similarities to Boston in terms of culture and feel, and of being a coastal port city,” Crane said. “I love the camaraderie in our industry, and I’m good friends with most of the people that we compete with for work. Charleston is much more collegial than it is competitive.”

After 10 years working as a manger and then director in preconstruction for the company, he was promoted to vice president of business development, where he served for nearly nine years before accepting his current position of seven years.

Looking back at his career, Crane credits networking with local industry peers as one of his keys to success. In his first 10 years in Charleston, he said the industry was growing with strong opportunities to develop personal and professional relationships in the field.

After 70 years in business, the firm is made up of almost entirely Lowcountry and Pee-Dee projects, hugging the South Carolina coast. Crane considers the company a “traditional Lowcountry construction firm” with about 18 to 20 projects going on at one time, a majority based in Berkeley, Dorchester and Charleston counties.

With about 80% of the companies’ projects being repeat clients, Crane said it allows for the team to count on its past successes to bolster more success. Most projects, both public and private, are buildings made to support a growing community — projects such as churches, amenity centers, office space and parks.

“It’s super important to us that our employees can go home and sleep in their own beds,” Crane said. “So that shapes how we craft our staff and how we continue with the quality of service people have come to expect from Hill Construction.”

Yet as population grows, there is a shift in the construction landscape in Charleston. Crane said he has watched national firms move in and the quantity of projects expand. Nonetheless, Crane thinks the market can support all the firms currently working in the Lowcountry.

A partner in the business, Crane works alongside three other leaders: Gene Garrett, chief operating officer and project manager; Bart Bodkin, senior vice president and project manager; and Ted Chestnut, director of preconstruction.

“We have purposefully made the decision to not get all the work we could get and add a bunch of new employees,” Crane said. “We like the size that we are because we can manage it, and we find that it allows us to maintain the level of service for the repeat clients.”

The post Chip Crane’s journey up the Charleston construction industry ladder appeared first on SCBiz.

A manufacturer of energy infrastructure picked Oconee County for its first U.S. operation, a  $44.55 million investment the company says will create 107 new jobs.

Mosdorfer LLC is headquartered in Weiz, Austria, where it was founded more than 300 years ago. Mosdorfer started designing and manufacturing hardware for high voltage transmission lines in 1949, according to a news release.

Today, the company has a global footprint with production facilities in Europe, India and Thailand that employ over 1,100 people, according to the company website. As the competence center for the energy systems business unit within the Knill Energy Group, Mosdorfer designs and manufactures high-voltage transmission line hardware and accessories, including suspension and tension strings, dampening and vibration systems, as well as other solutions that enhance the safety, reliability and efficiency of electricity transmission worldwide.

At the new facility near Westminster, Mosdorfer will design and manufacture high-voltage transmission line hardware and accessories, primarily made from steel and aluminum, the company says.

“It has been an incredible journey over the past year,” Energy Systems Managing Director Erich Kaltmann said in the news release. “During our site selection process, we evaluated numerous locations across several U.S. states, visited many communities and carefully assessed a wide range of opportunities. From the very beginning, we felt welcomed and supported in Oconee County. We found the perfect combination of a skilled workforce, excellent training facilities, the right building and, most importantly, genuinely kind people. It already starts to feel like a second home away from home.”

Mosdorfer’s new facility at 444 Oconee Business Parkway in Westminster will support machining, steel fabrication, assembly, testing and related production activities for high-voltage transmission line components and infrastructure solutions. The site also is intended to serve as the company’s North American production and operational hub, supporting long-term growth in the U.S. market while creating skilled manufacturing, engineering and administrative jobs within South Carolina.

“This new factory in Oconee marks another major milestone in our long history,” Kaltmann said in the release. “As a company that thinks in generations, we are making a long-term commitment to this community and have come here to stay.”

Operations are expected to be online by the third quarter of 2027.

“It is another top shelf for business day in Oconee County with Mosdorfer’s decision to locate in our community,” Oconee Economic Alliance President and CEO Jamie Gilbert said in the release. “Recruitment of Mosdorfer was the highest of priorities for us from day one, as they are an incredible, 12th generation family-owned business. Mosdorfer aligns well with the county’s economic development goal of attracting high quality, stable manufacturers that complement our workforce strengths and have a growing and reliable customer base. The OEA has built a strong and trusting relationship with the Mosdorfer executive team and we can’t thank them enough for making this significant commitment in Oconee.”
The state Commerce Department’s Coordinating Council for Economic Development approved job development credits related to the project.

“It is exciting that Mosdorfer has chosen Oconee as its first North American location,” state Senate President Thomas C. Alexander said in the release. “Mosdorfer recognized what we have long known: Oconee’s pro-business climate, skilled workforce and exceptional quality of life make it an outstanding place to do business, live and raise a family. As the company grows and succeeds here, I am confident its leadership will view this as a great decision.”

The post Austrian company picks Oconee County for $44.5M facility appeared first on SCBiz.

Small business leaders are navigating a complex mix of economic pressure and opportunity, balancing inflation, rapidly increasing operating costs, workforce shortages and much more. While there is much uncertainty in today’s business climate, business owners in varying industries are staying resilient and adaptable. Whether it is adopting new technologies, focusing on how to forge stronger customer relationships or identifying out-of-the-box growth strategies, businesses across the Southeast are committed to growing and remaining competitive, no matter what challenges or trends come their way.

Some members of the South Carolina 500 weighed in on how things are going on the small business front.

Challenges and Opportunities

Britton Briley, CEO of Ghost Brands, believes that small business owners are talking about one word more than anything else right now: pressure. That could mean on margins, payroll, pricing, customer acquisition or keeping up with the latest technology.

Briley shared, “In the Southeast specifically, I think owners are still optimistic, but they are much more cautious than they were a few years ago. The days of ‘growth at all costs’ are over for a lot of small businesses. Now the conversation is more about smart growth, sustainable systems, better cash flow and making sure every dollar spent has a purpose.”

Katie Collins, president and CEO of Greater Greer Chamber of Commerce, spoke of the growth that defines the Upstate. And while that growth is exciting, it has also impacted small business trends and challenges.

“Greer alone has grown from roughly 25,000 residents in 2010 to more than 50,000 today, and that number continues to climb,” she explained. “That momentum is creating opportunity, but also putting pressure on workforce needs, housing and infrastructure. Workforce availability, rising operating costs and more selective consumer spending remain top concerns.”

And while leading with passion is key to scaling sustainably for many business owners, it is not the only thing that can bring success. Nicole Johnson, CEO and co-founder of Boyd Cycling, said that the biggest challenges they face right now are managing growth, rising costs and increased complexity — all without losing control of the business they’ve worked so hard to build.

“The conversations I’m having with other founders aren’t about big ideas (well, we still have BIG ideas) — they’re about cash flow, discipline, and how to scale without putting the company at risk. We’re also doubling down on our core: great product, a strong brand and a customer experience that stands out. Because trends will change. Markets will shift. But if those fundamentals are strong, the business can evolve with them.”

A shift in tradition

Marketing and advertising are also big topics that businesses are discussing right now. Amy Chico, senior vice president of HLA, said her team is rethinking typical efforts in those areas.

Chico said, “Is the time spent on creating a social media presence going to advance our business, and how? We aren’t cutting costs; we are trying to rebalance our spending so it’s more intentional and mindful.”

At Charleston public relations firm CBPR, where marketing and PR are at the core of its operations, Charlotte Berger, founder, explained that traditional media opportunities have become more limited and competitive. This shift has changed how they do business and how they serve their clientele.

“Clients are looking for a more cost-effective, hands-on approach that still delivers strong regional and national press, while also prioritizing local partnerships and community-driven strategy,” Berger said.

Her company has expanded into new industries and has doubled down on adding more digital advertising capabilities across Google and Meta. “We’re firmly in a growth phase. Our focus is not just on scaling, but on maintaining the quality of our work and the strength of our internal culture.”

Briley agreed that investing in a strong digital presence is a trend that is likely not going away any time soon.

“Small businesses are realizing they cannot afford to look small anymore,” Briley said. “Whether you are a restaurant, contractor, municipality, medical group, retail brand or sports organization, your digital presence is often the first impression. Businesses investing in brand, content, websites, social media and customer experience are the ones separating themselves from competitors. The opportunity is in building brands with structure: clear messaging, strong visual identity, consistent content, better storytelling, smarter advertising and a customer experience that matches the promise.”

Looking ahead

While business leaders traverse a dynamic landscape, their focus remains on building something that stands the test of time.

Karina Garrison, senior vice president at Pinnacle Financial Partners said, “Small business owners show up every day with resilience, grit and incredible commitment to their teams and communities. That’s exactly why it’s so important to support them

The post Small businesses adapt to rising costs and uncertainty appeared first on SCBiz.

In a way, the first home game for the Greenville Triumph takes place today, June 3.

Greenville Pro Soccer kicked off the opening of GE Vernova Park, the first permanent home for the Triumph and the women’s Greenville Liberty team, on June 2.

The stadium at BridgeWay Station in Mauldin is a public-private project that also will be used for community events.

GE Vernova got behind the Upstate soccer scene by taking on a multi-year agreement to hoist its name above the home stadium of the Triumph and Liberty.

The sponsorship underscores GE Vernova’s commitment to supporting the communities where its employees live and work, the company said in November when announcing the relationship. The agreement between Greenville Pro Soccer and GE Vernova was brokered by global sports, music and entertainment company Wasserman.

The stadium will seat 4,300, with a total capacity of 6,300.

The project is a public-private partnership with the city of Mauldin, the state of South Carolina, Greenville Pro Soccer and Hughes Investments.

Until now home games were played first at Legacy Early College and then Furman University.

The first home game at the new stadium is at 7 p.m. against Forward Madison FC. A fan festival starts at 4:30 p.m. with live entertainment, activities and fan experiences at BridgeWay Station Plaza.

The post GE Vernova Park opens as Greenville Triumph home appeared first on SCBiz.

A global player in rare earth materials says it has selected Cherokee County for a $1.2 billion operation that will create nearly 500 jobs in the state.

It will be the first operation in South Carolina for USA Rare Earth Inc., which works in rare earths, critical minerals and advanced materials.

With operations in Europe, the United Kingdom and the United States, as well as a planned acquisition of a major rare earth mine in Brazil, USA Rare Earth is building a global rare earth and permanent magnet value chain to serve advanced manufacturing for both commercial and defense technologies supporting the U.S. and its allies, according to a news release from the South Carolina Department of Revenue.

China currently manufactures approximately 92% of the world’s sintered NdFeB permanent magnets, according to USA Rare Earth.

“Cherokee County is the next critical link in the rare earth and magnet value chain we’re building across the United States, United Kingdom, Europe and around the globe,” USA Rare Earth CEO Barbara Humpton said in the news release. “South Carolina offered the workforce, the infrastructure and the partners we needed to move quickly. With this investment, we’re bringing home the advanced manufacturing capabilities that America and its allies depend on, from the factory floor to the front lines.”

The new facility, which will be located at Bailey Park in Blacksburg, will produce neodymium-iron-boron (NdFeB) permanent magnets and refined rare earth metals, according to the release. This South Carolina advanced manufacturing campus will perform critical functions including electrolysis, metallothermic reduction, strip casting, jet milling, dry pressing, sintering, heat treatment, machining and coating.

“Two hundred and fifty years ago, Cherokee County helped turn the tide of the Revolutionary War and today we are proud to once again stand on the front lines of American independence by welcoming USA Rare Earth to the Bailey Park,” Cherokee County Councilman Tim Spencer said in the release. “This project strengthens our nation’s future by reducing our dependence on China for critical rare earth minerals while bringing jobs, investment and opportunity to Cherokee County.”

According to a separate announcement from Duke Energy, USA Rare Earth’s announcement highlights the impact of Duke Energy’s Site Readiness Program, which helped prepare the Bailey Industrial Site for major economic development. Through upfront due diligence, infrastructure planning and site marketing, the program made Bailey more competitive for companies looking to move quickly on a new project, according to Duke.

Since 2005, the program has helped attract significant investment across South Carolina, and Bailey is the latest example. After completing the site-readiness process, the Cherokee County property was better positioned to compete for transformative projects – culminating in USA Rare Earth’s announcement that it will build a facility there, bringing a $1.2 billion investment and 490 new jobs in one of the county’s biggest economic wins.

“Duke Energy is proud to help bring USA Rare Earth to Cherokee County and strengthen America’s domestic rare earth supply chain,” Duke Energy South Carolina President Tim Pearson said in the release. “Through our close collaboration with state and local economic development partners, we worked to position this site with the upfront diligence, coordination and energy planning that companies need to move with confidence and speed. As we continue to prioritize reliable power at the lowest possible cost for our customers, we stand ready to welcome more industries like this to call South Carolina home.”

The Duke Energy Site Readiness Program includes detailed site assessments by partners in site selection and engineering to identify opportunities, address challenges and improve a property’s competitiveness before a prospect is on the table, according to the energy company. That proactive work can help communities shorten timelines, reduce uncertainty and better position sites like Bailey for major industrial announcements.

Operations at the USA Rare Earth site are expected to be online in April 2028.

“South Carolina continues to attract investments that strengthen our economy and create meaningful opportunities for our people,” Gov. Henry McMaster said in the release. “USA Rare Earth’s $1.2 billion investment and the creation of approximately 490 new jobs will have a significant impact on Cherokee County and reinforce our state’s position as a leader in American manufacturing.”

The Commerce Department’s Coordinating Council for Economic Development approved job development credits related to the project.

The post USA Rare Earth selects Cherokee County for $1.2B plant appeared first on SCBiz.

In 1985, Tracey Richardson and Kellye Wicker’s father opened a restaurant called The Rib Shack, with menu items featuring a ribs entree for $4.89 and a seafood platter for $5.29.

Though The Rib Shack has long since closed, and taken its $5 ribs with it, the flavors of its menu are carried on through Richardson and Wicker’s Lillie’s of Charleston, a retailer of sauces and spices inspired by Lowcountry cuisine.

The sister duo, along with Richardson’s husband, carries the workload of the small business entirely on their own shoulders.

Lillie’s is sold in large chain grocery stores, Charleston and Columbia airports, markets, and Amazon. The products are also used nationally, with South Carolina locations in colleges and universities, hotels, resorts and restaurants. Recently, the trio added popcorn to their portfolio, which Wicker said puts them back into a startup funding mindset.

“We’re competing against the other consumer product goods companies that have big marketing budgets and influencers, whereas we don’t have that to be able to get our brand out there. So, that’s a challenge in terms of the growth,” Wicker said.

Across the state of South Carolina, businesses like Lillie’s are taking out loans, purchasing a brick-and-mortar, and opening the door each day to both fresh and seasoned small businesses.

Qualified by the U.S. Small Business Administration (SBA) as an establishment with less than 500 employees, small businesses make up for 99% of businesses in South Carolina. Between 1998 and 2022, small businesses in South Carolina increased by 21%, with the population growth around 40% in that same period, according to Federal Reserve Economic Data.

For Frank Knapp, president and CEO of the South Carolina Small Businesses Chamber of Commerce, a major focus for the chamber is to address financial strain, like the increase in the cost of energy and access to affordable health care for owners and employees. To keep South Carolina businesses afloat, Knapp notes that these strains have been a fight for most of his career.

Between March 2023 and March 2024, SBA said small businesses contributed a net increase of 25,358 jobs in that time frame, 71% of the total job growth in the state.

“We’ve got to remember that our employees are the customers of small businesses, and we want them to have money to spend in the local economy,” Knapp said. “That has been our work for the past 26 years and it continues today.”

Making up for 43% of employes in the state, small businesses employ 863,326 South Carolinians. According to SBA data, of the 530,402 small businesses, 83% operate with no employees and 98% have less than 20 employees.

Richardson said that even with the accessibility to grow a business in the state, there are still struggles to managing Lillie’s.

“I think South Carolina is a great state to be a part of that actually supports small businesses because there’s opportunities to have manufacturing locations here and offices’ headquarters,” Richardson said. “I think that one of the main things I would like to see is more support for health care. We have to pay for our own health care, so there’s not a lot of options and there’s also very high thresholds.”

Knapp said that South Carolina is a great place to start a small business; the sector is performing well. He said there is no lack of success for small businesses in the more urban areas of the state, but the rural areas require a bit more attention to maintain a strong small business presence.

“Overall, I do not hear a lot of complaints from small businesses. Maybe some have their concern about this and that, but in general, small businesses are healthy, and their numbers are growing in South Carolina. That’s a good thing, and our job is to be an advocate for them,” Knapp said.

Founded in 1953, SBA opened following World War II to help revitalize the country’s economy by making sure those that returned had opportunities for wealth development, as well as job opportunities.

Melissa Lindler, district director of the SBA of South Carolina, said that though the country may not be recovering from a war, the purpose remains the same, connecting business owners with information and direction to capital.

As some industries, such as manufacturing, thrive in the state, sectors such as retail and agriculture are seeing more struggle. At the end of the day, Lindler said the primary challenge remains capital.

“I think one of the biggest struggles right now is trying to figure out tomorrow by understanding where you are today,” Lindler said. “That tomorrow may not look like it does today for you, but it may be what’s needed in terms of adjustments that will help you survive and continue as a small business owner.”

Top industries for the state include scientific and technical services, administration and waste management, real estate, transportation, health care, and retail. In 2025, 1,042 loans totaling $692 million were granted to top industries of food services, retail, health care and construction.

Lindler said the South Carolina government has done well to both draw new businesses into the state, as well as helping to sustain the businesses that are already here. Small businesses have a lot of room to play a role in the larger companies’ operations by understanding the needs and aiming to fill the hole for products that could begin being made in the U.S.

“That’s one thing about our small businesses here in South Carolina; they’re strong, they’re resilient, but they’re also constantly looking for ways to modify, pivot and make sure they’re ready for what’s to come,” Lindler said.

The post South Carolina small businesses drive jobs, growth appeared first on SCBiz.

Kevin Warsh has begun his term as Fed chair. His predecessor, Jay Powell, frequently clashed with Trump regarding the appropriate level of interest rates. Trump argued that a “neutral” level for the funds rate was about 1.0%. The FOMC believed that the “neutral” rate was about 3.0%. Trump made it clear that his nominee for Fed chair would be expected to lower interest rates.

Will Warsh cave to pressure from Trump to lower rates even if they are unnecessary?  We do not think so. The economy today is stronger and the inflation rate much higher than it was in the spring when Warsh testified. We believe that on June 17 the Fed will lose its current easing bias and replace it with a bias toward tightening. Such action would reassure bond market participants that the Fed will not repeat its 2021-2022 mistake of waiting too long to raise interest rates.

The stock market continues to climb.  Investors initially got nervous about the war with Iran which triggered a long-awaited correction, but the market rebounded quickly and has set a series of record high levels in recent months.

GDP growth in the first quarter came in slightly higher than expected at 2.0%. Second quarter growth seems likely to exceed 3.0%.

Growth is being supported by consumer spending which continues to climb at a 2.1% pace even though consumer confidence is at a record low level.  Middle and upper income consumers are dipping into stock market gains to maintain their lifestyle.

At the same time the AI boom has caused the intellectual property component of investment spending to climb at a robust 10% pace.

AI is also boosting productivity growth which further bolsters GDP growth.  Between 2000 and the beginning of the 2020 recession productivity growth averaged 2.0%. In the past three years productivity has climbed at a 2.8% rate. As a result, our economic speed limit has climbed from 2.0% to about 3.0%.

Meanwhile, jobs are once again being created.  Payroll employment was essentially unchanged each month in 2025, but is now rising by about 75,000 per month. At the same time the unemployment rate is 4.3% which is its “full employment” level. Everybody who wants a job has one.

On the inflation front the war has boosted gasoline prices from $3.10 per gallon prior to its start to $4.50 per gallon.

The overall CPI index has surged as higher gas prices have boosted it to 3.8%.  The core rate is a different story. Prior to the war the core CPI was stuck at about 2.5%. It has since climbed to 2.7%. The recent runup in inflation has almost all been energy related.

With the stock market at a record high level, GDP growth at its potential pace, the labor market at full employment, and the core inflation rate slightly above target, what should the Fed do?

The Fed believes the funds rate is neutral when it is at 3.0% although many FOMC members think it could be higher. We agree and believe the funds rate is neutral when it is about 3.5%. The funds rate currently is 3.6%. Short rates are about where they should be.  Nobody other than Trump believes the neutral rate is 1.0%.

The Fed only has control over short-term interest rates. It cannot determine long-term rates which are driven primarily by inflation. The yield on the Treasury’s 10-year note has risen from 4.1% at the end of last year to 4.5% which reflects the near-term impact on inflation caused by the war and higher oil prices. Longer-term inflation expectations have been quite stable.

Ten-year inflation expectations, as measured by the difference between the nominal and inflation-adjusted rates on 10-year notes, is currently 2.4%.  It has been at roughly that same rate for the past four years.

So what should the Fed do?  At the next FOMC meeting on June 16-17 it is inconceivable that Kevin Warsh will push for a rate cut given the economic backdrop described above.  Whatever his view might be about the level of a “neutral” rate longer term, this is not the time for a rate cut.

But what about the bias? The Fed continues to have an easing bias even though at the last meeting three Fed officials objected. Since that time the inflation rate has continued to accelerate and the easing bias is sure to disappear.

The Fed could opt for an unbiased directive and cite uncertainty caused by the war on both the economy and inflation. But the Fed has a credibility problem. Inflation has been faster than the Fed’s 2.0% target for the past five years.

Furthermore, it made a huge policy error in 2020 by not tightening sooner than it did when the economy rebounded vigorously from the recession. To adopt a tightening bias would send a message that the Fed is serious about returning inflation to the 2.0% mark. With the market expecting a 0.25% rate hike by year-end, anything short of a tightening bias might send a message that the Fed is still not serious about fighting inflation which would likely push the yield on the 10-year note to or above the 5.0% mark.

From 1980 until his retirement in 2003, Stephen Slifer served as chief U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group along with being responsible for forecasts and analysis of the U.S. economy. He has written two books on using economic indicators to forecast financial moves and previously served as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. Slifer can be reached at www.numbernomics.com.

The post Fed expected to hold rates as inflation concerns persist appeared first on SCBiz.

Clemson Paw Partners  plans to build a new $5 million facility in the town of Central, designed to expand access to affordable veterinary care and give Upstate pet owners more options for care.

The new facility, located off Greenville Highway in Central, will allow the nonprofit to expand its low-cost services while working toward its long-term vision of a full-service, affordable veterinary clinic for the Upstate, the organization said in a news release.

The project is expected to be completed by summer 2027. The organization is prioritizing completion of its spay and neuter clinic in order that services can begin as early as possible during construction.

“This expansion is about creating access and giving families more options when it comes to veterinary care,” Margaret J. Thompson, founder and president of Clemson Paw Partners, said in the news release. “Too many pet owners struggle to afford care or find available appointments. Our goal is to provide compassionate, affordable services while helping reduce pet overpopulation across our region.”

Clemson Paw Partners is undertaking both the land purchase and construction without taking on debt. The organization purchased the property outright and plans to complete the facility through fundraising, grants, donations and community support.

McKenzie Architecture is designing the project and the builder is JD Turner Construction.

“This project represents an investment in the long-term health and well-being of pets throughout our community,” Thompson said in the release. “By remaining debt-free, we can keep our focus on affordable care and reinvest resources directly into services for animals and families.”

Founded in 2017, Clemson Paw Partners was established to address the growing need for affordable animal care and support for homeless animals and low-income pet owners throughout Pickens County and surrounding communities. Since opening its low-cost clinic in 2022, the organization has performed thousands of spay and neuter surgeries and provided essential preventative care services for pets in need.

The new facility will continue to offer affordable spay and neuter procedures, vaccinations, microchipping, heartworm testing, flea and tick prevention, and feral cat management support, while laying the foundation for expanded veterinary services in the future.

The post Clemson Paw Partners plans $5M veterinary facility appeared first on SCBiz.

A Clemson University professor says employers who “ghost” job candidates are causing long-lasting damage to their companies.

Philip Roth, Trevillian Distinguished Professor in the Wilbur O. and Ann Powers College of Business , has earned national recognition for new research examining a growing problem in the modern job market.

The research explores what happens when employers abruptly stop communicating with job candidates after in-person interviews, without explanation or closure. While ghosting has become a familiar term in dating and online culture, Roth said it has increasingly become part of the hiring process as well.

“I think technology allows organizations to treat people like commodities,” Roth said in a university news release. “We used to expect fair and equitable interpersonal treatment from organizations when they conveyed how well a person performed in the interview and whether the applicant moved on to the next step of the selection process. This led to feelings of being treated justly. Post-interview ghosting is going in the other direction.”

The study found that the effects on applicants are not mild inconveniences or temporary frustrations. Instead, ghosting produces powerful and lasting anger-based emotional reactions that can damage an organization’s reputation and future hiring efforts, Roth said.

Roth and his co-authors — Clemson doctoral students Hyunji Suh and Emily Ferrise, along with collaborators from other institutions — conducted two studies examining how applicants respond after being ghosted following in-person interviews. Their larger study surveyed 390 U.S. working professionals, many of whom had experienced ghosting during recent job searches.

The researchers found that applicants who were ghosted perceived organizations as significantly less fair and less respectful. Those feelings often evolved into what the study describes as “ressentiment,” a cluster of emotions including anger, resentment and hostility.

Those emotions had major downstream effects, according to the research.

Applicants who experienced higher levels of resentment viewed organizations more negatively and were substantially less likely to pursue future employment opportunities with them. At the same time, ghosting increased the likelihood of retaliatory behavior and even schadenfreude — taking satisfaction in an organization’s misfortunes — increased in likelihood.

“Our study directly addresses how the applicant thinks about the organization’s reputation, whether they would reapply in the future, so organizations could be diminishing their own applicant pools in the future,” Roth said. “We also talk about the dark side. Do people want to do things like complain to the organization just to take up time and get back at them?”

One of the study’s most striking findings was the magnitude of the effects.

“If you look at the relationship between ghosting and organizational image, ghosting and intent to pursue, retaliation and schadenfreude, these are big effect sizes by social science standards,” Roth said. “It’s not like people feel a little bit more this way. The effects are powerful — far stronger than I thought they would be.”

The research also suggests the damage does not quickly fade. The study found little evidence that applicants simply “get over” being ghosted as time passes. In some cases, especially among college students, negative feelings actually intensified over time.

“I think these negative emotions last for a long, long time,” Roth said. “Companies may think time heals all wounds, but those feelings of injustice and those negative emotions, they stay.”

The findings point to significant consequences for employers, particularly at a time when organizations compete aggressively for talent and increasingly rely on employer branding to attract applicants.

Roth said one of the clearest takeaways from the study is that organizations can protect themselves from many of these negative outcomes through something relatively simple: respectful communication.

The study found that informational justice — communicating clearly and promptly with applicants, even when delivering disappointing news — was related to improved organizational image and applicants’ willingness to apply again in the future.

“Be civil, be gracious,” Roth said. “In this day and age, you can craft a nice ‘thank you, but no thank you’ letter that doesn’t put your company in a negative light. Stop making excuses and just be civil and gracious.”

He added that organizations that communicate respectfully may gain an advantage in a hiring environment where ghosting has become increasingly common.

“They insulate themselves from a tarnished image,” Roth said. “The applicant is more likely to reapply in the future, and we know in HR that the bigger the applicant pool, the more likely you are to find a better fit.”

Roth teaches organizational behavior and human resource management in the Wilbur O. and Ann Powers College of Business. He is a fellow of the Academy of Management, the American Psychological Society and the Society for Industrial and Organizational Psychology.

Roth’s paper, “Post-Interview Ghosting Casts Dark Shadows on Applicant Reactions,” was selected as one of the top papers accepted for presentation at the 86th annual meeting of the Academy of Management, which will be held July 31-Aug. 4 in Philadelphia.

The post This emerging hiring practice causes lasting damage to companies appeared first on SCBiz.