July 12, 2024 - Page 2 of 2 - Southern Business & Development

COLUMBIA, S.C. – Palmetto Corporation, a site development and construction company, today announced it is growing its South Carolina footprint with a new operation in Fairfield County. The company’s $15.7 million investment will create 79 new jobs.

Founded in 1987, Palmetto Corporation is a family-owned company that delivers the materials, services and solutions needed for paving and site development. The company has over 1,000 employees at its six, existing South Carolina plants in Bishopville, Conway, Florence, Greer, Lugoff and Orangeburg.

Palmetto Corporation’s new, state-of-the-art asphalt plant located at 5471 State Highway 34 E. in Ridgeway will be the company’s seventh in South Carolina. The Fairfield County plant will produce asphalt for road construction, resurfacing and infrastructure development.

South Carolina Department of Commerce

The economic outlook for Greater Washington continues to show a region locked in stasis by a chilled commercial real estate market.

At the same time, a handful of data points offer a glimpse of hope for the near future. The most recent index, however, sits 12.2% below where it was a year ago in May 2023.

Like in April, the score continues to be weighed down by a growing intensity of distress in the region’s commercial real estate markets, which face higher interest rates and softer demand. Valuations of commercial space, especially downtown offices, have also fallen dramatically, leading to fewer transactions. Office foreclosures in the first half of 2024 have already exceeded the total number recorded in 2023, CBRE reported, fueled primarily by rising vacancy and upcoming debt maturities.

That’s the latest finding from CBRE’s REVIVE Regional Vibrancy Index charting the D.C. area’s economic strengths and weaknesses in the wake of a pandemic that changed the core of how the region operates, from the shift to hybrid work to the evolution in how people get around.

Washington Business Journal

$15.7 million investment will create 79 new jobs in S.C.

Greater Washington, D.C’s economic outlook at standstill with ‘frozen’ commercial real estate