COVID complicated their lives but these SC CEOs see recovery ahead

For Mark Masaschi, a sure sign that Greenville’s economy is rebounding from the ravages of COVID-19 is the two hours he waited to eat at a downtown restaurant over the weekend.

His comment was one of the lighter moments in an hour-long discussion of Greenville chief executive officers about how COVID-19 affected their business and where they think the economy is headed. The discussion was sponsored by the Greenville Area Development Corp.

Masaschi, senior partner of KDS Commercial in Greenville, and the other three chief executive officers all described a challenging time but predicted a robust return to a more normal economy.

Masaschi’s company is behind the redevelopment of 36 acres that has been home to Greenville County government for about 40 years. A new building for the county, now under construction on the site, is to be completed by early 2023.

The surrounding development, envisioned as an extension of downtown, will include all manner of uses from office to retail to commercial. At buildout, it will be a $1 billion project and will bring in $22 million in tax revenue each year.

He said one unknown is just what offices will look like going forward since so many people have been working from home. The pandemic was a “paradigm earthquake for our industry,” Masaschi said.

He wondered just how many people want to put on hard-soled shoes and go to the office anymore.

Rich Hagins, CEO of US&S, and Stacy Brandon, market president of Bank of America, talked about the toll the virus took on their front-line workers. For US&S, those were the people who cleaned buildings, in fact sanitized them. Bank of America had employees in banks working with customers.

Brandon said Bank of America provided extra pay for them and accommodated employees who had medical challenges or family members who did. They were given work to do from home. Some branches were closed and staff reallocated to busier branches.

Those not working in the centers all worked from home — 150,000 of them, she said.

“We haven’t lost productivity,” she said.

Banking shifted even more online, a trend already underway before COVID. She said 84% of deposits are now done online, mobile or by ATM. Other changes: 80% of mortgage loans begin online and car loans increasingly so.

Bank of America spends $10 billion a year on technology upgrades, not only to increase efficiency but also to enhance safety, she said.

Hagins said COVID-19 kept him from building a new building.

“Thank God,” he said.

His office staff has been working from home for a year and he’s not sure what the office will look like going forward. He believes, though, workers have missed the social interactions of the office.

Jeff Uphues, CEO of DC BLOX, is building a data center in Greenville, the first of its kind in the state. It will open by October, he said.

Uphues said he has been impressed with Greenville’s resilience in the face of the pandemic. He said Greenville’s economy is doing better than the other markets his business is located in — Atlanta, Birmingham, Chattanooga and Huntsville.

He said he is so bullish on South Carolina, he is working on a deal to build in the Charleston area. Columbia and Charlotte are on his list for future expansion.

Several of the CEOs pointed out that a challenge for Greenville will be to ensure everyone has the same business opportunities.

Hagins said many Greenville organizations are looking at ways to enhance diversity in the business community.

He said he often says, “when America gets a cold, the minority community gets pneumonia.”

But he predicted a bright future for minority businesses.

Brandon said Bank of America is in the midst of a five-year plan to increase diversity.

Mark Farris, chief executive office of the Greenville Area Development Corp., said businesses considering Greenville County always ask about minority initiatives.

Farris asked each business leader to sum up Greenville in one word.

Brandon said “hopeful,” Masaschi “optimistic,” Uphues “inspiring” and Hagins “excitement.”

“Greenville is standing tall,” Hagins said.