S.C. economy doesn’t slow; state now has extra $1 billion

 S.C. economy doesn’t slow; state now has extra $1 billion

COLUMBIA (AP) – The amount of money in South Carolina’s state bank accounts continues to grow thanks to a quick recovery from the economic shock of the COVID-19 pandemic and people spending money much faster than experts predicted.

The latest estimate released Wednesday said South Carolina lawmakers will have nearly $1 billion more to spend this budget year, according to the state Board of Economic Advisers.

That boosts the money that the General Assembly has control over to nearly $11 billion and doesn’t count the roughly $3 billion in federal COVID-19 relief money coming to South Carolina.

It also doesn’t count about a $1 billion surplus after the state closed the books on the fiscal year that ended June 30. Predictions that economic growth would slow because supply chain issues, consumers slowing their spending or dwindling federal stimulus money didn’t come true.

The 13.2% growth in the…

Read full article…www.theitem.com