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Charleston Business

The Business Narrative: Economic Snapshot

Aug 20, 2024 09:25AM ● By Donna Walker

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South Carolina Shows Job Growth

Payroll employment in South Carolina increased by 8,400 jobs (0.4 percent) on net in July, according to the Federal Reserve Bank of Richmond.


Job gains were led by the leisure and hospitality sector which added 3,700 jobs during the month.

 

That was followed by professional and business services (2,100 jobs), construction (1,600 jobs) and trade, transportation, and utilities (1,200) jobs.

 

Two sectors in South Carolina saw employment declines in July, with finance losing 1,100 jobs and government losing 900 jobs.

 

On a year-over-year basis, South Carolina payroll employment grew by 85,800 jobs (3.7 percent), on net.

 

Compared to last July, leisure and hospitality and education and health services exhibited the strongest job gains, adding 17,000 jobs, and 15,700 jobs, respectively.

 

The unemployment rate in South Carolina increased to 3.9 percent in July, up more than a full percentage point relative to a year ago (2.8 percent).

 

Elsewhere, officials said residential permitting activity fell by 7.3 percent from May to June but has increased by 10.9 percent from June 2023 to June 2024.

 

According to the Federal Housing Finance Agency, home values increased by 0.3 percent from Q1 of 2023 to Q1 of 2024. Compared to a year ago, the value of a home grew by 7.9 percent.

Westinghouse Receives First Approval for Incremental Burnup by the U.S. Nuclear Regulatory Commission

Westinghouse Electric Company received the Nuclear Regulatory Commission’s approval for an increase in the burnup limit for the Westinghouse Encore fuel designs.

 

Officials said this allows better nuclear fuel efficiency, longer times between reactor refuels and lower operating costs.

 

United States Pressurized Water Reactors operate on 18-month fuel cycles, and this new higher burnup fuel will enable reductions in feed batch size, thereby improving fuel cycle economics, the officials said.

 

They said this is the first time nuclear fuel batch reloads in the United States will be able to exceed a burnup limit of 62 GWd/MTU, paving the way for a future extension to benefit utilities to operate economically on 24-month fuel cycles.

 

“We are very pleased to receive approval from the Nuclear Regulatory Commission for incremental burnup in our nuclear fuel,” said Tarik Choho, Westinghouse president of Nuclear Fuel.

 

Choho added, “This milestone marks the start of production of nuclear fuel with increased capacity for Pressurized Water Reactors, vastly improving fuel costs for U.S. utility customers.”

 

The incremental burnup approval represents a key milestone for the Encore Accident Tolerant Fuel Program, an initiative started in 2012 and funded by the Department of Energy, aimed at increasing performance and safety of nuclear reactors in support of U.S. energy security and climate goals.

 

Westinghouse is creating a center of excellence for Low Enriched Uranium Plus (LEU+) fuel manufacturing in South Carolina to reduce the number of outages needed in nuclear plants.

 

Westinghouse is a leading supplier of nuclear fuel, providing a uniquely diversified portfolio in the industry across nuclear reactor types, including PWR, BWR, AGR and VVER.

International African American Museum Named A World’s Greatest Place  

TIME magazine named the African American Museum in Charleston, South Carolina, one of 2024 World’s Greatest Places, citing its “expansive interactive journey of tragedy and triumph.”

 

According to its website, the museum is about a journey that began centuries ago in Africa, and still continues.

 

It is about the journey of millions of Africans, captured and forced across the Atlantic in the grueling and inhumane Middle Passage, who arrived at Gadsden’s Wharf in Charleston and other ports in the Atlantic world.

 

The museum notes that with resilience, resistance, ingenuity, and intelligence, they and their descendants shaped every aspect of our world.

 

TIME notes that proposed publicly by former Charleston mayor Joe Riley more than 20 years ago, and championed by Congressman Jim Clyburn, the nation’s second-largest African American museum opened last summer.

 

To compile the 2024 list, TIME solicited nominations of places - including hotels, cruises, restaurants, attractions, museums, parks, and more - from its international network of correspondents and contributors, as well as through an application process, with an eye toward those offering new and exciting experiences.

 

While last year's list featured 50 cities, this year TIME decided to explore even more —and more specific— establishments that stand out in their field, and the world. 

Dr. Phyllis MacGilvray Named New Dean of USC School of Medicine Greenville

Phyllis MacGilvray, MD, has been named dean of the University of South Carolina School of Medicine Greenville and is the first Lifestyle Medicine board-certified physician to lead an American College of Lifestyle Medicine (ACLM) platinum-certified medical school. 

 

MacGilvray brings decades of leadership as well as clinical experience to her new role.

 

In her previous role, from 2022 to 2024, MacGilvray was the senior associate dean for academic affairs at the School of Medicine Greenville.

 

In this role, she oversaw all aspects of undergraduate medical education, lifestyle medicine, and SOMG's new Primary Care Accelerated Track (PCAT) program, designed to help combat the nationwide physician shortage.

 

As a native South Carolinian from Abbeville, she has maintained a full-scope family medicine practice for 20 years. 

 

As the department chair of Family Medicine at Prisma Heath Upstate and SOMG, MacGilvray tripled the capacity of new resident programs, expanding opportunities for future students.

 

Officials said her leadership during the Covid-19 pandemic boosted morale and led operational efficiency of the Primary Care Service Line.

 

MacGilvray has held leadership roles at various research and educational institutions, including Eastern Virginia Medical School, Naval Medical Center Camp Lejeune, and the University of Texas at San Antonio.

 

She holds numerous USC SOMG faculty awards, from the Gold Humanism Honor Society Faculty to the Alpha Omega Alpha Honor Society Faculty Induction.

MacGilvray earned her certification in Lifestyle Medicine in 2019. 

 

SOMG opened to its inaugural class of students in July 2012. 

 

“I am honored to have the opportunity to lead our medical school into the next chapter of our very exciting journey,” MacGilvray said. 

 

She added, “I am deeply committed to our students, faculty, and staff, as we continue to address the challenges in healthcare and improve health and wellbeing within our community, and beyond. Driven by a hands-on, holistic, patient-centered focus, SOMG is poised to build upon our successes and continue to be an innovator in medical education — anchored right here in the Upstate.”

 

Officials said MacGilvray's appointment marks a significant milestone for SOMG.

 

Her expertise in lifestyle medicine and commitment to primary care will enhance the institution's mission to train compassionate, skilled physicians, the officials said.

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