Capital investment by existing industry excels, accounting for $5.38 billion
COLUMBIA, S.C. – The South Carolina Department of Commerce (S.C. Commerce) today released its 2024 industry recruitment results, with an announced total capital investment of $8.19 billion from January to December 2024. Existing industries reinforced their commitment to South Carolina by reinvesting in the state through expansion projects, accounting for $5.38 billion of all announced capital investment last year.
“The mutual dedication and commitment between South Carolina and its business community have once again been demonstrated by the companies that have chosen to call our state home,” said Gov. Henry McMaster. “South Carolina remains dedicated to the success of our businesses, for the economic betterment of our people and the overall strength of our economy. The decision of so many companies to expand and reinvest here underscores the unique value South Carolina offers as a trusted partner in their success."
The announced capital investment of $8.19 billion includes major investments in the leading industry sectors of 2024 by total investment:
- Information Technology and Computer Equipment – $4.1 billion.
- Automotive – $1.3 billion.
- Aerospace – $1 billion.
“The capital investment and economic development activity announced in 2024 reinforces South Carolina’s position as a competitive destination for businesses across many sectors,” said Secretary of Commerce Harry M. Lightsey III. “As outlined in January 2024, S.C. Commerce remains committed to ensuring South Carolina’s long-term economic competitiveness. By building upon industries in which we have established ourselves as a national leader — like automotive and advanced manufacturing — while unlocking potential in emerging sectors, we can create more high-wage, high-skill economic opportunities. South Carolina is a dedicated partner for businesses looking to build a legacy, and we look forward to continuing that mission in 2025 and beyond.”
The year’s total announced capital investment of $8.19 billion accounts for more than 5,500 announced new jobs. For more details on the state’s announced economic activity in 2024, click here or visit S.C. Commerce’s newsroom. A complete list of announced projects since 2011 can be found via the “Inform SC” data hub.