The Business Narrative: Higher Education

Aug 28, 2024 09:32AM ● By Donna Walker

USC Hits Record Enrollment

As the fall semester begins, enrollment at the University of South Carolina has reached a record high.

“We are excited to welcome another strong freshman class to USC,” President Michael Amiridis said. “Our fall enrollment numbers continue to reflect the overall health and excellent reputation of the University of South Carolina.”

A new record for USC Columbia: Overall student enrollment at USC Columbia has reached a historic high, exceeding 38,300 students, according to preliminary figures.

The growth in enrollment has been aided by university efforts to retain more students.

USC’s previous high of 36,538 students was recorded in the fall of 2023. This semester marks the first time USC’s overall enrollment has surpassed 38,000 students. Freshman enrollment is 7,290, roughly the same as last year.

Serving South Carolina: Of the 7,290 new freshmen enrolled at USC Columbia for the fall 2024 semester, 3,800 (52 percent) are South Carolina residents. Students also come from each of the state’s 46 counties.

This fall, USC Columbia is educating more residents of South Carolina than ever.

Destination USC: The university received a record number of applicants this year — 52,708.

Healthy system: Enrollment at USC system institutions is also strong. Overall system enrollment, including USC Columbia, rose 5.2 percent to 54,485 for the fall 2024 semester.

Academically successful: More than 1,000 students starting this fall were in the top 10 percent of their South Carolina high school class. This is a 10 percent increase over last year, and comes after USC announced last August that it would guarantee admission to S.C. students in the top 10 percent of their class.

Retaining students: Part of the university’s enrollment success stems from efforts to retain existing students through early intervention programs. USC’s Graduation and Retention Network helps students stay on track for degree completion, while the Scholarship Risk Intervention program helps students take steps to maintain their academic scholarships.

Promoting social mobility: More than 2,000 incoming freshmen — nearly 28 percent — are underrepresented minority students, an increase of 17 percent over last year. In addition, approximately 1,500 freshmen are first-generation students.

More than freshmen: In all, approximately 9,200 new undergraduates will start their academic journey at USC this year. That includes new freshmen, transfer students and international exchange students.

Planning for growth: As USC’s student body increases, the Board of Trustees is actively planning for the future. The university recently released USC Next, its master plan for managing future growth.

Milliken & Company Names Allen Jacoby Textile Business President

Diversified global manufacturer and Spartanburg, South Carolina-based Milliken & Company announced Allen Jacoby as EVP and president of its textile business, assuming full operational responsibility for the company's textile product portfolio.

Jacoby has served as the company's chief strategy officer and SVP of Corporate Development and Innovation since 2021 and will succeed David Smith who is retiring after 45 years of service to Milliken, starting as an intern and working his way to the board room.

"Allen is known for his enterprise thinking and has demonstrated the ability to drive growth and value creation through strategic initiatives," said Halsey Cook, president and CEO at Milliken.

Cook added, "We look forward to all that he will accomplish as the new leader of our textile business and wish David the very best as he moves toward his well-earned retirement."

During his early tenure at Milliken, Jacoby led the growth of several product lines in the textile business.

In 2013, he took responsibility for the plastic additives segment of Milliken's chemical business where he successfully led technology transitions and implemented new strategies for growth.

Prior to Milliken, Jacoby worked as a consultant for Scient and Arthur D. Little. He holds a bachelor's degree in chemical engineering from Purdue University, and an MBA from The Wharton School at the University of Pennsylvania.

"I am honored to lead Milliken's textile business and eager to work alongside our dedicated team to serve our customers and continue our legacy of industry leadership," said Jacoby.

He added, "Having spent a decade in this business early in my Milliken career, this is a full circle moment, and I am grateful to the board and senior leadership for trusting me to lead."

Drawing on more than 155 years of award-winning research and development, the textile division of Milliken & Company offers a diverse portfolio of technical textiles serving a broad range of global markets, including apparel, automotive and transportation, building and infrastructure, hospitality, industrial, military, decor and protective workwear.

Relation Insurance Services Acquires Carolina Heritage Insurance, Inc.

Relation Insurance Services acquired the assets of Hilton Head Island, South Carolina-based Carolina Heritage Insurance, Inc.

The transaction went into effect Aug. 1, 2024. Terms of the transaction weren’t disclosed.

“In order to provide our clients with more resources, we needed to partner with a national brokerage firm that offered those services,” said John Alagna, owner of Carolina Heritage.

Alagna added, “Relation’s specialized expertise and broad network of carrier relationships offer our clients access to the best coverage options, plus their team of people were a great culture fit for us.”

“Carolina Heritage has built an outstanding reputation in their community and Relation is proud to welcome them aboard,” said Tim Hall, chief executive officer for Relation.

Hall added, “With long-standing relationships in their area, they bring a deep understanding of their clients’ needs and the ability to provide comprehensive insurance solutions. We are excited to welcome them to our team.”

Relation Insurance Services is an insurance brokerage firm offering risk management and benefits consulting services across the United States.

It is ranked by Insurance Journal within the top 25 largest agencies in the country by revenue and has approximately 1,350 employees across more than 137 locations nationwide.

Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sectors.

Consumers More Confident in August, But Still Worried About Job Market

Consumer confidence improved in August, yet confidence remains within a narrow range and well below pre-pandemic levels, according to Wells Fargo economist Shannon Grein and economic analyst Jeremiah Kohl.

The two said in an economics report that views on the labor market remain depressed, holding back overall optimism.

In their report, Grein and Kohl said:

* Consumers grew more confident in August. The Consumer Confidence Index rose to 103.3, notching the highest level in six months, and July's data was revised slightly higher.

Household views on current conditions as well as expectations around the future improved, though both remain well-off pre-pandemic levels.

Despite the more recent improvement, overall confidence has moved within a narrow range so far this year.

* There is some divergence under the surface and the accompanying release noted a drop in confidence for those earning less than $25K versus higher-income households, those making over $100K, still the most confident income group.

Grein and Kohl said this is consistent with other data suggesting lower-income and younger households are growing more vulnerable.

* There is no shortage of factors influencing households today. Clarity around the Democratic presidential nominee could be boosting sentiment, as could prospects for Fed easing in September.

Yet, still-high prices and a moderating labor market continue to concern households, Grein and Kohl said.

They also said consumers' assessment of their labor market prospects did little to improve in August.

The labor differential, or the share of consumers who report jobs as "plentiful" less the share reporting jobs as "hard to get" declined to 16.4 percent in August from 17.1 percent in July.

The differential has been in a trend decline since reaching an all-time high about two years ago, and it has fallen 15.3 percentage points since January.

Grein and Kohl said the trend decline has been driven both by a decrease in the share of consumers reporting jobs as plentiful and an increase in the share of consumers reporting jobs as hard to get.

They said consumers clearly view the labor market as less favorable to job seekers than they did at the start of the year, in line with the latest employment report data that showed a deceleration in nonfarm payroll growth at play.

And they added the labor market remains the focus for not only Fed officials but households as well.

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