Low Cost of Operation

 


Low Utility Costs: Reliable Productivity & Energizing Profits

Business-friendly regulations and smart investments in energy infrastructure give South Carolina the region’s most affordable power costs.  Industrial power costs in the state average only 6.25 cents per kilowatt hour, the lowest in the Southeast.  The average South Carolina industrial rate is among the lowest in the nation and over 10% percent less than the national average of 7.01 cents per kilowatt hour.  Source: U.S. Energy Information Administration, 2014

Compared with other Southeastern states, South Carolina offers very low rates for natural gas to industrial users.  The average price in 2014 was $5.27 per thousand cubic feet, slightly lower than the southeastern average of $6.38 per thousand cubic feet.  Source: U.S. Energy Information Administration, 2014

 

 

Real Estate: Providing Lower Operating Costs

Construction costs in South Carolina are among the lowest in the Nation and tied for lowest in the Southeast.  The cost in South Carolina is 11 percent below the United State average for Class A office facilities.  Source: Marshall Valuation Service, September 2015

 

 

 

 

 

Workforce and Wages: The Best People at the Right Cost

South Carolina’s population increased by 4.5 percent between 2010 and 2014; higher than the national rate of 3.3 percent.  Source: US Census

During the period from 2004 to 2014, the South Carolina labor force grew 8.08 percent; more than the national growth rate of 5.78 percent.  Source: Bureau of Labor Statistics

Employers in South Carolina have the right to operate their businesses and manage their workforce free of union influence.  As a right-to-work state, South Carolina has the 2nd lowest unionization rate in the country.  Only 2.1% of total labor force is affiliated with a union.  Source: Unionstats.com
 
In 2014, the average salary in South Carolina ranks the 8th lowest in the nation and 2nd lowest in the Southeast region.  Source: BLS

 

 

Low Taxes: Maximizing a Business’s Bottom Line

The Tax Foundation ranked South Carolina the state with the 10th lowest corporate income tax in the nation in 2014.  Source: Tax Foundation, 2014 State Business Tax Climate Index

South Carolina has the 20th best tax structure for entrepreneurship and small business.  Source: Small Bus. & Entrepreneurship Council’s, 2014

Cost of Living: Providing More Buying Power

The annual cost of living index which compares all states, metropolitan areas, and counties in the United States for 2011 shows that the cost of living in South Carolina cost is 12% percent less than the national average and is the 11th lowest in the nation.

South Carolina’s effective purchase power is $1.12, which means the average value of $1 across the nation can purchase $1.12 worth of goods and services in South Carolina.  
Source: SC Dept. of Commerce “Annual Cost of Living Index”

 




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