Archive for Economic Development

Nov
04

SC Economic Development Ranking on the Rise

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South Carolina’s economic-development star is rising, according to Site Selection. This year, it’s ranked No. 7 for business climate among the states, up from No. 9 last year.

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Categories : South Carolina News
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Sep
18

SC: The Beast of the East

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Officials say they remember the days when South Carolina was a champion at making textiles and not much else. How times have changed. From automotive to aerospace to energy, and nearly everything in-between, the Palmetto State now has a wardrobe filled with title belts in various manufacturing sectors. Between an unstable economy and neighboring competition, how does it keep delivering knockout punches?

Bobby Hitt recalls a time, not too long ago, when South Carolina was masterful in manufacturing textiles – and not a whole lot more.

However, fast-forward a few chapters on the handheld clicker and you will see that much has changed in the Palmetto State over the last couple of decades.

“I would say, if you ask most people on the street what our calling card is now, it would be various sectors in the automotive and aerospace industries,” Hitt, South Carolina’s Secretary of Commerce, tells Industry Today. “We are also very strong in the energy sector. We have a great utility system in the state, which keeps manufacturers’ costs low. That’s obviously a big attractor.”

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Categories : South Carolina News
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Dec
03

Governments Pay High Price to Lure Companies

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In the end, the money that towns across America gave General Motors did not matter.

When the automaker released a list of factories it was closing during bankruptcy three years ago, communities that had considered themselves G.M.’s business partners were among the targets.

For years, mayors and governors anxious about local jobs had agreed to G.M.’s demands for cash rewards, free buildings, worker training and lucrative tax breaks. As late as 2007, the company was telling local officials that these sorts of incentives would “further G.M.’s strong relationship” with them and be a “win/win situation,” according to town council notes from one Michigan community.

Yet at least 50 properties on the 2009 liquidation list were in towns and states that had awarded incentives, adding up to billions in taxpayer dollars, according to data compiled by The New York Times.

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Categories : National News
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