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South Carolina boasts record-breaking year for capital investments

Krys Merryman //January 9, 2023//

South Carolina boasts record-breaking year for capital investments

Krys Merryman //January 9, 2023//

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The South Carolina Department of Commerce has released its 2022 industry recruitment overview, which reflected historic economic activity for the state.

From January to December 2022, the state announced total capital investment of $10.27 billion, the single largest year in the state’s history. That investment represents 120 projects and the creation of more than 14,0000 new jobs, according to the report.

“It's no accident or surprise that South Carolina is breaking economic development records,” said S.C. Gov. Henry McMaster in the S.C. Dept. of Commerce’s new release. “We have consistently proven that our people are among the most talented and hard-working in the world, that we’re committed to fostering a competitive business-friendly environment, and that there is no better place to live, work, and raise a family. These historic achievements are a direct result of the South Carolinians who make our state great and understand the value of hard work.”

Industry recruitment increased in several categories last year.

The record-breaking capital investment of more than $10 billion reflects a 118% increase over 2017 and announced investments in rural South Carolina in 2022 increased 30% over 2017, according to the report.

The year’s top three capital investments in the state that were announced in 2022 include Redwood Materials’ $3.5 billion investment, BMW manufacturing’s $1.7 billion investment, and Envision AESC’s $810 million investment.

Domestic and international companies alike are finding success in South Carolina. While domestic-based companies represented most of the announced investments, accounting for 60.1% of all incoming capital, the overall foreign direct investment in 2022 increased 371% over 2021, according to the report.

“South Carolina’s 2022 industry recruitment is not only one for the record books, but it also reinforces that our state is leading this transformational time in business,” said Secretary of Commerce Harry M. Lightsey III. “We are cultivating an increasingly diverse, technologically advanced economy that will continue to create opportunities for our citizens for generations to come.”