BUSINESS CLIMATE

The Upstate is a business location of choice by foreign and domestic companies for the region’s international flair, “can-do” attitude and forward-thinking leadership. From deeply established global manufacturers like Bosch and GE to tech start-ups like Chartspan, the Upstate’s public and private leaders come together to foster companies of all sizes. Business is on the rise with more than $11 billion in capital investment announced in the last five years (2019-2023).

Favorable Cost of Business

Low energy costs, abundant water, and lower cost of living make the Upstate an affordable location for companies to maximize their output while minimizing costs. South Carolina has a low corporate tax of 5% and is a right-to-work state with the lowest unionization rate in the nation at 2.3 percent.

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 and local governments offer economic development incentives to businesses who choose to relocate or expand within the state.

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.

International Support & Resources

South Carolina Rankings

#1 State for Manufacturing, Site Selection Group
#2 State for Doing Business, Area Development
#1 Fastest Growing State in the U.S. for 2023, U.S. Census Bureau
#2 State for Business Incentive Programs, Area Development
#1 State for Speed of Permitting, Area Development
#6 for High-Tech Job Growth, CompTIA Cyberstates 2024
#6 State for Business Growth, Forbes