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South Carolina's economy has been hanging on for dear life, but a healthy recovery may be closer than we think. Wednesday, several financial experts released their forecasts for the future.
Economist with the University of South Carolina predict local jobs will grow by .2% next year. And they're hopeful the state's double-digit unemployment rate will begin to decrease. Currently the rate sits at 12.1% but economists expect the rate will drop to 11.2% by 2010.
After a year of job losses relief may be on the horizon.
"We have momentum, we just have to keep this going and that's going to be contingent on not having any more shocks or surprises," said Economics Professor Doug Woodward.
Woodward says the unexpected can create major financial shockwaves. This past week Dubai World decided to restructure less than half its debt; which could have an affect on the Palmetto State.
"They're a major investor in Orangeburg County," said Woodward. "We're expecting them to put in a big logistics and distribution center at the intersection of I-95 and I-26. I would imagine that's off the table."
Woodward warns economic improvements won't happen overnight; but thinks the Healthcare and Education industries will begin showing more life in the new year.
"It's not going to bounce back quickly, its going to slowly grow off the bottom," said Woodward. "And it's going to take a few years to have a really strong expansion."
And with time Woodward thinks the state's economy will emerge leaner and meaner than before.
