American businessman and entrepreneur James Cash "J.C." Penney Jr. once said, "Growth is never by mere chance; it is the result of forces working together." That statement certainly rings true for South Carolina, which has experienced remarkable economic growth in recent years. At one time known predominantly as a textile and agriculture state, South Carolina has diversified its economy, elevating itself onto the global stage and becoming a true leader in industry.
As Penney indicated in his statement, it took many forces working together to make this happen; one of which has undoubtedly been our existing industry partners. Last year alone, more than 50 companies announced expansions in South Carolina, bringing nearly 4,000 new jobs and $1 billion in additional capital investment. The success of these companies is critical because, as they succeed, it shows the rest of the world that business is thriving within our borders.
To recognize existing industry's role in moving our state forward, S.C. Commerce has hosted an industry appreciation event in each of the last 26 years. Taking place earlier this afternoon in Columbia, S.C., the annual event provides an excellent platform for Team South Carolina to celebrate the contributions that businesses make to our state and their local communities. In addition to 12 Industry Impact Awards, the ceremony also honored exporters, young entrepreneurs and a leader in recycling.
From automotive to aerospace, logistics to agribusiness and everything in-between, it's evident that our existing industries have played a major role in making South Carolina one of the best places in the world to be. With their continued partnership, I know that our state will remain a location that is 'Just right' to live, work and play.