Personal finance tips for the New Year
By Laura Brisson
The New Year is an opportunity to reflect on and improve certain aspects of our lives — including our personal finances. According to a report from the University of Scranton’s Journal of Clinical Psychology, only eight percent of us actually achieve our New Year’s resolutions. This month, set realistic goals to build and protect your wealth throughout the year. Here are a few tips to help you establish a strong financial start in 2017.
Startups like SnapCap a gift to the Holy City’s economy
By Robert Salvo
For most of Charleston’s history the industries that have supported the Lowcountry have also been the most visible. In an earlier era, this would have meant the cotton warehouses on our waterfront; a generation ago, it was the sprawling Navy Base. Today we see the economic engines of the Holy City whenever a container ship sails up the Cooper River, or when a horse carriage full of tourists clops by. While these important industries still define the landscape of the area, a quiet and less-visible revolution has occurred, bringing the modern knowledge-based economy here to the Lowcountry.
South State Bank a new flowering from deep local roots
By Robert Salvo
You’ve likely noticed the striking blue and yellow signage around the Lowcountry for South State Bank. Although these changes in visuals made the company appear to come out of nowhere, the institution is actually a familiar one with deep Southern roots. The consolidation of six formerly distinct brands, the Lowcountry foundation for South State was built upon South Carolina Bank and Trust, long known around the Holy City as First Federal of Charleston.
Walls of ‘business as usual’ crumble at Jericho Advisors
By Patra Taylor
During his time in graduate school, Josh Silverman used to tell his fellow students that he wanted to work in an art gallery with a dance floor. “They all laughed at me,” recalls Mr. Silverman, the founder and chief executive officer of Jericho Advisors. But he admits he was only half kidding when he imagined his perfect work environment.
Boeing’s future is here in Charleston
By Robert W. Pearce, Jr.
Like the Energizer bunny, Boeing South Carolina just keeps on going and going and going and going….
The Lowcountry of South Carolina had one of its biggest, if not the biggest, economic development announcements ever a couple of years ago when Boeing selected Charleston as its second airplane manufacturing site in the world. The Seattle region had been its only site for almost 100 years.
Since that original announcement, Boeing SC has grown to include over 6,000 employees working to produce three 787 Dreamliners a month at the facilities here. Orders for the revolutionary 787 total over 800 planes already with the original plan of building seven a month in Seattle and the other three here. Now Charleston might be accelerating to seven 787s a month as well.
Within a few days of the original announcement, I wrote a story here in the salmon sheets saying it was great that Boeing was bringing huge numbers of manufacturing jobs here, but that what we really wanted to see in the future was Boeing opening up an R&D operation here. Those jobs are the real high-paying jobs we want to see. But our Boeing story has now shifted and is turning out as we had hoped those couple of years ago.
Boeing has just announced a major expansion here in Charleston, saying it plans to add at least 2,000 additional jobs and invest another $1 billion over the next several years. The key to this announcement, though, is that these will include at least 1,000 new engineering jobs and at least 1,000 new IT jobs here in the Charleston area. This follows Boeing’s recent announcement of thousands of engineering and IT job layoffs in the Seattle region.
Do you think the unions in Seattle are finally starting to see the whole picture? Maybe a pattern yet? It often appears that the unions really don’t get it for some reason as various unions in Seattle continue to strike or threaten to do so.
In case the unions were still confused, the head of Boeing SC sent out a letter in May to all of his employees saying bluntly, “I want to be clear that it’s Boeing's desire to remain union-free in South Carolina. …” He didn't have to remind anyone that South Carolina is a right-to-work state, which makes it much harder for unions to organize here. You think Boeing originally came to S.C. because we’re non-union? Damn right.
And now they are moving some of their best jobs in engineering and IT here because we have proven that we can also make airplanes just as well as Seattle at approximately 35 percent less cost.
The new engineering and IT design center here will likely start working on the newly-designed 737 MAX airplane, which is also proving to be a huge hit with airlines around the world. This new design center and related moves of work to Charleston are truly going to be “game-changers” for us.
The 50th Paris Air Show just concluded, and all Boeing did was announce orders and commitments for 442 new Boeing planes with list prices totaling over $66 billion (yes, billion).
The planes ordered at the Paris show include two new variants of the original 787, with the new 787-9 and 787-10 receiving orders before the engineering has even really begun on them.
Boeing said in Paris that the new 787-10, the largest of the new Dreamliners, is so in demand by airlines that it alone might boost Boeing’s orders by 60 percent over time. That’s good news for us because the consensus of airline analysts believe the 787-10 can only be built in Charleston because of logistical constraints. The Seattle Times’ June 16 article on this topic said it all: “Everett [in the Seattle area] may be left out of 787-10 plans” because of these logistical issues. Think “union issues,” too.
Overall, Boeing said in early June that it has increased its projection of demand for planes by airlines worldwide to 35,000 new airplanes in the next 20 years worth $4.8 trillion (yes, trillion).
Maybe it’s a pun, but “the sky’s the limit” for us here with Boeing SC. With options on land here now totaling over 1,000 acres, Boeing SC has the room to expand for a long, long time and an increasing percentage of Boeing’s planes will be built here and not in Seattle.
Just wait — there will be more major announcements during the next few years that will prove the future of Boeing is actually here in Charleston.