South Carolina: Diverse Manufacturing Sectors Poised for Economic RecoveryLocation and lower business costs are advantages that will help the Palmetto State as the national economy turns around. More |
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2009 Gold & Silver Shovel AwardsArea Development’s annual Gold and Silver Shovel Awards recognize states for their achievements in attracting high-value investment projects that will create a significant number of new jobs in their communities. More |
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The Clean Energy EconomyThe clean energy economy, still in its infancy, is emerging as a vital component of America’s new economic landscape. More |
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The Case for Infrastructure InvestmentOfficials in many U.S. locations are beginning to see the financial rewards of long-term investment in infrastructure — including attracting new business and potentially improving the national economy. More |
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NEWS ITEMS
AROUND THE WEB
NEWS ITEMS
AROUND THE WEB
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LABOR FORCE: 2,143,000 (July 2008)
RIGHT TO WORK: YesTRADITIONAL INDUSTRIES: Automotive-related industries, textile manufacturing, agriculture, tourism, plastics
EXPANDING INDUSTRIES: Aerospace, automotive, distribution, biotechnology, building products, alternative energy, plastics and chemicals, forestry and wood products, services, tourismCOLLEGE GRADUATES: (Age 25 and over) 23.5%
BASIC BUSINESS TAXES:Sales and Use Tax: 6 percent on gross receipts from retail sales or leases of tangible personal property; construction materials used for manufacturing or distribution facility exempt if $100 million invested over 18-month period; manufacturing production machinery, manufacturing materials, and industrial electricity and other fuels used in manufacturing are all exempt; also exempt are R&D equipment; manufacturers' air, water, and noise pollution-control equipment; material-handling equipment for manufacturing projects investing $35 million or more in the state; packaging materials; long-distance telecommunications services, including 800 services; and parts and supplies used to repair or condition aircraft owned or leased by the federal government or commercial air carriers
Property Tax: No state tax on real or personal property; assessed value and millage rates set locally; five-year county property tax abatement for new manufacturing, distribution, and corporate headquarters; all inventories, intangible property, and pollution-control equipment is exempt; fee in lieu of tax available that can reduce property tax between 43-62 percent