Join GlobalBizzNetwork and start your international business network today.
South Carolina has been growing economically in leaps and bounds over the last decade. The Real Gross Domestic Product (GDP) of the state in 2007 was $167.65 billion and in 2017 it was $189.1 billion. A report published by Pollina Corporate Real Estate, Inc., has revealed that the state is among “America’s Top Ten Pro-Business States”. This is good news for a start-up company in South Carolina as all new businesses can grow and expand in this business-friendly climate and there cannot be any better value equation than that.
Climbing up after deep lows
After some deep lows, South Carolina came out of the Great Recession looking strong, and continues to log adequate growth rates year after year. That economic growth has led to a slight increase in per capita personal income as people have returned to work, but the labor market isn’t so tight that it breeds intense competition for new talent. In addition, South Carolinian business owners enjoy a relatively low tax burden compared with the rest of the nation.
And although there are a lot of bright spots in South Carolina’s business environment, it does have obstacles. Ballooning real estate costs, particularly on the coast, can make it difficult for business owners to upgrade to a larger space. And despite the increase in per capita personal income (PCPI) — a measure of how much money the average consumer makes each year — it remains far lower than the national average.
Still, South Carolinians are excited about doing business in their state and happy to reap the benefits of the state’s healthy economic growth.