South Carolina was named the #2 State for Doing Business in Area Development's Top States for Doing Business 2016
analysis, which is in
its 30th year of economic development rankings based upon consultant surveys.
"South Carolina ranks second, on the strength of its incentives, business-friendly government and permitting processes, and overall cost of doing business. The tax environment gets high marks, and no wonder — the corporate income tax rate is 5 percent, and there are no state property taxes, inventory taxes, local income taxes, taxes on manufacturing equipment or materials for finished products, nor wholesale taxes," the publication said.
Palmetto State Rankings:
#1 - Speed of Permitting
#1 - Business Incentive Programs
#2 - Cooperative & Responsive State Government
#2 - Overall Cost of Doing Business
#3 - Most Improved Economic Development Policies
#3 - Favorable Regulatory Environment
#4 - Competitive Labor Environment
Area Development’s recent ranking of South Carolina as the #2 State for Doing Business once again demonstrates our state’s competitiveness in regards to workforce, infrastructure, and ability to attract foreign-direct investment. Our low unionization rates, competitive utility costs and competitive tax structure complement our business-friendly policy environment to make South Carolina a top choice for companies seeking to locate in the United States and in the Southeast.
The Upstate has certainly benefitted from each of these attributes in 2016, as demonstrated by the 41 companies who have announced $761,215,000 in capital investment this year and the creation of 3,594 new jobs throughout our region. Of those, 16 are announced expansions by existing industries and 25 are new locations.
Congratulations to the SC Department of Commerce and all of our partners for their role in making South Carolina a strong business environment!