South Carolina boasts record-breaking year for capital investments > Columbia Business Report

The South Carolina Department of Commerce has released a 2022 Industry Recruitment Summary that reflects the state’s historic economic activity.

From January to December 2022, the state announced $10.27 billion in gross capital spending, the largest year in state history. According to the report, this investment equates to 120 projects and the creation of over 14,000 new jobs.

“It is no coincidence or surprise that South Carolina is setting a record for economic growth,” said South Carolina Governor Henry McMaster in a new release from the South Carolina Department of Commerce. “We believe our employees are the most talented and hardworking people in the world, we are committed to fostering a competitive and business-friendly environment, and what a better place to live, work and raise children. We have consistently proven that there is no family.These historic achievements are the direct result of the people of South Carolina who make South Carolina great and who understand the value of hard work. .”

Industry adoption increased in several categories last year.

Record capital expenditures of over $10 billion, up 118% over 2017, and 30% increase over 2017 in rural South Carolina investments announced for 2022, according to report It reflects what you did.

The state’s top three capital investments announced for 2022 include Redwood Materials’ $3.5 billion investment, BMW Manufacturing’s $1.7 billion investment and Envision AESC’s $810 million investment.

South Carolina has seen domestic and foreign businesses alike succeed. According to the report, domestic companies accounted for the majority of the announced investments, accounting for 60.1% of all capital inflows, but overall foreign direct investment in 2022 is expected to be higher than in 2021. and he increased by 371%.

“South Carolina’s industry adoption in 2022 is not only a record, but it also confirms that the state is leading a transformational period in business,” said Commerce Secretary Harry M. Wrightsey III. says. “We are fostering an increasingly diverse and technologically advanced economy that will continue to provide opportunities for our citizens for generations to come.”

Contact Krys at 864-640-4418.

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