Benefits Of Business and Industry Coming To The Charleston TriCounty Area
Starting a business in South Carolina, particularly in the Lowcountry, offers several advantages due to the state’s pro-business policies, tax incentives, and growing economic landscape. Here’s a breakdown:
Key Benefits of Starting a Business in South Carolina
1. Low Operating Costs and Business-Friendly Climate
• Competitive corporate income tax rate (5%).
• Access to grants, tax credits, and workforce training programs for businesses.
• Simplified regulatory environment.
2. Attractive Tax Incentives
• No state property tax: Reduces the long-term cost of owning or renting property.
• No inventory tax: Ideal for manufacturing and distribution industries.
• No local income tax: Ensures higher net income for individuals and businesses.
• No wholesale tax: Beneficial for companies focused on distribution.
• No unitary tax on worldwide profits: Appeals to multinational businesses.
• No sales tax on key manufacturing inputs: Machinery, industrial power, and raw materials are exempt.
3. Strategic Location and Infrastructure
• Proximity to the Port of Charleston, one of the largest and most efficient ports in the U.S.
• Access to a robust transportation network of highways, rail, and airports.
4. Skilled Workforce and Training Support
• Programs like readySCprovide workforce training tailored to individual company needs.
• Strong educational institutions support workforce development.
5. Growing Economy and Diverse Industries
• Booming sectors include manufacturing, technology, distribution, and life sciences.
Businesses and Industries Relocating to the Lowcountry
The growing presence of companies in the Lowcountry highlights South Carolina’s appeal:
• East Coast Warehouse & Distribution: Logistics and distribution operations.
• Tradd Advisory Company: Consulting and advisory services.
• TTS Studios: Technology and innovation.
• OhmIQ, Inc.: Renewable energy solutions.
• Ingevity: Specialty chemicals and performance materials.
• IronLink Logistics: Supply chain and logistics.
• Striped Pig Distillery, LLC: Craft beverage manufacturing.
• Ability Tri-Modal: Freight and transportation.
• Vikor Scientific, LLC: Biotech and life sciences.
• Alorica: Customer experience solutions and BPO services.
Why the Lowcountry?
The Lowcountry region specifically benefits from a combination of natural beauty, cultural heritage, and business opportunities. The region’s emphasis on tourism, manufacturing, and technology ensures diverse opportunities for entrepreneurs and established businesses alike.
Ingevity to invest over $53M in manufacturing facility in Charleston County (12/03/2024)
Ingevity (NYSE: NGVT), a North Charleston-based global specialty chemicals and materials manufacturer, is investing $53.3 million over five years in the company’s Charleston County manufacturing facility.
Low Tide Brewing expands Charleston County operations (11/14/2024)
Low Tide Brewing, a craft beer manufacturer, announced it is expanding its operations in Charleston County. The company’s $22.2 million investment will create 33 new jobs.
OhmIQ, Inc. expands Charleston County operations (11/07/2024)
OhmIQ, Inc. (OhmIQ), a world leader in ohmic conduction technology development and licensing, announced the expansion of its Charleston County operations. The company’s $1.1 million investment will create 21 new jobs.
Smithey Ironware Company expands Charleston County operations (10/15/2024)
Smithey Ironware Company (Smithey), a cookware designer and manufacturer, announced the expansion of its operations in Charleston County. The company’s $3.1 million investment will create 16 new jobs.
East Coast Warehouse & Distribution selects Charleston County to establish first South Carolina operation (09/06/2024)
East Coast Warehouse & Distribution, a leading temperature-controlled logistics provider, announced it selects Charleston County to establish the company’s first South Carolina operation. The $14.5 million investment will create 52 new jobs.
Shipyard Creek Logistics Center opens in Charleston County at Leatherman Terminal (09/05/2024)
Capital Development Partners announces the opening of Shipyard Creek Logistics Center, featuring a 160,250-square-foot transload facility on 42 acres adjacent to the SC Ports Hugh K. Leatherman Sr. Terminal in North Charleston. The facility will be ready for operations in the fall of 2024.
Eveon Containers expands North American operations with a new headquarters in Charleston County (08/20/2024)
Eveon Containers (Eveon), a global online provider of used shipping containers, announced the expansion of its North American operations to include a new headquarters in Charleston County. The company’s investment is expected to create over 25 new jobs in the next five years.
Portside Technology expands Charleston County operations (07/09/2024)
Portside Technology, an information technology (IT) services company, announced it is expanding its Charleston County operations. The company’s continued local investments, partnered with its historical and continued merger and acquisitions strategy, will create 89 new jobs.
Allegiance Flag Supply expands Charleston County operations (05/22/2024)
Allegiance Flag Supply, a producer of American flags, announced the expansion of its Charleston County operations. The company’s $6.3 million investment will create 84 new jobs.
TTS Studios expands Charleston County operations (05/07/2024)
TTS Studios, a custom fabrication company, announced the expansion of its Charleston County operations. The company’s $845,000 investment will create 14 new jobs.
Tradd Advisory Company expands operations in Charleston County (04/25/2024)
Tradd Advisory Company (Tradd), a freight transportation services provider, announced the expansion of its operations in Charleston County. The company’s $88,800 investment will create 100 new jobs in the next five years.
Gnosis Freight (02/27/2024)
Gnosis Freight, a leading provider of supply chain and logistics software, announced it is expanding its operations in Charleston County. The company’s $438,500 investment will create 51 new jobs over the next several years.
MOONDOG Animation Studio (02/21/2024)
MOONDOG Animation Studio (MOONDOG), an animation and immersive experiences company, announced it is growing its South Carolina footprint with an expansion in Charleston County. The company’s $90,000 investment will create 20 new jobs in five years.
https://www.charlestoncounty.org/departments/zoning-planning/files/comp-plan/(4)%20Economic%20Development%20Element.pdf
Charleston County Economic Development is dedicated to recruiting new business, growing existing industry, and improving the Charleston business climate. Whether you’re relocating, expanding, or starting something new, their expert team of economic developers and partner agencies will help. They offer assistance with site selection, detailed area maps, financial incentives, grant & loans, workforce development, public infrastructure improvements, supplier sourcing, international trade consulting, research, entrepreneur resource referrals, permit assistance and much more.
The Digital Corridor is a creative effort to attract, nurture and promote Charleston's knowledge economy by facilitating a business, physical and social environment where technology companies thrive.
The Charleston Regional Development Alliance (CRDA) serves as a catalyst for long-term, sustainable economic growth in our three-county region.
South Carolina Department of Commerceassists with the location of new sites and buildings to offering grants for community development and infrastructure improvement, the South Carolina Department of Commerce is here to help grow new and existing businesses. South Carolina Commerce promotes economic opportunity for individuals and businesses through initiatives like workforce training
Dominion Energy SC offers an energy efficiency program for their business customers to receive incentive/rebate money for upgrading equipment to higher efficiency equipment. Explore the program overviews below for more
https://www.charleston-sc.gov/776/Business-Incentives
https://www.charlestoncountydevelopment.org
