Columbia Economic Notes

[vicupstate]

^^ Interesting find. 

I wonder if the Local sales taxes were included in this analysis. Columbia, Charleston have a Local sales tax that is used mostly to act as a credit to reduce property taxes.  So you have to add the cost of the extra sales tax, but also reduce the property taxes for the credit.  Rock Hill & Greenville don't have that , so they wouldn't be affected. However, there are additional local sales taxes in Rock Hill, Charleston and Columbia in addition to the Local Option for property taxes. These pay for things like highway construction, schools, etc.  Greenville does not have those either. 

The sales tax in Charleston County is 9%,  Richland County is 8%. Lexington County 7%, York County 7% and Greenville County 6%.   

[victory]

https://www.postandcourier.com/free-times/food/irmos-loveland-coffee-opens-brick-and-mortar-cafe/article_c2f9a2ca-2a82-11eb-8d80-2337062d4712.html

Good coffee. Glad to see there's a place to go to drink some, even if it is way over in Irmo.

[Desert Power]

On 11/23/2020 at 10:03 AM, krazeeboi said:

A city-commissioned report, authored by a former chief economist at the S.C. Department of Commerce, found the Columbia area’s historically high combined tax rates are nearly double that of Charleston and 1.5 times higher than Greenville. 

“(High taxes) are causing a crisis of disinvestment, which can be seen in declining population, slow income and job growth, and depressed asset valuation,” the report said.

The $25,000 report found Columbia has been largely left behind as South Carolina’s economy has grown faster than all but seven other states over the past decade. It determined:

• Columbia-area property values grew just 16 percent over that span, compared with 36 percent in Greenville, 171 percent in Rock Hill and 217 percent in Charleston.
• The city’s prime working age population — adults aged 25 to 54 — grew by just 2.5 percent over the past decade. The same group grew by 15 percent in Charleston, 34 percent in Greenville and 64 percent in the Rock Hill.
• As Charleston, Greenville and Rock Hill have grown, Columbia’s population has been stagnant over the past decade — including consecutive years of population decline since 2016 — even though the University of South Carolina imports thousands of new students every fall.

The author, Rebecca Gunnlaugsson, an economist who specializes in public finance and taxation, blames a cycle in which high combined property tax rates from the city, Richland County and two major school districts have discouraged businesses from investing here and depressed property values, creating funding shortfalls that lead to even more tax hikes.

 

The bold is just so jarring. It is always noticeable how little Columbia changes. 

[krazeeboi]

On 11/28/2020 at 3:41 PM, Desert Power said:

The bold is just so jarring. It is always noticeable how little Columbia changes. 

Really? Compared to 10 years ago, the changes are quite noticeable to me. Aside from all of the student housing developments, you have the ongoing success of Main Street, USC-related developments, North Main streetscape/developments, Bull Street (ballpark, First Base building, housing, REI, etc.), CanalSide, several new hotels, lots of redevelopment of existing properties, riverfront developments on both side of the river, etc.--and that's just in the core of the city. Columbia has its challenges for sure, but it's far from being stuck in time.

[victory]

11 hours ago, krazeeboi said:

Really? Compared to 10 years ago, the changes are quite noticeable to me. Aside from all of the student housing developments, you have the ongoing success of Main Street, USC-related developments, North Main streetscape/developments, Bull Street (ballpark, First Base building, housing, REI, etc.), CanalSide, several new hotels, lots of redevelopment of existing properties, riverfront developments on both side of the river, etc.--and that's just in the core of the city. Columbia has its challenges for sure, but it's far from being stuck in time.

Krazeeboi, I agree with you. I could live anywhere in the world, yet I choose to live in Columbia. It has everything I need. Great urban and suburban lifestyle. 

[Desert Power]

On 11/30/2020 at 7:44 PM, krazeeboi said:

Really? Compared to 10 years ago, the changes are quite noticeable to me. Aside from all of the student housing developments, you have the ongoing success of Main Street, USC-related developments, North Main streetscape/developments, Bull Street (ballpark, First Base building, housing, REI, etc.), CanalSide, several new hotels, lots of redevelopment of existing properties, riverfront developments on both side of the river, etc.--and that's just in the core of the city. Columbia has its challenges for sure, but it's far from being stuck in time.

 Yeah really.  USC is still investing a lot and the city did the deal to get a much better ballpark, but I just don't see a lot of private investments.  The data, particularly on property values, bears out that feeling. 

I'm not trying to hate on Columbia at all.  I still have a lot of friends and family there, I'm down from Charlotte a lot. I really enjoyed the city when I was there for school. A lot of missed potential in Main Street/Vista areas, which I don't think is very different than they have been for a while.

[victory]

https://www.postandcourier.com/free-times/movies/columbia-theater-to-be-a-2021-host-for-the-sundance-film-festival/article_bb8a9464-358f-11eb-a75d-b730a81a5fce.html    Columbia is the only city in the Carolinas to get this distinct privilege. 

 

[krazeeboi]

On 12/2/2020 at 2:02 PM, Desert Power said:

 Yeah really.  USC is still investing a lot and the city did the deal to get a much better ballpark, but I just don't see a lot of private investments.  The data, particularly on property values, bears out that feeling. 

I'm not trying to hate on Columbia at all.  I still have a lot of friends and family there, I'm down from Charlotte a lot. I really enjoyed the city when I was there for school. A lot of missed potential in Main Street/Vista areas, which I don't think is very different than they have been for a while.

Of course most of this year constitutes a blip of sorts, but Main Street has seen a good bit of investment over the past couple of years. I'm honestly not sure how you say that it isn't "very different than they have been for a while"--unless your definition of "very different" is limited to new construction (and living in Charlotte, I can imagine that's somewhat the case). Redevelopment of existing properties has been fueling Main Street's revitalization with the historic tax credits playing a big role. One project in particular along Main Street that I've been impressed with is the overhaul of Boyd Plaza which fronts the art museum. 

North Main has been seeing its own revitalization which the P&C reported on last year: https://www.postandcourier.com/business/columbias-north-main-growing-so-fast-that-real-estate-isnt-keeping-up-with-demand/article_fd2f126e-a96d-11e9-ae87-03e39dc5c379.html

 

[krazeeboi]

Columbia often trails competing cities in attracting and retaining tech and knowledge-based jobs and companies, according to a recent study commissioned by a number of area stakeholders.

Now those groups are in the midst of a plan to help close those gaps.

A number of partners — including the economic development offices of Richland County, Lexington County, and the City of Columbia; the CentralSC Alliance; the University of South Carolina; Midlands Technical College; the South Carolina Research Authority; and the I-77 Economic Development Alliance — came together to fund a $250,000 study on how the Columbia area could become more competitive in attracting high-paying tech and knowledge economy jobs...

Deloitte gave Columbia a total of 68 recommendations on how to expand its ability to attract knowledge-based industries. Powers said those recommendations are in the process of being implemented.

[victory]

On 12/23/2020 at 12:20 PM, krazeeboi said:

Columbia often trails competing cities in attracting and retaining tech and knowledge-based jobs and companies, according to a recent study commissioned by a number of area stakeholders.

Now those groups are in the midst of a plan to help close those gaps.

A number of partners — including the economic development offices of Richland County, Lexington County, and the City of Columbia; the CentralSC Alliance; the University of South Carolina; Midlands Technical College; the South Carolina Research Authority; and the I-77 Economic Development Alliance — came together to fund a $250,000 study on how the Columbia area could become more competitive in attracting high-paying tech and knowledge economy jobs...

Deloitte gave Columbia a total of 68 recommendations on how to expand its ability to attract knowledge-based industries. Powers said those recommendations are in the process of being implemented.

Thank you for posting this.

[krazeeboi]

The Milken Institute's Best Performing Cities 2021 study is out. This is probably the most comprehensive and well-regarded of its kind and it carries much weight (at least to me it does). 

Columbia is among the cities that improved its standing the most compared to the previous year's study. Among the metros within the "large cities" category (populations of 250K and up), it was the 7th-biggest gainer, jumping 51 spots from 128th in 2020 to 77th in 2021. It appears that its strong showing in the "High-tech GDP growth 2018-2019" and "High-tech GDP growth 2014-2019" categories played a big role here, ranking 7th and 19th in each category, respectively.  

For comparison purposes, Charleston ranked 29th overall (compared to 13th last year) and Greenville came in at 45th (compared to 42nd last year). 

[krazeeboi]

CBRE's 2020 Scoring Tech Talent study largely focuses on the top 50 tech markets in the U.S. and Canada and utilizes several metrics to rank them in terms of the strength and competitiveness of their tech workforces. No SC city is among the top 50, but Columbia was ranked #13 of 25 smaller markets (according to relative strength) with growth potential and possible opportunities for expansion (pg. 46).

[victory]

https://www.wltx.com/article/news/local/new-apartments-starbucks-coming-to-rosewood-drive/101-f6424772-9e8e-4fe5-870f-6ee3a5b67935 I didn't see a Rosewood sub forum, so I'll just leave this here. I really like the Rosewood area more and more, and this will only serve to make the area even more vibrant.

 

[rancenc]

New apartment complex could be in the works!

https://www.wltx.com/article/news/local/luxury-housing-in-development-main-street-columbia/101-2e8e96e1-0a8c-4de2-a121-56f2daa4ba5a

[victory]

https://www.postandcourier.com/columbia/business/long-dormant-richland-mall-could-be-demolished-and-redeveloped-into-shops-residences/article_16f35386-85f3-11ec-b7a2-5bfa2619eb72.html If you are unable to read this, due to a paywall issue, I'll briefly summarize. This is an encouraging development for those of us who have grown up in Cola, and spent time at Richland Mall. A developer has the mall under contract, and the parties are doing due diligence. This has been floated before, but this time, there is a greater chance it gets built. This will be a mixed use development with apartments/condos, higher end shops, restaurants, and potentially a boutique hotel.  

[vicupstate]

^^  Give me a 'Like" if you remember 'Richland Fashion Mall' featuring 'Bonwit Teller'? 

[victory]

20 minutes ago, vicupstate said:

^^  Give me a 'Like" if you remember 'Richland Fashion Mall' featuring 'Bonwit Teller'? 

I remember the mall when it was mostly outdoor shops, anchored by one or two big retailers like Tapp's and/or Penny's, and it had a free standing movie theatre. I was a kid in the 70's, and remember the mall just bustling with people. It is an empty shell these days. Looking forward to its next life as a mixed use development.

[vicupstate]

Richland Mall has been reinvented at least 5 or 6 times in its history. 

The 'Richland Fashion Mall' version is the one that had just opened up in the late '80's when I moved to Cola. An Australian company, Hooker Corporation bought the upscale American department store chain 'Bonwitt Teller' and expanded the chain into several new markets. Hooker also bought Richland Mall and did a total revamp of it and branded it as an upscale mall. They  put a Bonwitt Teller in the mall too.   It was WAY TOO upscale for Columbia.  Think $80 for a tie in 1989.  The entire BT chain went into bankruptcy.  The fancy new mall, that was never more than about 50% occupied, flopped too and was converted in to a call center or office space.   In short it was a complete disaster.  

 

[victory]

https://www.wistv.com/2022/05/18/riverbanks-zoo-seeking-approval-county-administrators-80-million-project/  We've got to keep up funding to our nationally renowned zoo. I am curious about the "aerial" river crossing indicated. I wonder if that means something like the sky buckets at the state fair or perhaps a monorail. If Riverbanks gets the money, it will probably just upgrade its tram system instead, which likely would be far less expensive and allow more cash flow to the other projects on its list.

[victory]

https://columbiabusinessreport.com/news/government/82193/  My friends, who are small business owners in the city, have always complained Columbia created too many hurdles to make running a business here, attractive. Other cities, they said, worked to stimulate business by cutting the red tape. Well, we now have a business man as mayor, for the first time since I've been alive (not an attorney, as the others have been), and I am hopeful these measures will pay off.   

[rancenc]

New residential development slated for downtown Columbia

More than 100 new apartment units could be coming to downtown Columbia BY MORGAN HUGHES JUNE 06, 2022 11:26 AM Rutledge Building RUSSELL MAXEY Maxey Collection, Richland Library A 16-story downtown building in Columbia is set to be transformed into apartments and business space. Columbia’s Rutledge Building at 1429 Senate St., which was built in 1965, could be the next historic apartment development undertaken in the city center. Developers hope to turn the current office building into 43 studio and 76 one-bedroom apartments, with nearly 12,000 square feet of basement office space and a bar and lounge on the first floor, according to plans submitted to the city planning department. TOP VIDEOS × Local architecture firm Boudreaux Group is developing the project. The firm also designed the downtown Columbia Richland Library, the Drew Wellness Center and many other prominent buildings across the Midlands. The project architect, David Wiesendanger, did not immediately respond to a call Monday for additional information. Get unlimited digital access Subscribe now for just $2 for 2 months. CLAIM OFFER At least 44 parking spaces would be off-site, at the nearby 1320 Senate St. parking lot,according to plans submitted to the city. Developers plan to add another 18 spots to the median islands on Senate Street. Another 69 parking spots already exist at the building site. The Rutledge Building on Senate Street currently houses offices for the South Carolina Department of Education. The state has been trying to sell the building for several years. The Boudreaux Group is also working to get the building designated on the National Register of Historic Places. Columbia’s Planning Commission will consider the development at a meeting June 9. The project also still needs approval from the city’s design commission. MORGAN HUGHES (803) 771-8330‬

Read more at: https://www.thestate.com/news/local/article262200862.html#storylink=cpy

[victory]

Interesting story on the conversion of a church into apartments on Rosewood. https://www.thestate.com/homes/article264560306.html 

[victory]

https://ca.finance.yahoo.com/news/columbia-area-lawmaker-plans-redevelop-093000640.html  This could be a great adaptive reuse . I used to buy tires here.

[victory]

https://columbiabusinessreport.com/news/hospitality-and-tourism/83986/

[victory]

https://www.postandcourier.com/columbia/business/topgolf-considering-columbia-area-location-along-interstate-26/article_67d89084-57d1-11ee-946f-4b859b0dbb52.html Top Golf coming to Columbia?