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Gov. Sanford Issues Statement on BEA Estimates
PRESS RELEASE
November 11, 2005
STATE OF SOUTH CAROLINA
OFFICE OF THE GOVERNOR
MARK SANFORD, GOVERNOR
FOR IMMEDIATE RELEASE
Contact: Joel Sawyer
803-734-2100
[email protected]
Columbia, S.C. - November 10, 2005 - Gov. Mark Sanford said today that the economy in South Carolina is "gaining strength," after the Board of Economic Advisors (BEA) presented its revenue estimates for the coming year. During its meeting today, the BEA said that each of South Carolina's three major sources of revenue was up compared to year-to-date numbers in the previous year, with sales tax revenue growing 7.4%, income tax revenue growing 9.5 %, and corporate income tax revenue
growing 9.9%. Gov. Sanford agreed with what BEA members have said previously and again today -- that the state's unemployment numbers are not an accurate reflection of the growth happening in the South Carolina economy.
"While we're concerned about the number of South Carolinians still without work, I think these numbers go to show once again that we're gaining strength with respect to our economy," Gov. Sanford said. "Small businesses across the state are beginning to realize the impact of our income tax cut, and we're seeing revenues increase as they grow and expand those businesses. On top of that, Commerce just had its best year since 1991 in attracting new jobs to this state. I think that John Rainey and the BEA are right when they say the national unemployment numbers don't tell the
whole story when it comes to the strength of our economy."
After the passage of Gov. Sanford's small business income tax cut and tort reform bills, a survey of the National Federation of Independent Businesses' South Carolina members indicated that 70% of them are planning to expand. According to Bureau of Labor Statistics data released for September, there are more than 43,000 more South Carolinians working today than there were one year ago.
-#####-
Joel Sawyer
Office of Gov. Mark Sanford
(803) 734-5254 - work
(803) 446-6713 - cell
(803) 734-6447 - fax
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