South Carolina has become headquarters to hundreds of the world’s largest companies, fueling billions in investments and hopes that the Palmetto State will continue to grow its position in the global economy.
Now, new data points to signs of growth: A U.S. Department of Commerce report released in March shows that the state’s 2012 exports totaled nearly $25.3 billion in goods sold to 197 countries around the world, a 2.23 percent increase over 2011. South Carolina is currently ranked the 12th fastest growing economy in the nation, tying with North Carolina as the fastest growing state on the East Coast. And it ranks fourth nationwide for the percentage of employment in U.S. affiliates of foreign companies at seven percent and 104,300 employees.
All of this reads very optimistically for state officials, who hope to retain and attract business abroad to admit new markets in developing countries and renewed interest in American-made products.
“We see FDI (Foreign Direct Investment) as new money in South Carolina’s economy – new money to come in and build growth in the state and the country,” says state Secretary of Commerce Bobby Hitt. “Until two decades ago, South Carolina was known primarily as a textile state. Today, it has garnered a global reputation as a leader in aerospace and auto manufacturing. It’s leading the nation in advanced manufacturing, having evolved from being ‘the little engine that tried’ to being ‘the little engine that could.’”
The state’s manufacturing sector, which took a hit during the recession, has come back strong and is leading the way in growing South Carolina’s international business presence, according to Otis Rawl, president and CEO of the S.C. Chamber of Commerce.
“South Carolina has certainly positioned itself as a global leader, particularly in manufacturing,” Otis says. “In fact, Site Selection magazine recently ranked the state as the 10th most competitive. We ranked first in tire exports, holding 30 percent of the share of U.S. made exported tires.”
South Carolina’s manufacturing base continues to grow, too. Since January 2011, more than 200 manufacturing firms have committed to invest $7.4 billion in the state.