An industry magazine has ranked South Carolina fifth among the states with the best business climate in 2010.
SITE Selection is a magazine for corporate real estate strategy and area economic development.
The article said the state is quietly becoming a transportation-industry powerhouse, with automotive investment clustering in the Upstate and aerospace anchored by Boeing in North Charleston. The magazine also cites the state’s programs that shifted its focus to job creation and allow private-sector investment to lead public-sector investment.
On June 23, Gov. Mark Sanford signed a bill H.4478 aimed at enhancing South Carolina’s ability to attract jobs and investment and compete in the global marketplace.
Sanford said over the last seven and a half years his administration has sought to move the state away from what has been a ‘government knows best’ model of economic development. Specifically, the bill is designed to cut tax rates for many industrial buildings and also dismantles a piecemeal tax credit that Sanford says only benefited certain counties.
SITE Selection evaluates states annually using a criteria of new and expanded facilities and a survey of corporate site selectors which indicates their preference for state business climates. Site selectors scout out locations for corporations looking to expand or relocate.
North Carolina is ranked first, followed by Tennessee, Texas, and Virginia.