$10.27 billion in announced capital investment, most in state history
The South Carolina Department of Commerce today released its 2022 industry recruitment results which reflect historic economic activity. From January to December 2022, the state announced total capital investment of $10.27 billion, the single largest year in state history. That investment represents 120 projects and the creation of 14,083 new jobs.
“It’s no accident or surprise that South Carolina is breaking economic development records,” said Gov. Henry McMaster. “We have consistently proven that our people are among the most talented and hard-working in the world, that we’re committed to fostering a competitive business-friendly environment, and that there is no better place to live, work, and raise a family. These historic achievements are a direct result of the South Carolinians who make our state great and understand the value of hard work.”
Industry recruitment soared in multiple categories in 2022. The record-breaking capital investment of $10.27 billion reflects a 118% increase over 2017, and announced investments in rural South Carolina in 2022 increased 30% over 2017. While domestic-based companies represented the majority of announced investments, overall foreign direct investment (FDI) in 2022 increased 371% over 2021.
“South Carolina’s 2022 industry recruitment is not only one for the record books, but it also reinforces that our state is leading this transformational time in business,” said Secretary of Commerce Harry M. Lightsey III. “We are cultivating an increasingly diverse, technologically advanced economy that will continue to create opportunities for our citizens for generations to come.”