How Upstate South Carolina Became a Global Business Powerhouse

Reflections from the Richmond Fed’s Q3 Economic Focus

A recent feature from the Richmond Federal Reserve takes a closer look at how Upstate South Carolina has grown into one of the Southeast’s economic success stories.

The article, “The Industrial Evolution of Upstate South Carolina,” explores the region’s economic transformation, beginning with the textile era and carrying through to today’s globally connected manufacturing economy.

The piece opens with perspective from Upstate SC Alliance President & CEO John Lummus, who reflects on how far the region has come. “The growth is just phenomenal, and that’s happened because manufacturing companies have come in, providing jobs and building wealth,” he shares. 

From Textiles to Transformation

For decades, the Upstate was built on textiles. As that industry declined, local leaders focused on building an economy that was stronger and more diverse. Economic development, education, and infrastructure all became part of the strategy – and companies like French tire giant Michelin, defense contractor Lockheed Martin, and global textile and chemical manufacturer Milliken grew to call the Upstate home. 

BMW’s decision to put down roots in Spartanburg County was a major turning point. It demonstrated that the Upstate wasn’t just ready for change, it was ready to compete on a global stage. Since then, hundreds of international companies across a variety of industries have chosen the Upstate for their growth.

“These are companies that can be anywhere in the world, but they’ve decided to locate here,” Upstate SC Alliance President & CEO John Lummus says. The story continues with:

“A great deal of that wealth and growth — not just in Greenville, but across much of South Carolina — is the result of international trade, as these firms and others buy parts and supplies from abroad and sell many of their finished products on the international market. In 2024, for example, South Carolina exported $38 billion in goods, accounting for 11.6 percent of the Palmetto State’s GDP. Manufactured products made up nearly all of that total ($37.2 billion). Foreign companies aren’t the only active exporters: A total of 6,261 companies in the Palmetto State sent products abroad in 2023, and 84 percent of them were small- and medium-sized companies with fewer than 500 employees.

Transportation equipment, such as cars and tires, accounted for $19.2 billion of South Carolina’s exports in 2024, making it the largest manufacturing export category. In other words, more than half the value of all manufactured goods exported out of South Carolina came from automobiles and automobile-related products. Many of these products require inputs made overseas and imported into the state; automobile parts, including engines and transmissions, accounted for over $3.5 billion in imports.”

Globally Connected, Locally Grounded

Today, the Upstate is home to more than 579 international firms from 36 countries. Our location, workforce, and logistics network have helped us become a key player in industries like automotive, aerospace, life sciences, and logistics.

The Richmond Fed article also points to the strong partnerships fueling the region. Local colleges, universities, and training programs have worked closely with employers to build a talent pipeline to match the skills and expertise companies are actively looking for. 

Looking Ahead

The Richmond Fed feature makes it clear that Upstate South Carolina’s success is no accident. It reflects decades of deliberate investment, collaboration across sectors, and a consistent focus on long-term economic growth.

That same energy is fueling what’s next. As industries evolve and new opportunities emerge, the Upstate continues to offer what growing companies need to thrive: a skilled workforce, a connected location, and a business community that works together.