SC Commerce reports $8B of industry investment, 5,500 promised jobs in 2024 • SC Daily Gazette

COLUMBIA — Industries pledged in 2024 to invest $8.19 billion in South Carolina facilities over the next five to 10 years, according to the state Department of Commerce.

You are viewing: SC Commerce reports $8B of industry investment, 5,500 promised jobs in 2024 • SC Daily Gazette

The economic development agency’s recruitment efforts resulted in the third-highest year of planned investment in the state’s history and a promise of 5,500 new jobs over the next several years. Time will tell whether the announced investments and jobs become reality.

The state’s highest year on record was 2022, when a flurry of electric vehicle and solar energy-related companies boosted jobs and investment vows to $10.27 billion and more than 14,000 jobs.

Data centers accounted for the largest investment sector in 2024, with $4.1 billion total announced by Google and Facebook’s parent company, Meta.

See more : Xtrackers ETFs update index names, retain investment strategies By Investing.com

Facebook parent company building $800M data center in Aiken County

The automotive sector announced $1.3 billion in investments and aerospace giant Boeing promised a $1 billion expansion, according to the Commerce Department. With the latest announcement by Boeing, the company’s total investment since coming to the Palmetto State in 2009 now tops $3 billion.

Nearly two-thirds of the promised investment total came from expansions by existing companies.

“South Carolina remains dedicated to the success of our businesses, for the economic betterment of our people and the overall strength of our economy,” Gov. Henry McMaster said in a statement. “The decision of so many companies to expand and reinvest here underscores the unique value South Carolina offers as a trusted partner in their success.”

See more : ICL Boosts Relationship With Plantible Foods With Follow-On Investment

“By building upon industries in which we have established ourselves as a national leader — like automotive and advanced manufacturing — while unlocking potential in emerging sectors, we can create more high-wage, high-skill economic opportunities,” Secretary of Commerce Harry Lightsey added.

In exchange, South Carolina offered up $23 million in grants to cover the cost of new roads, water, power, site work and other improvements. In addition, the state approved 26 companies for income tax breaks for each new job.

Many counties likely also offered up tax incentives of their own to reduce the property taxes owed by the employers.

SC battery cell project seeking 3rd round of state funds as it ups jobs, investment promises

Other large planned investments include:

• A $1.5 billion expansion announced by Japan-headquartered AESC before production has even begun in Florence County. The expansion brings total investment by the company contracted to make battery cells for BMW’s electric vehicles to more than $2 billion. AESC is expected to employ 2,000 people with production scheduled to start in 2026.
• Birla Carbon, an Indian company that supplies electric vehicle battery materials, plans to open a $1 billion plant in Orangeburg, employing 124 people. The Mumbai-based company plans to start hiring next year and begin operations in 2026.
• Pennsylvania-headquartered EnerSys, the world’s largest industrial battery maker, is building a $500 million plant in the Upstate that could eventually employ 500 people. The target for operations to start at a plant near Piedmont is late 2027.