Business is booming in South Carolina and it’s no secret why. With a growing economy, affordable energy and plenty of incentives, our state is an ideal location for any business looking for a new home. Here are just a few reasons why:
Reliable and Affordable Energy
At an average cost of just 5.29 cents per kilowatt-hour, South Carolina is home to some of the lowest industrial rates in the country – 30% lower than the national average as a matter of fact. And if you’re talking about reliability, Santee Cooper is a consistent top performer, ranking 4 th in grid reliability among U.S midsize utilities, and 4 th among 553 investor-owned utilities and cooperatives across the U.S in 2020, according to the U.S. Energy Information Administration.
Plenty of Incentives
South Carolina ranks as one of the most business-friendly states in the nation, with a low cost of doing business, a tax base that lends itself to economic growth, and several other incentives, such as:
No state property tax.
No inventory tax.
No local income tax.
No wholesale tax.
No unitary tax on worldwide profits.
No sales tax on manufacturing machinery, industrial power or materials for finished products.
Home to a variety of industries
Low electricity rates, rich natural resources, and a robust technical workforce make South Carolina an ideal location for a wide variety of industries including:
Aerospace – South Carolina is home to more than 180 aerospace-related companies employing more than 23,000 people.
Automotive – There are more than 250 automotive-related companies in the state including BMW, Mercedes-Benz Vans, Volvo, Michelin, Bridgestone, Continental and Giti Tire.
Marine Manufacturing – In the marine sector, there has been $58,050,000 invested, 1,613 jobs created, and eight company expansions in South Carolina since 2011.
Available Training Programs
Whether you’re talking about college, apprenticeship, or on-the-job training, South Carolina is here to help. Some of these programs include:
readySC™ – This program provides recruiting and training assistance to companies that are expanding or looking to move to South Carolina by working with the state’s 16 technical colleges to develop a training curriculum tailored to meet a company’s workforce requirements.
Apprenticeship Carolina™ Program – This program helps to ensure that all employers in the state have access to the assistance they need to create their own registered apprenticeship programs.
Enterprise Zone Retraining Credit Program – This tax credit program that reimburses companies for certain training and education provided to employees.
We’re Here to Help!
Santee Cooper’s team of economic development professionals has experience in both economic development and the utility industry. They also work together with the state’s electric cooperatives, including the South Carolina Power Team, and the State Department of Commerce.
Industries looking for a prime location, need not look any further than Santee Cooper’s Camp Hall, which was named the No. 7 best industrial park in Business Facilities Magazine’s 16 th annual Rankings Report. Located in the greater Charleston, South Carolina, area, it is the only park in the Southeast to make the list. Visit www.CampHall.com for more information.
Whether you are a site-selection consultant or a company that is performing a site-selection effort on your own, our team of experts can help. Visit www.poweringsc.com today for more information.