Both North and South Carolina are breaking records, boasting all-time highs for economic development activity in 2022.
This week, the South Carolina Department of Commerce 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,” Gov. Henry McMaster said. “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. 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,” Secretary of Commerce Harry M. Lightsey III said. “We are cultivating an increasingly diverse, technologically advanced economy that will continue to create opportunities for our citizens for generations to come.”
Meanwhile, North Carolina is also celebrating a year of unparalleled success.
Governor Roy Cooper announced 28,690 new jobs in North Carolina in 2022, representing 182 business recruitment, expansion, or rural development projects that engaged with the North Carolina Department of Commerce or its team at the Economic Development Partnership of N.C. in 2022. These projects will bring $19.3 billion of capital investment into the state, marking new all-time highs for economic development performance.
The 2022 performance tops last year’s announcements of 24,224 jobs and $10.1 billion of capital investment, which themselves were record-breaking statistics at the time. In July, CNBC named North Carolina as America’s Top State for Business in 2022. Last week, the economic development trade magazine Business Facilities named North Carolina its State of the Year for 2022.
“North Carolina continues to be the best place for people to live, learn, work and raise a family, and these economic development results show companies recognize our appeal as a business location,” Governor Roy Cooper said. “We’re building a stronger economy that works for everyone and I am excited about North Carolina’s future.”
Macy’s decision to build its first automated fulfillment center in Rowan County, ranked among the top projects in the state in 2022 for total job creation. The announcement is expected to bring 2,800 jobs to the Charlotte Region.
“North Carolina has enjoyed two years now of record-setting performance,” Commerce Secretary Machelle Baker Sanders said. “This economic development success comes in no small part from the hard work of many local, regional, and state leaders; Chris Chung and his team at the Economic Development Partnership of North Carolina; and economic developers across the state. This success also reaffirms my vision and principles in the state’s First in Talent Plan – that our businesses, communities, and workforce are more competitive, resilient, and successful within a more diverse, equitable, and inclusive environment and business culture.”
