#3 South Carolina
7.97 out of 10 in Taxation and Regulation
7.56 out of 10 in Workforce Quality
8.11 out of 10 in Living Environment
Right to Work? ✓
A Bright Future for Manufacturing
According to the Census Bureau, South Carolina is now one of the fastest-growing states in the nation. And it’s attracting not only people but corporate investments. The South Carolina Department of Commerce says the state recruited more than $3.4 billion in capital investment in 2016, much of it in the manufacturing sector. BMW announced in June it would invest $600 million in its Spartanburg facility to grow the site’s total workforce to 9,000 and annual production to 450,000 vehicles. Samsung also announced its intent to open a $380 million plant in Newberry County.
From the Governor
“South Carolina’s business-friendly climate continues to attract companies in every industry, and we’re proud to welcome Arthrex to our growing business community.” —Gov. Henry McMaster
Aerospace, Automotive, Biotech, Forestry, Food Processing, Logistics, Textiles, Chemicals
Hitachi Electronic Devices
Michelin North America
Bank of America
Laboratory Corp of America
Quintiles IMS Holdings
Fee-in-Lieu of Property Taxes (FILOT): Offers a negotiated lower assessment ratio and stabilized millage rates for up to 30 years for companies making capital investments of at least $2.5 million.
Job Development Credit: Offers reimbursement of personal withholding taxes of new employees to companies that create at least 10 new full-time jobs.
Manufacturing Investment Tax Credit: Offers a one-time income tax credit of up to 2.5% of a company’s investment in new production equipment.
Research & Development Tax Credit: Offers a credit equal to 5% of the taxpayer’s qualified research expenses.
South Carolina Department of Commerce: sccommerce.com
SC Power Team: scpowerteam.com
Charleston Regional Development Alliance: crda.org
Columbia Development Corp.: columbiasc.gov/cdc
Highlighted Program or Initiative
Announced in January 2017, the South Carolina Innovation Plan aims to foster growth in advanced manufacturing, life sciences, biotech and computer software by developing the workforce and marketing the state’s innovative successes.
- Adger Solar announced in November 2016 it would invest $200 million in two solar farm projects in Clarendon County.
- Samsung announced in June 2017 it would invest $380 million in a manufacturing facility and create more than 950 new jobs in Newberry County.
- Ruiz Food Products announced in July 2017 it would invest $79 million and create 700 new jobs over the next several years at its existing operations in Florence County.
- Volvo Cars announced in September 2017 it would add 1,900 new jobs and invest an additional $250 million in its Berkeley County operations.
- Orthopedic medical device company Arthrex announced in October 2017 it would create 1,000 new jobs and invest $69 million in manufacturing operations in Anderson County.
“We are honored how the Florence community and the state of South Carolina have embraced our joining their business community. The growing demand for our products requires we increase capacity as we continue to service our East Coast customer base. This seven-year expansion plan will allow us to do just that.” —Rachel P. Cullen, President and CEO, Ruiz Food Products
“Today’s announcement not only underscores Volvo’s commitment to the United States, but also our commitment to South Carolina. This now brings our total investment to more than $1 billion dollars and adds nearly 2,000 jobs.” —Lex Kerssemakers, President and CEO, Volvo Cars of North America