The Upstate is a business location of choice by foreign and domestic companies for the region’s international flair, “can-do” attitude and forward-thinking leadership. From deeply established global manufacturers like Bosch and GE to tech start-ups like Chartspan, the Upstate’s public and private leaders come together to foster companies of all sizes. Business is on the rise with more than $10.2 billion in capital investment announced in the last five years (2018-2022).
Favorable Cost of Business
Low energy costs, abundant water, and lower cost of living make the Upstate an affordable location for companies to maximize their output while minimizing costs. South Carolina has a low corporate tax of 5% and is a right-to-work state with the lowest unionization rate in the nation at 1.7 percent
In South Carolina, there are no state-levied state property taxes; no local income taxes; no inventory taxes; no sales tax on manufacturing equipment, industrial power or materials for finished products; no wholesale tax; and no unitary tax on worldwide profits. Additionally, the South Carolina Department of Commerce and local governments offer economic development incentives to businesses who choose to relocate or expand within the state.
Internationally Welcoming Business Environment
As international investment has grown, so have outreach opportunities for the international community here in the Upstate. This region offers international schools, sister cities programs and most importantly, Upstate International, a resource for businesses and families who have relocated from overseas.
South Carolina Rankings
- #1 State for Manufacturing in 2022, Site Selection Group
- #2 State for Doing Business, Area Development
- #2 Fastest Growing State in the Eastern US
- A Grade for Manufacturing Industry Health, Manufacturing & Logistics Report Card
- #2 State for Business Incentive Programs, Area Development
- #1 State Regulatory Environment, Area Development
- #6 for High-Tech Job Growth, CompTIA Cyberstates 2023
- #12 State for Doing Business, Chief Executive