A dynamic economy fed by global industry
The city of Greenville, the Upstate SC region, and the state of South Carolina as a whole, are booming economically, fueled by a renaissance in advanced manufacturing and research. Bolstered by the automotive and aviation industries, South Carolina manufacturing has grown by 18% in the last three years alone. We have earned a reputation as a major player in the international arena, ranked as one of the "Top 10 Pro Business States" (Pollina Corporate Real Estate) in the country. The County of Greenville and Upstate SC region, once dubbed the "The Textile Capital of the World," has a proven track record for attracting major foreign investment: BMW Manufacturing, Michelin North America, among others.
"Manufacturing is the key contributor of wealth in the U.S. and states. We're focused on recruiting manufacturing and manufacturing-related companies, and we've recruited expansions of over 60 new projects in automotive fields in the past 30 months. The numbers are pretty significant - 9,000 new jobs and $5 billion worth of investment."
-- Bobby Hitt, South Carolina Secretary of Commerce
What's not to like?
The reasons for South Carolina's success are numerous. The state provides education, research, and development training through organizations such as CU-ICAR (Clemson University International Center for Automotive Research), SCLaunch®, SCRA (South Carolina Research Authority), SmartState™ Program, USC NanoCenter, and more. Additionally, South Carolina boasts a strong network of 16 community-based technical colleges that provide the workforce training for some 240,000 students. Additionally, the state has no state property tax, no local income tax, and one of the lowest income tax rates in the country. From a location and infrastructure standpoint, Greenville is nestled between two major cities (Atlanta, GA and Charlotte, NC) and has a streamlined transportation system thanks to five major interstates and nine commercial airports. Another attractive feature is the nearby Port of Charleston - a major deep-water hub that is the 7th largest container port in the U.S. and the South Carolina Inland Port opening in October 2013.
South Carolina: Pro Business Environment
5% corporate tax rate - no state property tax - no local income tax - no inventory tax - no sales tax on manufacturing equipment, industrial power or materials - no wholesale tax - no unitary tax on worldwide profits