Future Cities
Market Spotlight: South Carolina
October 16, 2024 5 Minute Read
Why Charleston?
Why Columbia?
Why Upstate (Greenville)?
South Carolina is a multi-faceted state benefitting from diverse economy, a business-friendly environment, and educational opportunities. It offers attractive lifestyle options for both business growth and family life. From the coast to the Blue Ridge mountains, South Carolina offers a wide range of natural beauty. Additionally, our state boasts excellent connectivity, ensuring that you can easily stay integrated with the rest of the world.
South Carolina Key Takeaways
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Pro-business environment
South Carolina consistently ranked on of the top 5 best states to do business
South Carolina is highly regarded as a business-friendly state, thanks to its low corporate tax rates, competitive wage structures, and comprehensive incentive programs. Key factors contributing to its appeal include the absence of state property tax, local income tax, and inventory tax, all of which help businesses maintain low operating costs.
Sources: Area Development Magazine; SC Commerce.com -
People
South Carolina was the fastest-growing state from July 1, 2022, to July 1, 2023
Recent census data indicates that South Carolina experienced a population growth of 1.7% between July 2022 and July 2023, ranking it the fastest-growing state in the United States during this period.
Source: U.S. Census -
Corporate presence
South Carolina Sees 50% Increase in New Business Applications in 2023, Reflecting Regional Entrepreneurial Boom
In 2023, South Carolina experienced a notable surge in entrepreneurship, witnessing a 50% increase in new likely employer business applications compared to 2019. The state recorded around 71,835 new business applications, aligning with similar entrepreneurial growth trends in other Southeastern states like Alabama, Georgia, and Mississippi.
Source: U.S. Chamber; Business Insider -
Connectivity
South Carolina has strong national and global connectivity supported by a comprehensive network of interstates, inland ports, and a major global port.
Key interstates like I-95, I-26, and I-77 connect the state to neighboring states and major U.S. commercial hubs. Inland ports such as Inland Port Greer and Inland Port Dillon enhance logistical efficiency by facilitating the movement of goods to and from the coast, connecting with rail services to the Port of Charleston. The globally recognized deep-water Port of Charleston further strengthens South Carolina's role in international trade by handling a wide range of cargo and linking the state to global markets. This integrated system of roadways, railways, and maritime facilities ensures South Carolina's efficient national and global connectivity.
Source: CBRE Research