The Business Narrative: $800 Million Investment

Aug 30, 2024 09:15AM ● By Donna Walker

Meta Selects Aiken County For First South Carolina Data Center

Meta announced August 29, 2024, it is establishing the company’s first South Carolina operation with a new data center in Aiken County.

The $800 million investment will support 100 new operational jobs, according to Gov. Henry McMaster’s office.

Meta's data centers are part of the global infrastructure that powers the company’s technologies and services, including Facebook, Messenger, Instagram and WhatsApp.

Once operational, the 715,000-square-foot data center, located in the Sage Mill Industrial Park in Aiken County, will be optimized for Meta’s artificial intelligence (AI) workloads, officials said.

The data center’s electricity use will be matched with 100 percent renewable energy, and Meta will work with local partners to add new renewables to the grid, the officials said.

They said the campus will also achieve Leadership in Energy and Environmental Design (LEED) Gold certification once operational.

The Aiken County data center will be Meta’s 22nd data center in the U.S. and 26th in the world. It is expected to be in operation in spring 2027.

“We are excited to make Aiken County our new home and are committed to playing a positive role here and investing in the community’s long-term vitality,” said Meta Director of Data Center Strategy Kevin Janda.

Janda added, “South Carolina stood out as an outstanding location for our newest data center thanks to its great access to infrastructure and energy, deep pool of talent, and amazing community partners. Our thanks go out to all who have helped get us here.”

"Meta's decision to locate its newest operation in Aiken County is a major win for South Carolina's thriving technology industry,” McMaster said. “Meta's $800 million investment will significantly impact our economy, creating valuable jobs and further driving innovation."

He added, "We look forward to building a strong partnership with Meta that will benefit our communities and enhance our state's reputation as a technological leader."

SageSure Collaborates With Markel to Introduce New Capacity to Expanded Markets Program

SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, announced its collaboration with Markel, the insurance operation within Markel Group Inc. (NYSE: MKL).

SageSure Expanded Markets will distribute Markel’s insurance products first in Louisiana, South Carolina, and Texas, with more states planned, officials said.

The collaboration represents strong alignment between Markel and SageSure, both of which specialize in delivering quality solutions for complex risks and challenging markets, the officials said.

“SageSure Expanded Markets is natural fit for a trusted insurance provider like Markel that shares our passion for innovation and expertly tailored products,” said Dan Maloney, vice president of Expanded Markets at SageSure.

Maloney added, “We look forward to a lasting and rewarding collaboration, and we are excited for our producers to experience this insurance solution through our market-leading quoting and binding platform.”

A global specialty insurance provider since 1930, Markel leverages its vast underwriting knowledge to build programs for specialized risks.

The collaboration provides access to Markel’s trusted products through SageSure’s proprietary platform where producers can quote and bind Expanded Markets products in minutes.

SageSure operates in 14 states and provides home, flood, and commercial coverage on behalf of its carrier partners.

With more than $1.9 billion of in-force premium, 640,000 policyholders, and 800 employees across the country, SageSure is one of the largest residential property insurance managing general underwriters in the U.S.

Carolinas Survey of Business Activity

Business activity in the Carolinas was sluggish in August compared with July, according to the most recent survey from the Federal Reserve Bank of Richmond.

The general business conditions index decreased, and the corresponding expectations index fell notably.

The sales index edged down, and its corresponding expectations index decreased but remained in positive territory.

The employment index decreased while the wages index remained in positive territory, and firms reported little change in their ability to find workers with the necessary skills.

Most firms expected wages to continue increasing over the near term and anticipated some improvement in their ability to find workers with the desired skills over the next six months.

Average year-over-year growth in prices paid and prices received decreased slightly in August.

Firms expected growth in prices to moderate somewhat over the next year.

PotlatchDeltic Board Declares Distribution on Common Stock

The board of directors of PotlatchDeltic Corporation (Nasdaq: PCH) declared a quarterly distribution on the company's common stock.

The distribution of $0.45 per share is payable Sept. 30, 2024, to stockholders of record on Sept. 13, 2024.

PotlatchDeltic (Nasdaq: PCH) is a leading real estate investment trust (REIT) that owns over 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi, and South Carolina.

Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program.

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