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Economic headwinds continued to develop throughout 2023 across the national and global economies, but investment in South Carolina — and the Upstate in particular — remained strong. The ongoing population shift to the Southeast has not abated and that growth continues to drive investment.
Speculative building slumps
Increased interest rates and tightening sources of capital slowed construction across many sectors but practically halted new speculative office and logistics building projects as the year progressed. Robust development of logistics projects in 2022 meant supply outstripped demand, and the year saw efforts to fill all the new warehouses coming online in projects such as Greenville Enterprise Park and the logistics hub along Fort Prince Boulevard in Lyman in Spartanburg County.
Inevitable AI
Fear and excitement about the potential for artificial intelligence grew in tandem this year as businesses across every sector discovered ways to use the technology. While techies and policymakers worried whether AI would take over the world, businesses put it to work. Advantage Greenville hosted a panel discussion in November highlighting the range of uses AI can have in the business world.
Spartanburg’s downtown boom
Investment dollars continued to pour into Spartanburg as more projects were announced in that downtown’s transformation. Close to $1 billion in projects are underway or soon will be, the largest being a $425 million mixed-use development centered on a new minor league baseball stadium. A joint city-county administrative building is planned within a block of the stadium development, and ideas for a major upgrade to Morgan Square have been narrowed down.
More trail magic
After nearly 20 years of aspirations, the longed-for Saluda Grade Rail Trail in northern Spartanburg County rapidly gained definition in 2023. With the success of Greenville’s Swamp Rabbit Trail pointing out what’s possible, Saluda Grade trail backers moved forward with plans to connect the communities of Inman, Gramling, Campobello and Landrum in South Carolina to Tryon, Saluda and Zirconia in North Carolina with 33 miles of trail. Plans are expected to solidify further in 2024.
Power warnings
With the stark memory of widespread power outages last Christmas Eve, state elected and utility leaders grappled with the challenges of meeting growing energy demand. Utility executives warned of a critical need for increased power generation in the state and recommended an array of solutions to meet short- and longer-term demand. Duke Energy will expand its Bad Creek hydroelectric facility in Pickens County to double its generating capacity.
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