South Carolina Ranked 19th Best State for Business in 2024

News Summary

South Carolina has been ranked the 19th best state for business in 2024 by CNBC, with particular strengths in cost of doing business and infrastructure. Local businesses, including the Lowcountry Oyster Co., are expanding, and clean energy initiatives are on the rise. The state is fostering a supportive environment for entrepreneurs and family-owned enterprises, ensuring a bright economic future for residents.

Exciting Times in South Carolina!

Columbia, the vibrant capital of South Carolina, is buzzing with good news for residents and businesses alike! The state has just been named the 19th best place for business in America for 2024, according to a comprehensive analysis by CNBC. This ranking highlights South Carolina’s commitment to fostering a thriving business environment, solidifying its position as a key player in the southeastern U.S. economy.

Breaking Down the Rankings

While South Carolina secured an impressive 10th place for the cost of doing business, which obviously is a big thumbs up for entrepreneurs looking to set up shop here, there are a few areas that have room for improvement. For instance, the state found itself languishing at 40th place for access to capital, highlighting a concern for many budding businesses. However, on the brighter side, South Carolina also made notable appearances in other categories, where it ranked:

• 11th for infrastructure
• 17th for workforce
• 12th for economy
• 39th for quality of life
• 28th for technology and innovation
• 27th for business friendliness
• 28th for education
• 27th for cost of living

Virginia took the crown as the best state for business, while Hawaii unfortunately ended up at the bottom of the list.

Lowcountry Oyster Co. Expands Its Horizons

Lowcountry Oyster Co. is gearing up to expand operations with a brand new seafood processing and cross-dock facility in Green Pond, South Carolina. This expansion comes at a hefty investment of $6.4 million and is set to create around 30 new jobs in Colleton County, providing much-needed employment opportunities in the region.

This new facility is poised to be groundbreaking, featuring a state-of-the-art chilled water wet storage system and climate-controlled processing areas. The center will boast over 10,000 square feet of refrigerated space, enhancing production capacity from 5,000 oysters to an impressive 20,000 oysters per hour. Not just for oysters, this facility is expected to cater to other seafood producers and buyers as well!

The expansion is even supported by a grant from the South Carolina Department of Agriculture’s Growing Agribusiness Fund, which aims to help companies engaged in various agricultural processes.

Clean Energy Initiatives on the Rise

There’s also some movement in the clean energy sector as Columbia is collaborating with local companies to breathe new life into a hydrogen refueling station. This clean energy initiative is set to establish the station as a demonstration hub for future hydrogen projects, including a welcoming hydrogen bus system. The local mayor highlighted the expected community benefits that come along with transitioning to cleaner energy solutions, focusing on enhanced safety and efficiency at this essential fueling station.

Family Business Luncheon on the Horizon

South Carolina is clearly making strides! Between the growth of local businesses, innovative clean energy projects, and resources for family-owned companies, residents can look forward to a bright future. Whether you are an investor, entrepreneur, or family business owner, opportunities abound to make this state an even better place to live and work. Cheers to South Carolina’s continual growth and success!

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