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Economic Development in South Carolina

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krazeeboi
krazeeboi

As we've found out, the downtown Greenville economic development is part of a planned downtown mixed-use project which will house the headquarters of CertusBank, a subsidiary of Charlotte-based Blue R

gman430
gman430

Otis Elevator Company is expected to announce a new manufacturing plant for Florence tomorrow that will create 360 new jobs with average hourly wages of $25. It will be a $40 million investment.

GvilleSC
GvilleSC

No, not where do we need to invest (i.e. education), but at what point do you think South Carolinians could say "we're on par with our neighbors"? Is it jobless rates, GDP, income levels??? To a certa

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gman430 Megalopolis

gman430

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The infrastructure bill passed. What it means for SC over the next five years: 

  • $4.9 billion for improving the state’s roads and bridges
  • $366 million for public transportation
  • $70 million to expand the state’s network of electric vehicle charging stations
  • $100 million to expand access to broadband
  • $18.3 million to help protect against cyberattacks
  • $510 million to improve drinking water quality in the state
  • $161 million for airport infrastructure
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krazeeboi Gigalopolis

krazeeboi

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MycoWorks, a biotechnology company that specializes in mycelium-grown materials for use as sustainable, luxury-quality leather alternatives, announced plans to establish operations in Union County which are expected to be online in early 2023. The company’s $107 million investment will create 400 new jobs.

Chief Buildings, a subsidiary of Chief Industries, Inc. and a premier metal building system manufacturer, today announced plans to establish operations in Lancaster County which are expected to be online in October 2022. The company’s $22.1 million investment will create 102 new jobs over the next five years.

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vicupstate Metropolitan Area

vicupstate

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It isn't necessarily  a 'done deal' but it appears that in addition to the Florence facility, there will be an Electric Battery plant in Berkeley County as well.    This ia from FITS News, which is suspect at times, but more often right than wrong on these things,

 

Project Drift’ is no longer operating in the shadows. According to multiple sources familiar with the impending announcement, the anonymous company planning to invest $3.5 billion and bring as many as 1,500 jobs to Berkeley County, South Carolina is none other than Redwood Materials.

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krazeeboi Gigalopolis

krazeeboi

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This appears to be a season of unprecedented economic growth in SC; practically every part of the state is getting major investment these days.

Scout Motors Inc. (“Scout”) is establishing its first manufacturing plant in Blythewood, which is near Columbia, South Carolina. At the Richland County site, the company will build all-electric, next-generation trucks and rugged SUVs harkening back to the iconic Scout vehicles produced from 1960 to 1980. The company’s $2 billion investment has the potential to create 4,000 or more permanent jobs. At full capacity, more than 200,000 Scout vehicles may be produced annually at the facility.

Tin Thanh Group Americas, a Vietnam-based tire manufacturer, announced plans on March 14 to establish its first United States operations which will be in Allendale County with an anticipated opening in September 2024. The company’s $68 million investment will create 1,031 new jobs. 

Pallidus, an innovative silicon carbide (SiC) wafer semiconductor manufacturer, announced plans to relocate its corporate headquarters and manufacturing operations from New York to York County. The company’s $443 million investment will create 405 new jobs in Rock Hill. Operations are expected to commenced the third quarter of 2023.

Cirba Solutions, a comprehensive battery management and materials company, recently announced plans to build its newest state-of-the-art, flagship operations in Richland County. This integrated lithium-ion battery materials campus will be an initial investment of over $300 million and will create more than 300 new jobs with an expected opening in late 2024.

Charlotte-based Albemarle Corporation (Albemarle), a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity and health, announced plans to establish South Carolina operations in Chester County. The company will invest at least $1.3 billion and create more than 300 new jobs to construct a new “Mega-Flex” lithium hydroxide processing facility. This facility will support the surging demand for electric vehicles and other energy storage applications that use lithium-ion batteries. Construction is expected to begin in 2024.

Hounen Solar (Hounen), a California-based global solar panel manufacturer, recently announced plans to establish its first United States manufacturing operations in Orangeburg County. The company’s $33 million investment will create 200 new jobs.

IKO, a leading, global manufacturer of roofing products, announced plans last month to establish its first South Carolina operations in Chester County. The company’s $363 million investment will create 180 new jobs with operations expected to come online in late 2025.

Between March 14 and March 21, Gov. Henry McMaster’s office announced incoming distribution centers for Cooperative Electric Energy Utility Supply (CEEUS), Southern Glazer’s Wine and Spirits and Mattress Warehouse, all in Lexington County. Lexington-based CEEUS is investing $52 million in expansion with a 247,000-square foot facility at 1029 Colite Ave., creating up to 61 new jobs, while the Columbia-based Southern Glazer’s is investing $80 million in a new facility at West Columbia’s Saxe Gotha Industrial Park. The distribution center for Maryland-based Mattress Warehouse, planned for 803 Industrial Park near Columbia Metropolitan Airport, will be the company’s first in South Carolina and create up to 108 new jobs over the next year.

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vicupstate Metropolitan Area

vicupstate

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Columbia is trying to lighten the property tax load of commercial properties. If this is adopted statewide, it would be a MAJOR change in property taxation.  I fear this could have unforeseen consequences.  A better plan, IMO would be to 'tax' property that is currently not taxed (ie state government buildings). That would allow Cola to lower its rates which are higher than its peers.  

Columbia Mayor plans to tackle taxes on business property

A proposed tax credit could be part of a bold plan to help lighten Columbia business’ tax burden, according to Mayor Daniel Rickenmann.

The mayor wants to use a tax credit to reduce taxes for non-owner-occupied properties from 6 percent to 4 percent, which he said will promote growth by reducing taxes for Columbia businesses.

A city-commissioned report released in 2020 said Columbia was suffocating under high property taxes levied by the city, county and state. Compared with other major South Carolina cities with a lower overall tax burden for businesses — Greenville, Charleston, Lexington and Rock Hill — the capital city’s growth lagged, according to the report.

A city committee formulated the mayor’s current plan in May 2022, with the help of the economists who wrote the original report. In the year since, Rickenmann said he has been talking with lawmakers about formulating a statewide version of the credit for other cities to opt into, as well as getting county leaders onboard.

Although the taxes come from a combination of city, county and school districts, Rickenmann, who campaigned for city office based on his eye for business, has been leading the charge. 

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GvilleSC Megalopolis

GvilleSC

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The way the conversation is framed today seems misleading. I don’t know that this is really the core issue. How has this only become a problem of the last 20 years? Columbia has prospered before. Taxes can be cited, but it really seems to be a result of poor planning and management. 

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vicupstate Metropolitan Area

vicupstate

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19 hours ago, GvilleSC said:

The way the conversation is framed today seems misleading. I don’t know that this is really the core issue. How has this only become a problem of the last 20 years? Columbia has prospered before. Taxes can be cited, but it really seems to be a result of poor planning and management. 

Cola has longed complained about the fact that so much of their tax base is not taxed (USC campus, Ft. Jackson, all the Federal and state office buildings). They have a valid point, but they compound the problem with mismanagement and trying to do lots of projects all at once instead of  in priority order. This is further complicated by the slow and bureaucratic response that business interests complain about when trying to build something.  The city has a bad rep and while some of it might not be valid, probably a lot of it is.    

I wonder if other states tax commercial property at higher rates?  The fact that residential  rental properties pay commercial (6%) rather than residential(4%) tax rates is a downside in SC compared to NC and FL. I don't know about GA and other states. You also lose a significant tax credit.  Those two differences combined, it is quite a difference.   

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krazeeboi Gigalopolis

krazeeboi

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SEM Wafertech Inc. (SEM Wafertech) and Solar4America Technology, Inc. (Solar4America), both 100% owned by SPI Energy Co., Ltd. (NASDAQ: SPI), a global renewable energy company, today announced plans to establish their first South Carolina operations in Sumter County. The $65.9 million investment will create 300 new jobs. Operations are expected to begin later this year.

 

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