Why 2023 was a record year for capital investment in Chester County

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Chester County officials are touting what they call a record year for economic development.

The county is boasting 14 announcements, totaling $1.97 billion in capital investment, which created 641 new jobs, according to a news release. It was a record year for Chester County in capital investment, breaking the previous record from 2014 when Giti Tire was announced.

Two of the highlights last year were the announcements from IKO Industries and Albemarle Corp., the release stated. These two projects alone represent 18% of South Carolina’s total $9.22 billion in announced capital investment in 2023, which is the second-highest amount ever for the state.

“Both of these projects play to the strengths of Chester County,” said Robert Long, director of Chester County Economic Development, in the release. “These projects both needed certified sites with access to dual rail that could support heavy natural gas loads.  We are fortunate to have great partners like Duke Energy, Chester County Natural Gas, and the L&C Railroad.”

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In February 2023 IKO Industries announced its plans to invest $363 million in capital investment and create 180 jobs, the release stated. This opportunity is actually two.  The codename Project Phoenix was was the first project and involved reopening the former PPG fiberglass plant that shut down in February 2020, just prior to the pandemic. The facility will provide feedstock for the second project, which will be a 325,000-square-foot state-of-the-art fiberglass mat plant.

In March 2023 Albemarle Corp. announced its plans to invest $1.3 billion in capital investment and create 307 jobs to build a new lithium hydroxide processing plant, the release stated. All major automotive companies have announced their intention to phase out the internal combustion engine and shift to electric vehicles (EV). This has led to massive investment in EV assembly plants and the EV supply chain both nationally and in South Carolina. Lithium hydroxide is a base ingredient for lithium-ion batteries. Completion of phase 1 of their Richburg plant is targeted for 2026 and expected to produce 50,000 metric tons of battery grade lithium hydroxide a year.

“At $1.3 billion, the Albemarle project is the single largest capital investment project in a Tier 3 or Tier 4 county in the history of South Carolina,” said Kris Phillips, Assistant Director of Chester County Economic Development.  “In fact, four of the top 5 projects in the state’s history are from Chester County.  This include No. 2 Giti Tire, No. 4 E. & J. Gallo Winery, and No. 5 IKO Industries.”