DOING BUSINESS IN SOUTH CAROLINA
South Carolina Department of Commerce
803-737-0400
info@SCcommerce.com
www.SCcommerce.com
“South Carolina is home to innovative companies and visionaries launching past the ordinary to ensure a sustainable advantage. Our talented workforce, unparalleled infrastructure, and collaborative approach reinforce the state’s reputation for being the place where companies can build a vision into a legacy.”
— Harry M. Lightsey III,
South Carolina Secretary of Commerce
Listen Now! South Carolina Embraces The Future: A Talk With Commerce Secretary Harry M. Lightsey III
Listen to the latest Business Facilities podcast and hear how companies across South Carolina are growing their businesses. Secretary Lightsey also talks with our Editorial Director about SC Nexus, one of the inaugural federal Tech Hubs.
The View From South Carolina: Governor Henry McMaster
The economy is booming in South Carolina, according to Governor Henry McMaster.
In his State of the State address in January , Gov. McMaster touted the state’s “record budget surplus” that included more than $3.5 billion in unexpected revenue.
“It should come as no surprise that 2022 was the most successful year for economic growth in our state’s history,” he said at the time.
South Carolina’s foreign direct investment nearly quadrupled in 2022 —the same year that more than 100 projects were announced, McMaster said.
“Every day, employers are creating new jobs, entrepreneurs are opening new businesses, and companies are deciding to locate in South Carolina,” said McMaster, who has been governor since 2017.
South Carolina’s Nexus for Advanced Resilient Energy (SC Nexus) also was among the states selected in October for the U.S. Department of Commerce’s Economic Development Administration Regional Technology and Innovation Hubs.
The state has a labor force of nearly 2.4 million, with trade, transportation, and utilities as the leading industry at 20%, according to the South Carolina Department of Commerce.
Business Facilities: Tell us about South Carolina’s business climate. What’s driving its success?
Gov. McMaster: South Carolina is booming. We have more people working now than at any time in our state’s history, record-high wages, and an unemployment rate nearly a full point lower than the national average.
Our state government is in the best fiscal condition in modern history, allowing us to make record-breaking tax cuts and invest heavily in our infrastructure and workforce. These factors, combined with a favorable regulatory climate and business-first approach, make South Carolina the best place in the country to do business.
The numbers speak for themselves: since my administration took office, we’ve shattered economic development records with over 83,000 new jobs announced and $34 billion in new capital investment. There has never been a better time to live, work, and raise a family in South Carolina, and the world is taking notice…
TARGETED GROWTH SECTORS
Electric Vehicles: The production of electric vehicles and related components is accelerating at the intersection of advanced manufacturing and innovation in South Carolina.
Life Sciences: An aging population and revolutionary technological advances have propelled life sciences, the state’s fastest growing industry. Supported by an innovative workforce, top research institutions, and world-class hospital systems, South Carolina is poised for an expanding biotech infrastructure.
Headquarters: From aerospace and automotive to manufacturing and technology, South Carolina is a natural choice for headquarters and corporate offices.
TOP PROJECTS
COMPANY | CITY | INVESTMENT |
Redwood Materials, Inc. | Ridgeville | $3.5 billion |
Scout Motors, Inc. | Blythewood | $2 billion |
BMW Manufacturing Co., LLC | Greer | $1.7 billion |
Albemarle Corporation | Richburg | $1.3 billion |
QTS Data Centers | York | $1 billion |
FEATURED LOCATIONS
Positioned in the heart of South Carolina, the Central SC Region’s natural advantage translates into efficient connections to customers and suppliers. Combining a desirable location with competitive utilities, and a cost of living well below the national average, Central SC delivers a globally connected, world-class home.
Santee Cooper, the state-owned electric and water company, is transforming its power mix with more renewables, while maintaining best-in-class reliability (top 2 percent in the US) and low industrial pricing that helps power industries across South Carolina.
FAST FACTS
Population (July 2022 est.): 5,282,634¹
Largest Cities (2020): Charleston (150,903); Columbia (137,314); North Charleston (115,771); Mount Pleasant (90,871); Greenville (70,899)¹
Real GDP (2022): $226.4 billion²
¹U.S. Census Bureau
²Bureau of Economic Analysis, U.S. Dept. of Commerce
WORKFORCE DEVELOPMENT
The Jobs Development Credit is a discretionary program offering a quarterly cash refund of a portion of the personal withholding taxes of new employees. Qualifying businesses create at least 10 full-time jobs.
TOP BUSINESS FACILITIES RANKINGS
#3 Fastest Growing (Population) | 2024 State Rankings |
Top 5 Corporate Tax Climate | 2024 State Rankings |
Top 10 Automotive | 2024 State Rankings |
Top 10 Best Business Climate | 2024 State Rankings |
Top 10 EV Investment | 2024 State Rankings |
#1 FTZ Activity (Exports): Dorchester County | 2024 Metro Rankings |
#2 Top Performing Container Ports: Port of Charleston | 2024 Metro Rankings |
#3 Fastest-Growing Metros (by %): Myrtle Beach/Conway/North Myrtle Beach | 2024 Metro Rankings |
Top 10 Industrial Parks: Camp Hall Industrial Commerce Park (Charleston) | 2024 Metro Rankings |
Top 10 Manufacturing Hubs (Small): Greenville/Spartanburg/Anderson | 2024 Metro Rankings |
