CNBC gives high ratings to South Carolina’s workforce, cost of doing business, and economy, while US News & World Report notes its thriving economy and fiscal stability. Of all the US states, South Carolina has the fifth highest in-migration. The growing population supports businesses in many different industries.
A major driver of South Carolina’s success in attracting new residents and businesses is its incentive system. A strong believer in the power of business incentives to bolster its economy, South Carolina has a wide variety of tax exemptions, reductions, and credits in place. Its 5% corporate income tax is one of the lowest in the region.
Tourism is a large part of the South Carolina economy, bringing in over $21 billion a year and supporting 10% of South Carolina jobs.
South Carolina is a beautiful state with plenty of support for starting and growing a business. FranNet’s experts know the Palmetto State well, and they’re ready to help you choose a business that will thrive in South Carolina.