Business

South Carolina in general and Columbia in particular have become inviting locations for relocating or expanding businesses.

A welcoming business environment
The state has the lowest corporate income tax rate in the Southeast (five percent); no state property tax; no local income tax; and a $1,500-per-employee tax credit each year, for up to five years, for creating at least 10 new jobs.

A ‘best city for jobs’
Entrepreneur magazine and the National Policy Research Council listed South Carolina the No. 5 state in the nation as part of their “Hot Cities for Entrepreneurs” rankings in 2006. Columbia is high on several lists of national publications and rankings about business and employment:

• No. 8 of 63 midsize “Hot Cities for Entrepreneurs,” 2006, Entrepreneur and the NPRC
• No. 24 of 99 midsize cities in “Boomtowns 2007,” Inc.com
• No. 35 of 200 “Best Places For Business And Careers,” April 2007, Forbes magazine
• No. 50 of 100 “Best Cities for Jobs,” February 2007, Forbes magazine
• Ranked among the nation’s “50 Hottest Cities for 2007,” Expansion Management magazine
• Ranked among the Relocate-America's "Top 100 Places to Live in 2008"
• View a list of recent economic development rankings from the S.C. Department of Commerce (PDF)

As the home of state government, the Fort Jackson Army Training Center, and the University of South Carolina, Columbia has tremendous economic stability that will only improve as Innovista attracts news businesses that are relocating or existing companies that are expanding.

The University is the region’s third-largest employer (4,500), behind Palmetto Health Alliance (9,300) and Blue Cross & Blue Shield of S.C. (6,900), according to September 2006 data from the Central Midlands Council of Governments. Among other notable businesses is Bose, which employs 870 workers producing high-end radio and entertainment components. Google confirmed in early 2007 that it is considering a 466-acre site in Blythewood, northeast of Columbia, for a data warehouse—and in April 2007 committed to a $600 million investment for a similar facility near Charleston.

South Carolina has the largest percentage of private industry employment by international companies in the United States, according to the S.C. Department of Commerce. Construction costs can be as much as 15 percent cheaper than the national average, according to the state agency’s data.

Educated, trained workforce
With the University—and its research partners at Clemson University and the Medical University of South Carolina—there is a skilled workforce. In fact, nearly 30 percent—29.3—of the Columbia population has a bachelor’s degree or higher, two percent better than the national average, according to 2005 Census figures.

The state also offers—at no charge to employers—the Center for Accelerated Technology Training, a nationally acclaimed program that produces skilled workers in areas such as mechanical engineering technology, quality control and measurement, chemical engineering, and chemical/biotech technician training.

Funding for research, knowledge economy
A series of recent legislation is supporting research and South Carolina’s knowledge economy. Foremost are the Life Sciences Act, which authorized up to $220 million in bond revenue for the state’s research institutions; the state-funded South Carolina Centers of Economic Excellence, which have received $144 million since 2002-03 (of a $200 million commitment through 2010) to be split among the research institutions for targeted research that can improve lives and spur economic growth; and the Venture Capital Investment Act, which provides more equity capital and improved commercialization of patents and technology.

The state provides comprehensive trade-secret protection, and the University’s Technology Incubator and Intellectual Property Office also support start-up businesses and identify, protect, and commercialize the intellectual property of researchers.

Related Links

South Carolina Department of Commerce
State agency responsible for economic development and recruitment

South Carolina Chamber of Commerce
State’s business advocate promoting an economy of increased productivity and per capita income

Columbia Office of Economic Development
Provides business relocation assistance, from outlining incentives to site planning

Greater Columbia Chamber of Commerce
2,300-member organization of local businesses, offering programs and services

Central Midlands Council of Governments
Assists Fairfield, Lexington, Newberry, and Richland counties to develop local and regional plans for economic development

readySC
Formerly the Center for Accelerated Technology Training, this nationally acclaimed program works with the S.C. Technical College System to train and produce skilled workers

S.C. Life Sciences Act
Authorized up to $220 million in bond revenue for state’s research institutions

South Carolina Centers of Economic Excellence
A $200 million program, with funding split among the state’s research institutions for targeted research to improve lives and spur economic growth

S.C. Venture Capital Investment Act
Provides equity capital and improved commercialization of patents and technology for businesses

University Technology Incubator
Promotes economic development and startups, including student-led companies

University Intellectual Property Office
Leverages intellectual property owned by the University

Congaree Vista Guild
The Congaree Vista Guild, a membership-based nonprofit, lists restaurants, businesses, residences, and more

Vista business finder
Search for various business and service providers located in Columbia’s Congaree Vista

Columbia Development Corporation
City-established nonprofit that promotes development of Vista