January 2024 ushered in a new era for South Carolina's economic development strategy. To build upon decades of economic development achievement while aligning the state for long-term competitiveness, the South Carolina Department of Commerce unveiled its new brand and tagline, "Launch to Legacy" during the first-ever Governor's Economic Summit.
Traditional Values, Forward Focus
“Launch to Legacy” reinforces the credence that companies can start, thrive, expand and build a legacy anywhere in the Palmetto State. It is a message of continuous growth, resilience, innovation, progress and collaboration, all supported by the legacy of successful companies that maximize a business-friendly climate, talented workforce and a full commitment from South Carolina to remain a trusted partner throughout the entire business lifecycle.
An EVolving Automotive Industry
As the automotive industry undergoes one of the most transformative shifts of this generation, South Carolina is taking steps to competitively position itself at the forefront of this historic evolution. Several of the state’s more than 500 automotive companies, including BMW, Volvo, Mercedes-Benz Vans and the new Scout Motors, are charging forward into the Electric Vehicle (EV) space. Automotive, Electric Vehicles and EV Batteries were the leading industry sectors in 2023 with $4.3 billion in announced capital investment, representing more than 5,900 jobs.
The southern region of the United States is known as the battery belt – with South Carolina often referred to as the “buckle.” It is one of only a few states to have every phase of the battery lifecycle. Close proximity to battery suppliers helps drive investment interest from automotive companies needing a manufacturing home for their EV sectors. Positioned halfway between New York and Miami and within 1,000 miles of nearly 70 percent of the total U.S. population, South Carolina’s location helps companies provide electric vehicles to the world.
In December 2022, AESC, a world-leading battery technology company, announced it was bringing 1,170 jobs to Florence County. Through an $810 million investment, the company is establishing operations and planning to supply battery cells to be used in electric vehicles produced at BMW Plant Spartanburg. One year later, and six months after the company broke ground, AESC announced an additional $810 million investment and 450 more jobs.
The company grew its intended investment by $1.5 billion in March 2024, announcing plans for a second EV battery manufacturing facility to supply EV battery components for BMW Group’s Mexico assembly operations. The additional facility will create 1,080 new jobs. In total, AESC has committed a capital investment of $3.12 billion, supporting 2,700 new jobs.
e-Vac Magnetics joins the list of South Carolina’s EV-related companies, settling in Sumter, South Carolina by late autumn 2025. The company will invest more than half a billion dollars over the course of the project to create its first U.S. operation. Rare earth neodymium-iron-boron (NdFeB) magnets, which will be produced at the facility, are critical to automotive applications.
Soaring to New Heights
Photo provided by the South Carolina Office of the Governor.
With more than 400 aerospace-related companies in South Carolina, including Boeing, Lockheed Martin and GKN Aerospace, the state’s aerospace industry has soared to new heights with an estimated economic impact of $28.8 billion.
South Carolina is home to the F-16 Fighting Falcon production line with Lockheed Martin’s Greenville plant delivering advanced F-16 fighter jets. The decision to locate a facility in the Palmetto State was part of a company strategy to expand the maintenance and modification work being performed by Lockheed Aircraft Services in California. Recently, Lockheed Martin unveiled two of the 14, F-16 Block 70 jets that will be delivered to the Slovakian military.
In 2023, aircraft and parts were South Carolina’s second largest export commodity, with a total value of $6.6 billion, more than triple the 2022 value. Boeing’s South Carolina operations play a significant role in the success of the aerospace industry. In 2009, Boeing established operations in North Charleston to fabricate, assemble and deliver the company’s 787 Dreamliner planes. As North Charleston became home to the 787 Dreamliner, Boeing evolved into the largest aerospace company in South Carolina. In 2023, Boeing built and delivered 73 Dreamliner planes to customers in Ireland, Singapore, Taiwan and more.
Deep Roots in Industry
South Carolina’s agriculture and forestry industries are flourishing with an economic impact of $51.8 billion. The Palmetto State has 4.6 million acres of farmland and is committed to sustaining it. In April 2024, Governor Henry McMaster signed the Working Agricultural Lands Preservation Act aimed to help South Carolina farmers protect their farmland from development. Agribusiness employs nearly 260,000 South Carolinians and attracted over $600 million in capital investment in 2023.
Homegrown, family-owned agribusiness companies find that South Carolina is the place to grow. Earlier this year, McEntire Produce, a family-owned fresh produce processor, repacker and wholesaler, announced additional investments to upfit its existing Richland County facility. McEntire Produce was founded in South Carolina over eight decades ago and handles the general processing of lettuce, tomatoes, onions and coleslaw mix for numerous national fast-food restaurant chains.
South Carolina is also home to many household names in the industry. Nissin Foods, the producer of Cup Noodles and Top Ramen, selected Greenville County in November 2023 for the latest expansion of its United States manufacturing capabilities. Additionally, Spartanburg County is home to Keurig Dr Pepper’s coffee roasting and K-Cup pod packaging facility. The company broke ground on the facility in 2019 and announced increased investments in October 2023.
Traditional southern roots run deep in South Carolina’s agribusiness industry. In December 2023, Luray Peanut Company announced an expansion of its Hampton County production facility. Luray is a Hardeeville-based producer of a southern staple and the official state snack of South Carolina, boiled peanuts. The company’s original recipe and Cajun boiled peanuts are sold in convenience stores, grocery stores and stadiums across the Southeast.
In South Carolina, it is clear manufacturing and agribusiness go hand-in-hand; growth and success in one sector leads to prosperity in the other. For example, Nova Molecular Technologies, a high-purity solvents manufacturer, established South Carolina operations a decade ago and has since expanded to four locations in Sumter County, concentrating manufacturing operations solely in the Palmetto State. The company manufactures and markets chemicals such as acetonitrile that are used in the agricultural market.
Why SC?
There is a reason South Carolina is consistently among the fastest-growing states in the nation. The Palmetto State provides a quality of life that is simply unmatched. From its mountains and beaches to its state parks and international tourist destinations, South Carolina provides residents with the opportunity to work and live in a place they enjoy calling home.
Additionally, the state’s below-average cost of living, talented workforce pipeline — fueled by world-class universities and a 16-campus technical school system — and pro-business policies provide opportunities for large corporations, entrepreneurs and families to thrive. The message is clear: when you invest in South Carolina, you grow — as a business, a person and community. T&ID
Following are resources to learn more about doing business in South Carolina:
SCpowersEV (www.scpowersev.com) An online resource for companies pursuing EV operations. This tool provides a one-stop-shop for the EV industry to learn how South Carolina is evolving the future by powering EVs.
LocateSC (www.locatesc.sccommerce.com) An online site selection tool used to promote business relocation and expansion. This user-friendly platform includes property listings and workforce data for businesses, site selectors, realtors and other economic development stakeholders.
readySC (www.readysc.org) A valuable tool used to promote economic development and provide companies customized recruiting and training solutions. As an integral part of the South Carolina Technical College System, readySC works with 16 technical colleges to prepare the state’s workforce to meet any company’s needs.
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