Promoting Rural Development

In 2023, South Carolina announced its second-highest investment amount in state history — an impressive $9.22 billion. 

Notably, a third of that capital investment came from rural communities, specifically those designated as Tier III and Tier IV Counties by the South Carolina Department of Revenue’s annual job tax credit rankings. Rare earth magnet manufacturer e-VAC Magnetics’ Sumter County investment topped the list of rural investments last year. The company, which plans to create more than 300 new jobs, officially broke ground Thursday, March 7, 2024.

Rural development, like all economic and community development, requires strategic planning and thoughtful considerations to ensure long-term success. In 2019, S.C. Commerce set out to support just that through the Rural Initiative Grant (RIG) Program, made possible by funding from the South Carolina General Assembly. Initially, the program set a goal to work directly with local leaders to foster economic development efforts in 14 eligible counties; the RIG Program ultimately identified 31 projects across 20 counties. Among those projects, the program directly supported new speculative building construction in five counties, including three Tier IV counties.

Williamsburg County’s speculative building, completed in December 2023, is one of three buildings the RIG Program helped construct in Tier IV Counties.

By improving industrial infrastructure and inventory in rural communities, S.C. Commerce can help disadvantaged regions stand out among a competitive site selection field — helping increase economic opportunities for all South Carolinians.