One of the biggest factors influencing site selection decisions is the generosity of its tax policies and financial incentives — areas in which South Carolina ranks well with businesses.
The state’s Coordinating Council for Economic Development also offers three discretionary grant funds to aid in the development of new projects, according to the South Carolina Department of Commerce.
This includes a “set-aside program,” to help fund site development and necessary infrastructure improvements, said Michelle Comerford, industrial and supply chain practice leader at Biggins Lacy Shapiro & Co. Another is the “governor’s closing fund,” designed to assist with recruiting or retaining high impact economic development projects.
“Both of these grants are very valuable to a mega project and an overall “difference maker” in the site selection decision,” Comerford said.
One of the biggest draws for manufacturers choosing South Carolina is the state’s proximity to other automotive and parts manufacturers.
“Automotive companies, including EV operations, are predisposed to seeking out existing automotive/EV clusters to take advantage of access to supply chains, workforce skillsets, and educational/research resources,” said Tracey Hyatt Bosman, managing director at Biggins Lacy Shapiro & Co. Bosman previously worked with the state’s Department of Commerce to attract automotive investment to the area.
“Choosing a location that has already proven successful for other similar operations minimizes risk,” Bosman added.