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South Carolina achieves second-highest industry recruitment in 2023

$9.22 billion announced capital investment on the heels of a record-setting 2022

The South Carolina Department of Commerce (S.C. Commerce) today released its 2023 industry recruitment results which reflect sustained economic activity. From January to December 2023, the state announced total capital investment of $9.22 billion, the second largest amount in state history. That investment represents 81 projects and 14,120 announced jobs.

“Once again, South Carolina has proven that it is among the best places in the world to do business,” said Gov. Henry McMaster. “Over the past year, our state proactively prioritized trends and topics that are crucial to maintaining a vibrant and competitive economy. Recording the second-highest year for industry recruitment in state history not only confirms the sustained interest for doing business here, but also signals to the global business community that South Carolina is a trusted partner for successful businesses.”

The announced capital investment of $9.22 billion includes major investments in the state’s two leading industry sectors by total investment, Automotive, Electric Vehicles (EV) and EV Batteries with $4.3 billion investment, and Alternative Energy and Fuels with $1.56 billion investment. Notably, in 2023, there were three announcements with investments of $1 billion or more — the highest such year in state history:

Scout Motors
Albemarle Corporation
QTS Data Centers

The previous record, of two projects with an investment of $1 billion or more in a single year, was set in 2014 and tied again in 2022.

“After a record-breaking 2022, South Carolina has remained committed to ensuring its long-term economic competitiveness and growing reputation as an established destination for transformational industry,” said Secretary of Commerce Harry M. Lightsey III. “Back-to-back years of strong industry recruitment reinforces South Carolina’s commitment to the success of our existing and new businesses, alike.”

To access the complete recruitment report, click here. For more details on the state’s announced economic activity, visit S.C. Commerce’s newsroom.

About S.C. Department of Commerce

As South Carolina’s leading economic development agency, the Department of Commerce works to recruit new businesses and help existing business grow. S.C. Commerce has recruited world-class companies to South Carolina such as BMW, Boeing, Continental, Giti Tire, LPL Financial Holdings, Mercedes-Benz Vans, Samsung, Toray and Volvo Cars and also supports startups, small and existing business, innovation and rural development initiatives. S.C. Commerce partners with the S.C. Technical College System via readySC to support workforce training and recruiting, and with the S.C. Department of Employment and Workforce, which provides worker training and employment opportunities within the state. With a strong international footprint, the Palmetto State has consistently been among the top in the nation for attracting jobs through foreign direct investment on a per capita basis – recognized by multiple economic development publications for its pro-business climate. For more information, visit www.SCcommerce.com.

Kelly Coakley
Director of Marketing and Communications
South Carolina Department of Commerce
(803) 737-1998

Dig Deeper into the Numbers. Visit the Economic Data Center