At one of six stops during a two-day tour of the state, Beasley said a record 1,337 companies announced $5.5 billion in capital investment during the year. This year's investment marks the second-best in the state's history, just falling short of the 1996 total of $5.7 billion. Capital investment broke the $5 billion mark for the first time in 1995, the Governor's first year in office.
South Carolina broke several other economic
development records last year:
Record number of jobs created in rural South Carolina: 9,077
Record number of industry expansions: 1,260
Record number of international companies investing in South Carolina:
233
Record number of investment by companies new to the state: $1.4
billion
In the Midlands region of Richland,
Lexington, Kershaw, Newberry and Fairfield counties, 188 new and expanding
businesses invested $527 million, creating 3,815 new jobs. Since
1995, businesses in the Midlands have added an average of 3,749 new jobs
a year - nearly one-and-a-half times the average job creation ten years
before. Also, in the last three years the Midlandís averaged
$528,075,000 in investment - nearly double the ten year average.
Lexington County is home to one of the seven companies in the state announcing
investments of over $100 million a piece.
Since Beasley took office, companies have announced $16.5 billion in capital investment for South Carolina, creating nearly 80,000 new jobs. Investment during this period was 99 percent higher than the next highest three-year period, 1992-1994. Since January 1995, the average new manufacturing wage has been $30,000 annually, which is $6,500 above the average annual wage in South Carolina.
Beasley praised the cooperative effort
of the General Assembly, Cabinet agencies, and local leaders for helping
build South Carolina's outstanding reputation as a good location for business.
A highly focused strategic plan for economic development, guided by Commerce
Secretary Robert V. Royall, is the key to the State's success, Beasley
said.
"South Carolina's historic growth reflects our strong
emphasis on recruiting quality jobs with the best companies. Our
economic teamwork has paid off with thousands of high-wage jobs and increased
opportunities for our communities," the Governor said.
"It speaks volumes for our exceptional business
climate and workforce in this state when year after year companies choose
South Carolina to locate and expand in record proportions," he said.
Among the highlights of 1997's historic performance:
In 1997, a record-shattering 29,303 new jobs were created, the highest in the state's history. Job creation during the past three years has now reached nearly 80,000, higher than any other 3-year period.
1997 marked the third consecutive year that capital investment has exceeded $5 billion in South Carolina. Since 1995, when the state's economic development strategy, Approaching 2000, was implemented, capital investment has climbed to a record $16.5 billion, 99 percent more than the next highest three-year period.
A record-setting $1.4 billion was invested by new firms locating here in 1997. Seventy-seven new firms located in South Carolina in 1997, creating 8,695 new jobs in the state.
Expansions in 1,260 firms, a record high, resulted in $4.1 billion in capital investment and the addition of a record 20,608 to their payrolls.
In 1997, more jobs were created in rural South Carolina than ever before: 9,077. Rural investment during 1995, 1996, and 1997 totals $4.4 billion, surpassing the next highest three-year period by 81 percent. Rural job creation neared 25,000 during this same period.
In 1997, a record 233 international firms invested $2.1 billion in South Carolina and added 5,977 jobs. Since 1995, a total of $6.2 billion has been invested by international companies in South Carolina, providing 17,265 jobs.
Seven companies announced capital investments of $100 million or more, making the three-year total number of firms with this investment level 24.