Following a record-setting 2022, economic development across South Carolina maintained an

South Carolina Secures $9.22 Billion in Capital Investment During 2023 Economic Surge

Following a record-setting 2022, economic development across South Carolina maintained an aggressive pace through the end of last year. S.C. Commerce announced its 2023 recruitment results on Thursday, January 4, 2024, revealing a total capital investment of $9.22 billion—marking the second-highest annual total in state history.

The state secured its massive total largely through mega-projects. The year 2023 recorded the highest volume of individual projects carrying a capital investment of $1 billion or more. High-profile developments included Scout Motors committing $2 billion, Albemarle Corporation investing $1.3 billion, and QTS Data Centers placing $1 billion into the state. These commitments cemented automotive, electric vehicles and EV batteries, and alternative energy and fuels as South Carolina’s leading industries by capital investment.

Industrial Sector Leadership and Strategic Leadership Perspectives

The electric vehicle supply chain anchored much of the state’s industrial growth. Scout Motors CEO Scott Keogh detailed his company’s expansion plans during an investment announcement press conference held on the state capitol grounds on Friday, March 3, 2023. Meanwhile, AESC US Managing Director Jeff Deaton spoke at the groundbreaking event for AESC Florence on Wednesday, June 7, 2023, highlighting the rapid expansion of battery manufacturing capacity within the region.

Scout motors ceo scott keogh poses for a portrait at a scout motors auto plant under construction in blythewood sc thursday a

After a record-breaking 2022, South Carolina has remained committed to ensuring its long-term economic competitiveness and growing reputation as an established destination for transformational industry. Back-to-back years of strong industry recruitment reinforces South Carolina’s commitment to the success of our existing and new businesses, alike.

That assessment came from Secretary of Commerce Harry M. Lightsey III, who pointed to the human impact behind the capital totals. The recruitment wave yielded more than 14,000 new jobs intended to broaden career pathways for current and future residents.

Rural Communities and Foreign Direct Investment Drive Diversification

The financial impact extended far beyond major metropolitan hubs. Capital investments directed into rural communities—classified as counties falling into Tier III and IV designations under the South Carolina Department of Revenue’s annual county development rankings—accounted for nearly 34% of all statewide investment.

Foreign direct investment (FDI) also remained a pillar of the state’s financial expansion, generating more than 32% of the total capital investment recorded in 2023. Traditional international partners maintained their strong commercial footprint, with Japan, Germany, and Canada leading the sources of foreign capital entering the state.