Rock Hill and Chester County helped SC set a new mark for billion-dollar investments
South Carolina announced on Thursday it had more billion-dollar corporate investments in 2023 than in any year prior. The state has the Rock Hill region to thank for that.
All three capital investments at $1 billion or more came in I-77 Alliance counties. That economic development partnership includes York, Lancaster, Chester, Fairfield and Richland counties. Two of the three large investments came from the Rock Hill region.
South Carolina never had more than two billion-dollar announcements in any year, which happened only in 2014 and 2022.
Last March, the state commerce department announced that Albemarle Corp. would invest $1.3 billion and add more than 300 jobs in Chester County. The Herald reported a lithium hydroxide processing site would be built on almost 800 acres in Richburg, just off Interstate 77 to serve the electric vehicle and lithium-ion battery industries.
The Charlotte-based company said it would produce 50,000 to 100,000 metric tons of battery-grade lithium hydroxide per year at the Chester County “mega-flex” site.
In September, the S.C. Commerce Department announced QTS Data Centers would invest $1 billion in a York County technology hub. The Herald reported on the economic incentive deal for the project near Hands Mill Highway and Campbell Road in Lake Wylie. The QTS project only forecasts a dozen new jobs.
The other billion-dollar investment was the largest announced last year. Scout Motors announced plans to manufacture electric trucks and SUVs in Richland County, at a $2 billion investment set to create 4,000 jobs.
Many companies in the Rock Hill region got incentives, but have they kept their promises?
New business investment just off a SC record
South Carolina saw a record $10.3 billion in announced capital investment in 2022. That money came from 120 projects, with 14,083 projected jobs. About 60% of the projects involved domestic companies. None of the top 10 projects by investment or job count were located in the Rock Hill region.
The $9.2 billion announced in 2023 is second only to that 2022 high mark. The 81 projects last year came with 14,120 announced jobs.
In addition to Albemarle and QTS, silicone carbine manufacturer Pallidus in Rock Hill ($443 million) and roofing product maker IKO in Chester County ($363 million) rank among the top 10 investments announcements last year.
Electric vehicle, battery and alternative energy companies announced the most investment, by product type. About $7.2 billion came from new businesses, with $2.1 billion from expansion of existing sites. More than 11,000 of the 14,120 jobs are from new companies.
In a release of the 2023 totals Thursday, Gov. Henry McMaster said the state prioritized industry areas like electric vehicles and batteries that are key to long-term success. Such a strong year right after a record one is confirmation of what South Carolina can produce, McMaster said.
