South Carolina enjoyed an abundance of good fortune in 2006 and our state's economic forecast is even more encouraging for 2007. Today more South Carolinians are working, earning more money and spending more money than ever before.

Our state reaped the benefits of a record-setting year for capital investment and job creation in 2006. Last year, the Department of Commerce generated $2.98 billion in capital investment and 14,290 new jobs. Those numbers soar to $6.98 billion and 15,090 when adding Duke Energy's new project in South Carolina. These achievements come on the heels of record accomplishments in 2005 and South Carolina is on course to achieve even more in the year ahead.

Our state is growing at a robust rate. The U.S. Census Bureau ranked South Carolina as the 10th fastest growing state in the nation in 2006. We are performing well above the national average when it comes to job growth. South Carolina is growing jobs at a rate of 2.4 percent annually, outpacing the national average of 1.4 percent.

In fact, there are nearly 151,000 more people working today in South Carolina than there were four years ago. Additionally, we continue to see state revenues grow as prosperity grows among our citizens and businesses. All of these positive economic indicators point to more good news for our state in the coming year.

Advertisement

South Carolina continues to receive national recognition for our dedication to creating a business-friendly environment. The Pollina Corporation, a corporate relocation publisher, ranks South Carolina as the No. 1 Most Business Friendly State. South Carolina was ranked 5th among the "Most Dynamic States for Entrepreneurs" by Entrepreneur Magazine. Additionally, the Port of Charleston was ranked No. 1 in North America for customer satisfaction by World Trade Magazine.

Our accomplishments come as a result of efforts to create an attractive economic climate for business growth in South Carolina. Businesses want to locate and grow where taxes are low, frivolous lawsuits are limited and opportunity is abundant.

Thanks to Gov. Mark Sanford's leadership, the Legislature took critical steps to better South Carolina's economic soil conditions. Companies in the Palmetto State saved $54.5 million in 2006 thanks to a reduction in the small-business tax rate. Keeping taxes low has helped keep consumer costs down and the economy growing. Working with the Legislature, Gov. Sanford also led the charge to reform our tort system and reduce frivolous lawsuits.

We have also seen the benefits of creating unique financial incentives for the film industry in South Carolina. Thanks again to Gov. Sanford's vision, the Department of Commerce's Film Commission landed seven projects last year.

These efforts have created a business-friendly climate which has attracted new industry and encouraged growth among companies already doing business in South Carolina.

In order to achieve our ultimate goal of providing the opportunity for all South Carolinians to have high-wage, sustainable employment, we must continue the work we have begun. We must reform the workers compensation system and ease the burden small businesses currently bear. This is another important step to further economic development.

South Carolina must also feature our strengths and sell our successes. Our state worker training program, CATT (Center for Accelerated Technical Training) has received national recognition for its ability to deliver a highly skilled workforce. This program has been instrumental in building a world-class aerospace industry with Global Aeronautica and Vought Aircraft Industries locating in our state. Elmer Doty, President and CEO of Vought Aircraft Industries cited CATT as a key factor in Vought's decision to locate in North Charleston.

The Department of Commerce is taking a comprehensive approach to strengthen our economic development efforts at every level. For the first time ever, we are increasing our team efforts with a full-time secretary, a larger recruiting team, increased marketing to attract investment and new responsibilities to streamline government operations and place more resources towards economic development. Our team effort is producing real results, but there is still much to be done.

We must keep South Carolina competitive by working to better our economic soil conditions so that businesses can grow and expand in our state for many years to come. Maintaining and committing to further reduce our low tax rate as well as keeping reasonable regulatory measures are necessary steps to ensure future economic growth.

We can continue our path of upward momentum by selling our strengths, continuing to improve our business environment, working closely with our allies across the state and expanding our existing opportunities. Together we will work to bring more jobs and growth to our state than ever before.

Post a Comment   View All Comments sabo954 Just because our state got a few things somewhat satisfactory this past year doesn't mean they can slack off. We still got a long way to go and a lot of work to do. sabo954 Posted: Thu Jan 18, 2007 1:50 pm cyndessa This is all well and good, but it poses an interesting delimma. Our colleges are now more important that ever. College educated indivduals fill many of these "new jobs." In many cases, individuals are brought in from out of state. In order to prepare the future of South Carolina to move into these jobs, education should be as big of a priority as business. If not more so! Making sure a larger portion of our population goes to college is extremely important to maintain and improve the well being of South Carolina. With tuition at the state colleges rising much faster than even inflation begs the question of what the heck our elected officials are doing? If you doubt what I say, take a look at NC and GA schools tuition. They manage to have well ranked quality schools for lower instate tuition, so we know it is possible. With all of these "wonderful low taxes for businesses" are we making it so low that we cannot even keep up with education costs? Aside from colleges, k-12 education has struggled in our state. I do admit that we are improving every day in the majority of the state, but we still have parts that bring the state down. Talk of vouchers and whatnot are all wonderful ideas, but lets face it... it won't fix our real problems in education. Our real problems are those low income areas where a little money or tax break for private school still won't be enough for a family to send a child to private school. Then there is the question, are the private schools available and do they even provide a better education? So instead of determining and addressing the real issues in education, people argue until faces turn blue about 'vouchers' or 'school of choice.' I guess what I am saying is that all of these 'accomplishments' over 2006 should be seen as a wonderful thing for our state and reason to get serious about education in our state. We would all love to see the next generation in South Carolina prepared to succeed in all of these excellent opportunities rather than see companies pull more from NC and GA colleges for those jobs while enjoying the 'low taxes' they pay in SC. cyndessa Posted: Thu Jan 18, 2007 1:44 pm Post a Comment   View All Comments