S.C. finds footing after the recession - DatelineCarolina

S.C. finds footing after the recession

Posted: Updated:

By Liz Segrist
Edited by Pete Shooner
Posted on April 1, 2010

Although the U.S. recession is technically over, people and businesses are still reeling from its affect all over the country. South Carolina has been no exception.

Small business owners know they need passion, dedication, determination — and a whole lot of money to start a new business. Despite the recession, local entrepreneurs have invested hundreds of thousands of dollars of their own money into opening their small businesses. While some have found success and others struggle to get by, they all agree they are determined to do what it takes to keep going.

U.S. divorce rates were on the rise until the recession hit. With divorce costs ranging anywhere from $5,000 to $100,000 on up, some people simply can't afford them. There was a 14 percent decrease in divorces in S.C. alone from 2007 to 2008. Couples can't physically separate at a time when they are so financially dependent on each other. Some experts said this could allow a couple to make their marriage work, while others said couples would remain trapped in unhappy matrimony.

Many Main Street business owners have struggled to survive for years, and the recession hasn't helped. Businesses are not flourishing for many reasons, including frustrating construction, an influx of high-end retail stores and the misconstrued perception that the area is dangerous. But others are optimistic that Vista traffic, new businesses and the street's beautification plan could revitalize the area. Regardless of the unforeseen outcome, they all said they hope for a Main Street where people can live, work and shop.

S.C. paper mills serve as major employers for many South Carolinians, especially in counties with high unemployment rates. But as paper sales decrease nationwide, some of these mills are forced to layoff employees and file for bankruptcy. Many companies are going paperless to save money, and as pulp prices increase and wood supply decreases, these mills have to decrease production and increase prices to stay afloat.

The recession thoroughly affected S.C., as it did the entire country. The state still struggles to pull itself out of its financial woes. These everyday workers and residents give some insight into both the strengths needed and the sacrifices required in the time of a truly poor economy, and what it takes to survive it on a daily basis.

See our special reports:

Small businesses
S.C. paper mills
Main Street
Divorce rates

 

 

 

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