By Lindsay Street, Statehouse correspondent | South Carolina’s economy is expected to follow a national trend of softening growth into 2021, according to multiple economists advising the state’s three-member board that forecasts revenues for the state budget.
"It’s important for the BEA (Board of Economic Advisors) to take into account that the last year has been very strong in terms of our overall economic activity, and we need to be cautious because we are anticipating a bit of softening of growth,” University of South Carolina economist Joey Von Nessen told Statehouse Report.
The BEAs, which is part of the S.C. Revenue and Fiscal Affairs Office, will offer a November forecast that House lawmakers will use to begin writing the 2020-2021 state budget for the fiscal year that begins July 1, 2020. Every year, the BEA hears from economists around the state prior to making the forecast. On Thursday, Frank Hefner of College of Charleston, Raymond Sauer of Clemson University, Russell Sobel of The Citadel and Mark Vitner of Wells Fargo Securities joined Von Nessen in speaking to the board.
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