#8 South Carolina
From the Governor
“In the last two years, we have announced over $8 billion dollars in new capital investment and more than 27,000 new jobs. Our unemployment rate just hit an all-time low. More people are working than ever before.” —Gov. Henry McMaster
Booming Exports at Ports
In 2018, total exports from South Carolina set a record for the ninth consecutive year, totaling more than $34 billion. Despite concerns about the impact the U.S.-China trade war could have on investments and material imports, manufacturing remains a strong economic driver. Keurig Green Mountain, DHL and W International have all recently expanded in the state.
Jobs Tax Credit: Offers state income tax credits of up to $3,750 per job for companies that create a certain number of jobs in designated sectors.
Corporate Headquarters Tax Credit: Offers a 20% tax credit based on the value of the portion of the facility or lease costs dedicated to the headquarters operation for the first five years of operation. Offers enhanced credits in certain counties.
Research and Development Tax Credit: Offers a credit equal to 5% of the taxpayer’s qualified research and development expenses.
Corporate Income Tax Moratorium: Offers a corporate income tax moratorium for a period of up to 15 years for companies that create new jobs in some economically distressed counties. To qualify, 90% of the company’s total investment in the state must be in a county where the unemployment rate is twice the state average.
South Carolina Department of Commerce: sccommerce.com
SC Power Team: scpowerteam.com
Charleston Regional Development Alliance: crda.org
Columbia Development Corporation: columbiasc.gov/cdc
Central SC Alliance: centralsc.org
Highlighted Program or Initiative
South Carolina is taking a note from Arkansas and last year rolled out its Be Pro Be Proud initiative in May 2019. The program uses customized 18-wheeler which will travel through the state and serve as a mobile skilled trades workshop at schools, football games, and fairs.
- W International announced in December 2018 it will create 600 jobs at a $35 million production facility in Berkeley County.
- Mortgage servicing company ServiceMac announced in December 2018 it will invest $24 million and create 1,000 new jobs over the next five years in its operations in Lancaster County.
- DHL announced in April 2019 it will create 450 new jobs at a $100 million distribution and warehouse park in Dorchester County.
- Keurig Green Mountain announced in May 2019 it will construct a $350 million roasting and packaging facility and create 500 new jobs in Spartanburg County.
- JUUL Labs, announced in May 2019 it will create 500 jobs and invest more than $125 million in a new assembly facility in Lexington County.
- Southern Current announced in July 2019 it would invest $141 million in six projects in Darlington County.
Bank of America
Laboratory Corp of America
Quintiles IMS Holdings
“As we plan for the future, we’re pleased to locate our newest facility in Spartanburg County to support our growth. We view the region’s talented employee base and attractive business environment as the right place to invest.” —Richard Jones, Chief Supply Chain Officer, Keurig Green Mountain
”We could not have done this without the help of the economic development team and the county’s leadership. South Carolina is quickly becoming a leader in renewable energy thanks to the commitment of counties like Darlington.” —Paul Fleury, Chief Development Officer, Southern Current
“We have seen significant growth in this area of the country and customers are even asking us to evaluate opportunities in South Carolina specifically. With that in mind, we got ahead of the curve to offer premier facilities in one of the hottest emerging markets in the country.” —Steve Hess, Vice President of Real Estate Development, Steve Hess