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Top Business Stories of 2007
By Staff report
Al Parish: The well-known economist and oft-quoted financial guru saw his fortunes plunge as he pleaded guilty to bilking hundreds of clients, including his former employer, Charleston Southern University, out of millions of dollars. Parish is expected to be sentenced up to 45 years in prison. His wife and investment partner, Yolanda Yoder, cut a deal with investigators that gives her and her children immunity from lawsuits.
Dubai investing: Jafza International, part of a company that manages businesses, projects and investments for the royal family of Dubai, purchased 1,300 acres in Orangeburg for a $600 million logistics, manufacturing and distribution “megahub” that could bring up to 10,000 jobs to the region.
Berkeley County growth: Months after Internet giant Google set its sights on more than 500 acres in Mount Holly Commerce Park for a $600 million investment, DuPont announced it would build a $500 million plant to manufacture Kevlar near its existing facility on the Cooper River.
Real estate downturn: Property owners and real estate developers accustomed to double-digit appreciation had to regroup as the effects of the subprime mortgage crisis rippled through the Lowcountry and started to impact a variety of lending institutions.
Discount air travel: Well-known for sky-high air fares, Charleston International Airport finally attracted discount airline AirTran Airways, which pushed prices down for all carriers and increased the number of air travelers to and from the region.
Port expansion: So it’s not a Global Gateway—the super-terminal planned for Daniel Island in the late 1990s and later scrapped—but the S.C. State Ports Authority got the OK to construct a $600 million terminal at the former Charleston Naval Base.
Sofa Super Store fire: The deadly fire that claimed nine Charleston firefighters also led to changes in the city’s building codes and fire inspection procedures and eliminated impact fees for businesses that install sprinkler systems. State legislation is pending.
Vought union vote: The vote narrowly passed by aircraft workers at the North Charleston plant was a wake-up call to manufacturers and economic development officials that consider South Carolina to be a union-free state.
Gas prices: Oil prices affect everything from manufacturing and shipping costs to the price of office furniture. But when Lowcountry drivers started paying close to $3 a gallon, everyone felt it, sparking serious interest in alternative energy.
Noisette and the Neck: From the Noisette Co. redevelopment at the former Charleston Naval Base to plans that could turn the peninsula’s Neck into a vibrant retail and office district, pockets of renewal are spreading through the region.
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