Upstate South Carolina provides an exceptional business climate for some of the world's most forward-thinking companies. Many of them are world leaders in the development and application of cutting-edge technologies in automotive, aerospace, advanced materials, biosciences and energy industries. With a talented workforce, a diverse range of industry, an accommodating infrastructure, and an attractive lifestyle, it's no wonder top companies such Michelin, BMW, GE Power, Fluor, Milliken, and Fuji all call Upstate South Carolina home.
Indication of the cumulative business advantages offered by the Upstate is evidenced by the growth of both existing and new companies in the Upstate. Since 2010, we have announced more than $13 billion in capital investment and more than 36,928 jobs. In 2016, more than half of the State's announced projects were in Upstate South Carolina.
And, often times, what is most import is what numbers cannot show. And, that is that South Carolina and the Upstate offer a pro-business environment supported by our government and the public. From the Governor and the South Carolina Department of Commerce to county and local governments, you will find partners that focus on supporting business and industry needs. Let us introduce you to local businesses that can share with you the value of the support they have received from public entities.
Favorable Cost of Business
Low energy costs, abundant water, low cost of living, a 5% corporate income tax rate combined with South Carolina’s right-to-work environment make the Upstate an affordable location for companies that want to maximize their output while minimizing costs.
In South Carolina, there are no state-levied state property taxes; no local income taxes; no inventory taxes; no sales tax on manufacturing equipment, industrial power or materials for finished products; no wholesale tax; and no unitary tax on worldwide profits. Additionally, the South Carolina Department of Commerce offers economic development incentives to businesses who choose to relocate or expand within the state.
South Carolina is a right-to-work state with the 2nd lowest unionization rate in the nation at 3.4 percent. The unionization rate for manufacturing is a low 1.6 percent, also 2nd lowest in the nation
Internationally Welcoming Business Environment
As international investment has grown, so have outreach opportunities for the international community here in the Upstate. This region offers international schools, sister cities programs and most importantly, Upstate International, a resource for businesses and families who have relocated from overseas.
South Carolina stands out as a top destination for foreign investment, ranking #1 nationwide in attracting jobs through foreign investment for four of the last five years, according to analysis by IBM-Plant Location International (IBM-PLI) in its Global Location Trends: 2016 Annual Report.
#1 Micro City of the Future, FDi Intelligence in 2016-2015
#1 Micro City for Economic Potential (Greenville) and #2 for Business Friendliness
#2 Top States for Doing Business, Area Development 2016
#3 among Atlantic states on the 2016 State Workforce Development Ranks by Site Selection
#4 Top 10 Competitive States of 2014, Site Selection 2014
#5 Pro-Business Regulatory Environment, Forbes
#1 Destination for foreign direct investment (4 of the last five years), Global Location Trends
2015 Best Cities for Export Assistance, Global Trade Magazine
Top 50 Cities for Global Trade, Global Trade Magazine