INDUSTRY APPRECIATION: S.C. economic development efforts – positioned to seize the future

Achieving sustained future growth for South Carolina and the people who call our state home is a must when it comes to securing impactful economic development investments.

Recent investments made by companies in our state show that South Carolina is well positioned to seize the future.

In 2022, the state announced total capital investment of $10.27 billion, the single largest year in state history. That investment also represents 14,083 announced new jobs.

Since last October, several electric vehicle (EV) related companies have selected South Carolina to either establish or expand operations.

In March, Volkswagen-backed Scout Motors announced a $2 billion investment in Richland County that will bring 4,000 jobs.

Once Scout begins building its rugged EV trucks and SUVs, South Carolina will be home to three passenger vehicle original equipment manufacturers (OEMs) – BMW in the Upstate, Scout in the Midlands and Volvo in the Lowcountry.

And that is incredible news for the citizens of Orangeburg, Bamberg and Calhoun counties.

With proximity to Scout and Volvo, those living in these counties can seek out employment opportunities with the OEMs that will provide the careers of the future. Additionally, these OEMs will only further grow the already robust supply chain across the state, which also increases job opportunities for all South Carolinians.

Many of the state’s recent economic development wins focus on battery components for EVs.

A good example is Redwood Materials.

The producer of anode and cathode battery components for EVs will establish operations at the same Berkeley County industrial site that is home to Volvo. Redwood’s $3.5 billion investment, which marks the largest economic development announcement in the history of South Carolina, will create 1,500 new jobs.

South Carolina is known as an automotive powerhouse. The industry employs 75,000 workers statewide.

Our strong advanced manufacturing reputation coupled with our ability to move goods efficiently and quickly are selling points that continue to attract new industry to locate within our boarders.

With the deepest port on the East Coast, two inland ports and rail throughout the state, South Carolina is also a prime location for distribution operations.

During 2022, Pet Supplies Plus, a leading, full-service pet retail company, announced plans to establish a new distribution center in Orangeburg County’s Shamrock Commerce Park. The company’s $53 million investment will create 275 new jobs.

As we navigate the transformational shift impacting all industries, we are committed to partnering with those companies already operating in South Carolina as they upskill their existing workforce and maximize technology to continue adapting and growing, producing the best products with our greatest resource – the people of South Carolina.

We are also looking to further tap the enormous potential that exists in the technology, life sciences and headquarters sectors.

South Carolina’s business-friendly climate, focus on innovation and the fact that this is a great place to live and work are all factors that will help the state continue to attract economic development investments that can improve the quality of life for our citizens.

South Carolina has a lot to offer companies, and my team at the South Carolina Department of Commerce is passionate about making that known around the country and the globe.

Through collaboration with partners across the state, we are fervently working to ensure long-term growth that provides a promising future for generations to come.