#569 – Manufacturing Tops List of $4.2B Investment in South Carolina

Posted on | The Agurban

We are very excited to be a part of the economic development success in the state of South Carolina. In 2015, we developed four projects in the Palmetto State, including Accent Stainless Steel, ZF Transmission, Precision Southeast, and Mairec Precious Metals Recycling. We look forward to many more future successes in South Carolina! Below is a recent article from Industry Week regarding investment in South Carolina…

Manufacturing Tops List of $4.2 Billion Investment in South Carolina
Adrienne Selko, 2016-02-04

South Carolina won 150 economic development projects, totaling $4.21 billion in capital investment in 20 15. These investments resulted in 17,280 jobs by new and expanding businesses.

At the top of the list was the manufacturing sector which accounted for $3.6 billion in capital investment recruited, representing 86% of the annual total.

The industry also added 56% of the state’s new jobs totaling 9,680 manufacturing jobs recruited in 2015.

While the location of new companies to the state led in both investment and job recruitment in 2014, existing industry expansions represented the majority in both categories in 2015.

Existing companies committed to creating 9,800 new jobs, accounting for 57%of last year’s recruited total. Meanwhile, capital investments planned by existing industry constituted 59%($2.48 billion) of the annual recruitment results.

International investment represented an important part of the state’s business recruitment, with 56% of capital investment recruited last year and 37% of new jobs tied to companies headquartered in foreign countries.

Firms based in Germany, Sweden, Switzerland, United Kingdom and Japan represented the top contributors to foreign direct investment in South Carolina in 2015. Investments include $500 million by both Volvo Car Group and Mercedes-Benz Vans. Mitsubishi Polyester Film Inc. invested $100,000.

For the third time in four years, IBM-Plant Location International ranked South Carolina first in attracting jobs through foreign investment, per capita.