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BRACK:  State needs to ramp up its commitment to small businesses

BRACK:  State needs to ramp up its commitment to small businesses

By Andy Brack, editor and publisher  |  With all of the big news in late June about $1 billion in new foreign investment in South Carolina, it’s time for the state to pay more attention to the little guy and small businesses.

The new state budget includes $40 million as a “closing fund” to seal deals with big new companies such as Samsung, which announced a $380 million investment this week in Newberry County that will create 950 new jobs.  Also in recent days, BMW announced it would invest $600 million more in its Upstate car plant, which will add 1,000 more jobs by 2021.

by · 07/03/2017 · Comments are Disabled · Andy Brack, Views
BRACK:  Why Volvo incentives make sense

BRACK: Why Volvo incentives make sense

By Andy Brack | The $204 million incentive package that state and local governments offered Volvo to make a huge investment for at least 2,000 jobs in Berkeley County masks a pesky public policy debate that few talk about in public: Are incentives a good deal or should they exist at all?

On one hand, we wouldn’t have landed BMW, Boeing or Volvo without incentives. That’s just the reality of economic development. Because of incentives, these companies hired a lot of people and served as a catalyst to generate thousands of other in-state jobs — everything from suppliers to fast-food workers to staff restaurants that serve them.

Furthermore, incentives make sense, many argue, because they will eventually be paid off through steady infusions of revenues from sales, income and property taxes from the thousands of workers who get new jobs. It will just take a little time — and it’s in the government’s interest to invest now to get a long-term return on investment.

by · 05/18/2015 · Comments are Disabled · Andy Brack, Views