Page 1

WHY INVEST IN CHARLESTON, SOUTH CAROLINA

Prepared by:

ATLANTIC

3506 W. Montague Ave. Suite 200 * Charleston, SC 29418 * (843) 744-9877 www.cbcatlantic.com


Table of Contents

Quality of Life Education Employment Growth Employment Statistic Workforce Growth Return on Investment Charleston in The News Real Estate Climate

ATLANTIC


Quality of Life

Greater Charleston has become a recognized hotspot for new business investment, while also offering the natural beauty, world-class culture and historic charm that have made the area such a popular visitor destination. With a fast-growing population, a technically skilled workforce, efficient access to the global marketplace, and a diverse portfolio of real estate options, Charleston offers the right combination for business success.

Housing: With 27 incorporated communities, residential areas range from the rural town of Jamestown and St. George to the vibrant, urban areas of Charleston and North Charleston. The growing demand for housing has spawned a number of new residential opportunities throughout the region, and most price ranges are well represented.

Cost of Living: Compared to many other thriving coastal communities, Charleston offers a reasonable cost of living according to the ACCRA Cost of Living Index. This quarterly survey compares relative living costs for middle-management households among U.S. metropolitan areas and cities. Charleston residents also get a break when it comes to taxes, with the area’s state and local tax burden significantly lower than the national average.

Healthcare: With more than 2,000 physicians and a strong commitment to medical research, the Charleston region offers a vital health and wellness community. Several nationally recognized hospital systems serve the region, as well as numerous medical centers considered among the best in the United States. In all, more than 30,000 people are employed by the local healthcare industry.

Arts & Recreation: Charleston area residents actively support the performing and visual arts, including a world-class symphony orchestra, a ballet company, several stage companies, a number of museums and a growing base of art galleries. In fact, AmercianStyle Magazine lists the Charleston area as one of the top 10 art destinations in the United States. For the outdoors enthusiast, acres of freshwater lakes, a large national forest, miles of beaches and 160 parks provide the perfect setting for numerous outdoor activities, including sailing, kayaking, fishing, hiking, hunting, windsurfing, paddle boarding, water skiing, and etc.

ATLANTIC


Quality of Life

Local Lifestyle With a mild year-round climate, miles of beaches and waterway, a burgeoning art scene and several up-andcoming neighborhoods, it's no wonder people who visit Charleston have a hard time leaving. The region is becoming the destination of choice for today's young and experienced professionals. Cited as the "best place to live" on the East Coast by Outside magazine and a "job market leader" by Bizjournals,

ATLANTIC


Education

For the third consecutive year, The Citadel has been recognized by U.S. News & World Report as the top public college in the south for institutions granting up to a master's degree.

More than 38 percent of Charleston County residents 25 or older have a bachelor's degree or higher. Nationally, the average is 28.5 percent, and statewide, fewer than one in four While the internationally renowned have such a credential. More than half the adults who moved to Charleston South Carolina Corps of Cadets is County from other states in recent years the traditional centerpiece for our were college graduates, helping boost the college, we also operate noncounty's rate of educational attainment military degree and certification well above the state and national programs in The Citadel Graduate averages. Higher education is an College and the Evening important sector in the local economy, Undergraduate Studies program, occupied by many institutions such as the which appeal to people interested Medical University of South Carolina, in furthering their education or College of Charleston, The Citadel, The careers. (CRD) Military College of South Carolina, and Charleston School of Law among others. One of the city’s most recognizable sites is the Arthur Ravenel Jr. Bridge, the longest cable-stayed bridge in the Americas. (CRD)

U.S News & World Report: MUSC is state’s No. 1 hospital “The recognition as South Carolina's No. 1 hospital is particularly gratifying for the dedicated teams of physicians and staff who provide high quality care every day, but also teach the next generation, and test new discoveries.” (CRD)

ATLANTIC


Education

The College of Charleston has been a proud sponsor of happy students since 1770.

This is how you always dreamed college would be: An exciting, world-class education in an exciting, world-class city. Where a school day might start with an outdoors discussion of international economic policy and wrap up with a sunset bonfire at the beach. Where a walk home from the library includes free admission to an open-air jazz concert. This is the College of Charleston. This is the good life. Charleston is the best small city in America. Period. There's simply no other town that combines the laid-back beauty, rich history, vibrant culture and diverse social life of our hometown. The College of Charleston campus is more like a hip, vibrant neighborhood than a fenced-off institution. You'll live and eat in modern residence halls and fresh campus restaurants just steps from the heart of historic downtown. You'll be busy, but the best kind of busy. Busy trying to squeeze in a trip to the county park's climbing wall between volunteering at a charity dance marathon and attending your roommate's art opening. With more than 200 student clubs and organizations, there's no better place to meet new people, try new things and get involved. With more than 240 years in the business, we've learned a thing or two about keeping our students happy, healthy and successful. Come for a visit and we'll show you what makes our college and our college life so special. (COFC.org) Charleston School of Law Where Traditions Meet Opportunity “The Charleston School of Law offers students the unique opportunity to study the time-honored practice of law amid the beauty and grace of one of the South's most historic cities, Charleston, South Carolina.� www.lsac.org

ATLANTIC


Employment Growth

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Employment Growth Port of Charleston 

Boeing led South Carolina in new investments in 2013

Led by several Charleston area firms, South Carolina hauled in $3.35 billion in capital investments from industry last year, an amount that eventually will translate into 12,832 new jobs for the Palmetto State. By the numbers for 2013 S.C. capital investment by industry $3.35 billion No. of jobs 12,832 No. of projects 101 Charleston area’s biggest announcements: Boeing $1 billion 2,000 jobs by 2020 Google $600 million No. of jobs not announced Benefitfocus $60 million 1,200 jobs Weber Auto. $51 million 84 jobs Source: S.C. Commerce Department

The Port of Charleston is one of the busiest container ports along the Southeast and Gulf coasts and is recognized as one of the nation’s most efficient and productive ports. The Port of Charleston handles approximately 1.5 million TEUs (twenty-foot equivalent units) of cargo a year. The Port currently operates five terminals in the region. The Port has also recently begun site preparation on a new terminal to be constructed on the former Navy Base Complex. The new $800 million facility is slated to open in 2017, providing room for expansion and additional capacity. In addition to cargo operations, 67 cruise ships call on the Port of Charleston each year. Carnival Cruise Lines recently made Charleston an embarkation point with weekly voyages setting sail from Charleston. (Charleston Region) Manufacturing

The region is focused on the development of a number of industry clusters as targets for new jobs and investment including: Aviation Aerospace, Automotive, Biosciences, Advanced Security, Creative and Transportation and Logistics. In the past several years the region has attracted a number of large new facilities in each of these sectors. This growing manufacturing base is providing new, high skilled, higher paying jobs for the region. (Charleston Region)

And that trend should continue into 2014 as the economy improves, a Wells Fargo economist said. Skipper, spokeswoman for the state Commerce Department. (CRD)

ATLANTIC


Employment Growth

Boeing creating new jobs 

South Carolina hauled in $3.35 billion in capital investments from industry last year, an amount that eventually will translate into 12,832 new jobs for the Palmetto State. There are over 101 different projects being developed. Boeing has also brought in a lot of business to Charleston’s economy with adding over $1 billion in its Charleston location and creating 2,000 jobs by 2020. It currently employs 6,600 in North Charleston. In December, Boeing closed on a deal for 468 more acres near the airport without saying specifically what it will be used for, but a wetlands mitigation plan for the property shows its flight line increasing from seven to 16 stalls for completed 787s and its main assembly building growing by about two-thirds.

About the South Carolina Ports Authority The South Carolina Ports Authority, established by the state's General Assembly in 1942, owns and operates public seaport facilities in (The Post & Courier By Warren Wise) Charleston, Georgetown and Greer, handling Benefitfocus international commerce valued at more than  Google is reported to invest in over $600 million to $63 billion annually while receiving no direct the Charleston area and Weber Auto is said to bring taxpayer subsidy. An economic development $51 million and creating over 84 jobs to the engine for the state, port operations facilitate Charleston area. Software-maker Benefitfocus 260,800 jobs across South Carolina and nearly helped close out 2013 with a bang. It announced in $45 billion in economic activity each year . (Port Authority)

Charleston peninsular projects could pump $1 million into downtown economy. When construction is completed on all the downtown projects, jobs will be created. Probably hundreds of them. The Midtown project alone will bring 200 jobs in hotels, retail and offices, according to Stuart Coleman with CC&T real estate development company. (The Post and Courier)

December that it will add 1,200 jobs and invest $60 million to expand its Daniel Island technology campus. The trend should continue into 2014 as the economy improves, a Wells Fargo economist said. Boeing’s North Charleston campus led the list of most new jobs promised and highest investment announced, according to Allison. (Charleston Regional Business Alliance)

ATLANTIC


Employment Statistics

Charleston Regional Development Alliance

ATLANTIC


Workforce Growth

The Best Mid-Size cities for Jobs-No.5: Charleston-North Charleston-Summerville, S.C.

Charleston Regional Development Alliance

ATLANTIC


Workforce Growth

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Return on Investment Investment Sales Soar in Charleston in 2013 Sales of commercial buildings last year in Charleston totaled $551 million, 21% more than the previous record set in 2012 and 32% ahead of 2011’s volume. Including land, and the record $350+ million Kiawah transaction, the aggregate is just shy of an astounding $1 billion. Leading the way for sales of existing buildings were apartment communities, then shopping centers, followed by office building transactions. (Colliers International) “The Port of Charleston is one of the busiest container ports along the Southeast and Gulf coasts and is recognized as one the nation’s most efficient and productive ports.” (Port Authority) Road improvements in Charleston With Charleston’s rapid growth, there is a demand to continue to make Charleston beautiful and easily accessible. $38 million was put into improvements in the city which included a new transportation spending plan for the tri-county area. In addition, Berkeley County received $23 million for a Clements Ferry Road widening project and about $5 million for improvements to College Park Road. (CRD)

Retail Market

Chamber of Commerce says...

“Charleston has become a recognized hotspot The Charleston retail market continued to improve since mid-year 2013 with increased occupancy rates and new for new business investment, while also offering construction. National tenants are showing a greater the natural beauty, world-class culture and interest in Charleston. Bass Pro Shops, Southern Season, historic charm that have made the area such a H&M, Chipotle and Madewell all opened stores or popular visitor destination. New and expanding announced plans to locate to the market. Mixed-use business activity, combined with growth among developments in Charleston’s urban cores continued to the region’s main economic sectors, is providing bring new street level retail to apartments, hotels and expanding job opportunities for both residents office buildings. Much of this is complimentary shop and newcomers.” space, but in some proposed developments, there are -Charleston Chamber of Commerce more significant junior anchor components. (Colliers International)

ATLANTIC


Return on Investment With a business-friendly tax and incentive structure, Charleston area companies are able to hold down operating costs while improving their ROI. Corporate Income Tax South Carolina’s positive business environment starts with its corporate income tax structure. Businesses located in South Carolina benefit from:  5% corporate income tax, among the lowest in the nation  Corporations engaged in multi-state operations are taxed only on the portion of income derived from doing business in South Carolina.  The basis for South Carolina’s gross corporate income and taxable corporate income based primarily upon a corporation’s federal gross income and taxable income.  Numerous credits and methods to reduce and eliminate corporate income tax liability  (South Carolina imposes an income tax on individuals at graduated rates ranging from 0% to maximum rate of 7% for income over $13,800. Property Tax  In South Carolina, only local governments levy property taxes.  There is no state tax on real or personal property, and there is no tax—state or local—on inventories, intangibles or pollution control equipment.  A local millage rate is applied to assessed value to determine total annual tax amount.  Millage rates are set annually by the local governments. Local property tax assessment rates  10.5%: Manufacturer’s real and tangible personal property  10.5%: All other tangible personal property  6.0%: Other real property  4.0%: Qualified, owner-occupied residential real estate

Charleston Regional Development Alliance

ATLANTIC


Return on Investment To offset property tax liability, qualified companies may take advantage of one of the two following incentives programs: Five-Year Property Tax Abatement Companies may apply for a five-year exemption from county property taxes Fee-In-Lieu of Property Tax (FILOT) This discretionary local incentive allows qualifying companies to negotiate a fee instead of paying property taxes. Research & Development Credit  Designed to reward companies for increasing research and development activities in a taxable year.  Offers a credit equal to 5% of the taxpayer’s qualified expenditures for R&D made in the state.  Unused credits may be carried forward for 10 years. Job Development Credit With the approval of the South Carolina Coordinating Council, qualified companies are provided funds to help offset the cost of locating or expanding a business facility in the state. Effectively, the credit uses the state withholding taxes of new employees to reimburse the company for eligible expenditures including: Utility upgrades Fixed transportation facilities Real estate (site or building improvements) Manufacturing pollution control equipment Approved training costs Employee relocation expenses for technology-intensive facilities, R&D and certain corporate headquarters

Charleston Regional Development Alliance

ATLANTIC


Charleston In The News

Q4 2013 Charleston Industrial Market Report Sales Dominate Fourth Quarter    

 

The Charleston industrial market experienced additional improvement during fourth quarter, continuing a trend of declining vacancy that began in 2012. At the end of 2013, the vacancy rate fell to 8.4% from 9.5% ,the previous quarter and from 10.9% a year ago Existing product larger than 75,000 SF is almost completely absorbed. Net absorption for the quarter was 384,053 SF and for the year was 1,141,422 SF. Leasing activity in smaller facilities continued its strong pace as trade suppliers expand and new ones moved to the area. As supply has tightened with decreasing vacancy, average lease rates increased during 2013 and should continue to rise. Construction costs are rising nearly 15% year-over-year for steel and other key items. Fourth quarter’s lease activity was characterized by a large number of leases in the 25,000 SF – 75,000 SF range and one larger lease, Husqvarna leasing 450,000 SF at 1116 Newton Way in Summerville. Yet the total net absorption was very strong compared to the previous several years. (Colliers)

Charleston’s rapidly growing ... Knowledge economy received another national acclaim as four local technology companies were ranked on the 32nd annual Inc. 500 | 5,000 Fastest Growing Companies in America list by Inc. Magazine. Seven additional Charleston--‐area technology companies made the Inc. 5,000 list.  SPARC ranked no. 15  Omatic Software no. 190  BoomTown no. 433  Blue Acorn no. 476.

Quality of Place “Anyone who's been here understands the Charleston allure. It's no wonder more than 33 new residents are added to the region each day. In addition to Charleston's acclaimed culture, cuisine, entertainment and beaches, residents here enjoy a diverse range of housing options, one of the most impressive medical hubs in the Southeast, and a mild year-round climate – all at a cost of living below the national average.” (Charleston Regional Development Alliance)

(Charleston Regional Development Alliance)

ATLANTIC


Charleston In The News "Visiting the Charleston area is a unique experience for many reasons," says Frank Fredericks,"

This marks the third consecutive year that Charleston has been named the top U.S. travel destination by a leading national magazine. While this is the first time Charleston has appeared in the coveted No. 1 position on the Travel + Leisure World’s Best Awards list, the historic seaport city previously earned the top spot in 2011 and 2012 with Condé Nast Traveler Readers’ Choice Awards.  (Explore Charleston)   Last year, 4.83 million visitors pumped $3.58  billion into the Charleston area economy, according to the College of Charleston’s Office of Tourism Analysis.

Charleston Statistics: Population: 111,043 Median home cost: $229,700 Cost of living: 10.8% higher than average Unemployment: 7.1% (Charleston Regional Development Alliance)

An upscale fashion retailer is planning to open a store on King Street. Michael Kors, which sells men’s and women’s clothing and accessories, has submitted plans to the city of Charleston for a store at 263 King St. (Charlestonbusiness.com)

“From the nationally recognized restaurant scene and exquisitely preserved historic district to the surrounding miles of pristine beaches and barrier island resorts, the Charleston area offers a rare combination of sophistication, living history, natural beauty, and world class hospitality.” (Frank Fredericks)

Bon Appétit magazine’s September 2011 issue  names HUSK restaurant in Charleston, SC “The Best New Restaurant in America,” and prominently features Executive Chef Sean Brock’s signature Skillet-Roasted Chicken on the cover. The issue spotlights the magazine’s annual Top Ten Restaurants of the Year list. This honor comes as  HUSK enters its eleventh month of business in a year marked by tremendous acclaim and media accolades—highlights of which include being named Best New Restaurant in the South by Southern Living (January 2011); a feature story by The New York Times restaurant critic Sam Sifton (February, 2011), and many others. (Bon Appetit)

Don’t-Miss" Charleston Restaurants. The food scene in this iconic city keeps getting better; you could stay for a week and still not discover all the great meals. Article: Warner McGowin (Southern Living)

(Charleston Regional Development Alliance)

“However, thanks to the collective effort of all the people who call this great American city home, we’ve turned this old town around and made it into a world-class travel destination and a great place to live. So enjoy this moment, everyone. We may never have another like it.” (City Paper)

ATLANTIC


Charleston In The News

Best Places for Jobs

Forbes ranked Charleston MSA #5 among U.S. mid-size metros and #29 overall as a best place for jobs

Forbes.com May 2012

Top 10 Fastest Growing Cities for Software and Internet Technology

Charleston ranked top 10

Fast Company June 2012

Top Mid-Size Cities for Jobs

Charleston-North CharlestonSummerville ranked #5

Top U.S. Destinations on the Rise for 2012

Charleston ranked #10

Top Downtowns 2012

Charleston ranked #2

Healthiest Small-business Climates in the South

Charleston ranked #6

Top 21 Places to Go in 2012

Charleston named as one of the top places in to in the world

Fodor's Travel 2012

Top State for Doing Business

Earned #2 based on the $3.37 billion invested in new and expanding businesses in the area and 21% manufacturing growth in 2011

Area Development Fall 2012

Charleston experienced the Best Manufacturing job growth largest growth in manufacturing jobs of any US metro area

Forbes May 2012 TripAdvisor January 2012 Livability.com 2012 On Numbers April 2012

Brookings Institution Report May 2012

Best Performing Cities 2011

Charleston- North Charleston ranked #11 US market for jobs, economic growth

Milken Institute December 2011

Top "Brain Gainer"

Charleston Metro area ranked #1 for biggest growth over past decade in percentage of adults with college degrees

Wall Street Journal October 2011

Top Food & Wine Destinations in the U.S.

Charleston ranked #4

TripAdvisor Travelers' Choice Destination Awards 2011

World's Best City

Charleston ranked #3 in the world

CNNGo October 2011

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Charleston In The News Description

Publication/ Date

Best State to Achieve the American Dream of Economic Prosperity

Award

Charleston ranked #4

American Dream State Ranking Report March 2014

#1 Best City in the US

3rd consecutive year Charleston winning Best City in the US

Conde Nast Traveler 2013

Charleston ranked #3 due to Best cities for Young Entre- its IT jobs availability, high growth rates, and the Charlespreneurs 2013 ton Digitial Corridor

Under30CEO.com March 2013

Best Master-Planned Communities in the U.S.

Daniel Island selected among the top 50 master planned communities

Where to Retire June 2013

Top City in the U.S. and Canada

Charleston voted #1 World's Best Awards Survey

Travel + Leisure July 2013

Charleston made StateTech's Top twelve technology hubs list of the top twelve tech hubs State Tech November 2013 in America in America #5 for best perming U.S. Metro Best Performing U.S. Metro for high tech GDP growth and for high tech GDP growth #11 for economic growth

Milken Institute December 2013

Top Location for Retirement

Charleston selected as one of Retirement and Good Living the top locations for retirement 2013

#1 City in the World

Charleston beat 10 other competitors as "Best City in the Conde Nast Traveler OctoWorld" due to its charm, amenber 2012 ities, and culture

Best Places for Business and Careers in the U.S.

Charleston- North CharlestonSummerville ranked #34

Forbes June 2012

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Real Estate Climate

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Real Estate Climate

*Information provided by CRDA and charleston-sc.gov

ATLANTIC


Why Invest in Charleston  
Advertisement
Read more
Read more
Similar to
Popular now
Just for you