South Carolina’s economy remains strong with solid business recruitment in 2015, according to a report released by the SC Commerce Department (S.C. Department of Commerce http://sccommerce.com/). The state yielded $4.21 billion in capital investments, and won 150 economic development projects, and 17,280 jobs by new and expanding businesses.
South Carolina is a manufacturing stronghold, with 56 percent of jobs or 9,680 jobs coming from the manufacturing sector. The sector accounted for 86 percent of total capital investments, yielding 3.6 billion for the state.
Service-sector projects, including warehouse and distribution operations, reflected diversity in capital investments, with 44 percent of the jobs recruited in 2015. Service-related firms Red Ventures, Movement Mortgage, Amazon, Dollar Tree, and Moneypenny were ranked by the number of new jobs. The state successfully recruited projects in processing and research and development sectors.
“While South Carolina continues to be a leader in the manufacturing renaissance, our economy truly is thriving in multiple sectors,” said Secretary of Commerce Bobby Hitt. “Cultivating a healthy diverse economy in all communities across South Carolina is critical.”
The state made it a priority to reach communities of all sizes, including rural areas. The state recruited 5,038 jobs in Tier III and IV designations, and comprised 29 percent of new jobs.
Existing companies contributed to a growing economy, and added 9,800 new jobs, accounting for 57 percent of total recruitment last year. Existing companies also were responsible for 59 percent, or $2.48 billion in capital investments for the year. “The success of existing industry in our state is paramount and allows us to build on our global reputation as an ideal location to do business,” said Secretary Hitt.
International investments were strong, from firms based in Germany, Sweden, Switzerland, United Kingdom and Japan and contributed 56 percent of capital investments last year and 37 percent of new jobs.
Top 10 Announcements of 2015:
By Capital Investment
|Company Name||County||Announced Investment|
|Volvo Car Group||Berkeley||$500,000,000|
|Kronotex USA Holdings, Inc.||Barnwell||$230,000,000|
|Schaeffler Group USA||Chesterfield/Spartanburg/York||$166,800,000|
|Orchids Paper Products Co.||Barnwell||$110,000,000|
|Carolina Poly, Inc.||Chester||$100,000,000|
|Mitsubishi Polyester Film, Inc.||Greenville||$100,000,000|
|Company Name||County||Announced Jobs|
|Volvo Car Group||Berkeley||2,500|
|Movement Mortgage, LLC||Lancaster||650|
|ZF Transmissions Gray Court LLC||Laurens||545|
|Amazon.com, Inc. – West Columbia||Lexington||500|
|Schaeffler Group USA||Chesterfield/Spartanburg/York||443|
|Haier America Refrigerators Company||Kershaw||410|
|TIE: Dollar Tree||Cherokee/Spartanburg||400|
Source: SC Commerce Department
Founded in 1976, Carolina Services, Inc. (CSI) is Charleston’s premier commercial space planning and improvement company. We pride ourselves on providing customers with the highest quality construction solutions that are on time and within budget. Contact us to see how CSI can help design, manage and implement innovative and cost effective solutions for your commercial space.