DOING BUSINESS IN SOUTH CAROLINA
South Carolina Department of Commerce
803-737-0400
info@SCcommerce.com
www.SCcommerce.com
“South Carolina is the new home and headquarters of American innovation. Home to visionary companies and talent alike, our infrastructure, quality of life, and collaborative approach ensure legacies are built and people can work — and flourish — where they love.”
— 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
Advanced Energy: One of 12 federally designated advanced energy Tech Hubs in the U.S., SC NEXUS builds upon South Carolina’s advanced manufacturing prowess to grow a grid resiliency technology ecosystem.
Life Sciences: Home to the fastest-growing life sciences sector in the in Southeast, South Carolina has an innovative workforce, top research institutions, and world-class hospital systems — and is poised for biotech success.
Headquarters: South Carolina offers headquarters and corporate offices access to major ports, growing markets, and top talent, plus a track record of success across several major industries.
TOP PROJECTS (CAPITAL INVESTMENT)
COMPANY | CITY | INVESTMENT |
AESC | Florence | $1.5 billion |
Moncks Corner | $1.3 billion | |
Ridgeville | $1 billion | |
St. George | $1 billion | |
AESC | Florence | $810 million |
FEATURED LOCATIONS
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% in the U.S.) and low industrial pricing that helps power industries across South Carolina.
FAST FACTS
Population (2024 est.): 5,464,160¹
Largest Cities (2024 est.): Charleston (156,868); Columbia (144,489); North Charleston (123,441); Mount Pleasant (96,567); Rock Hill (75,971)¹
Real GDP (2023): $262.3 billion²
¹U.S. Census Bureau
²Bureau of Economic Analysis, U.S. Dept. of Commerce
R&D TAX CREDIT
South Carolina offers a Research & Development Tax Credit equal to 5% of the taxpayer’s qualified research expenses, as defined in Section 41 of the Internal Revenue Code, that can be used to offset up to 50% of the company’s remaining tax liability for that year after all other credits have been applied.
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 |
