Jun
29

Booming Foreign Investment Could Shield SC from Brexit Economic Fallout

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USA UKEven with the economic uncertainty following the United Kingdom’s decision in a referendum last Thursday to leave the European Union, Europe’s loss could be South Carolina’s gain in the long term.

Although the U.K. is the state’s fifth-largest trading partner, with $2.8 billion in goods exported there last year, according to the S.C. Commerce Department, the recent boom of foreign investment is likely to absorb any short-term economic shock. And as the U.K. extricates itself from the 27 remaining members of the EU, South Carolina is well-positioned to benefit later on, both from renegotiated trade deals and as a stable place to invest.

“The thing about South Carolina is that there is a lot of momentum from significant investment, from foreign and domestic companies,” said David Cuda, the director of corporate solutions at the South Carolina office of global commercial real estate firm Colliers International.

German automaker BMW announced a billion-dollar investment in its Upstate plant in March, and Volvo selected South Carolina for its first American factory last year, investing $500 million in a facility in Berkeley County.

“These investments don’t just stop,” Cuda said. “I think it’s a good thing, because this momentum could help us carry through whatever ripples come out of this.”

The fact that South Carolina’s primary exports are agricultural products, aircraft, automobiles and automotive parts, particularly tires, could be an advantage.

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