Charleston

Charleston has found global stature after two-decades of developments, focused effort, and a pro-business environment. The largest city in South Carolina, Charleston is 74th largest among U.S. metros and experiencing rapid population growth. This growth contributes to the region’s labor force that has grown 3 times the national average. The region also enjoys one of the most experienced and educated workforce populations in the nation with 43% of residents with a bachelors or advanced degree.

80% savings on inland distribution to key Eastern metro areas
72 Million US consumers live within a 2-day drive
29 days from Shanghai to Memphis
1st in port of call service via new MSC

Port of Charleston

Most Productive Port in the US

Charleston Harbor has been a key economic driver for more than 300 years. Work to deepen the harbor and infrastructure improvements enhances port operational performance, movement of cargo, and ensures South Carolina’s economic success in the future.

The new Hugh K. Leatherman Terminal along the Cooper River in North Charleston brings a state-of-the-art container terminal with enhanced capacity and ability to handle TEU vessels. Ship-to-shore cranes with 169 feet of lift height above the wharf deck outfit the terminal with some of the tallest cranes on the East Coast.

North Charleston Terminal (NCT), located only 22 miles from the site, is a high-velocity connection to global markets equipped with six post-Panamax container cranes, a fleet of Konecrane RTGs, and state-of-the-art IT systems.

Deepest harbor on the U.S. East Coast at 52 feet

TEU Growth +20% Total Jan-Sept YOY

Terminal container capacity increased by 50%

Hugh Leatherman Terminal Phase 1 Opened March 2021

SCSPA Infrastructure $2 Billing CAPEX plan in 3 phases

2.4 million TEU capacity at full build out

Harbor deepening complete mid-2022

Vessel size up to 19,000 TEU

Economic Drivers

Walmart
New 3,000,000 SF DC to utilize the Port of Charleston.

Volvo
1.1 billion manufacturing campus expansion with an electric battery manufacturing facility.

Boeing
Consolidating production of the 787 Dreamliner to its existing 4 million SF campus spanning 900 acres.

Mercedes Benz
Investing $500 million into a new 200-acre manufacturing and assembly line for next generation sprinter vans.

Charleston International Airport
Announced a $305 million plan for a third concourse addition.

Port & Warehouse Drivers

• Panama Canal expansion is complete
• Consumers demand faster, cheaper delivery
• Outbound delivery from the DC is becoming more time and cost critical
• Improved delivery times and cost for Eastern e-commerce
• FTZ offers substantial logistics and economic benefits
• 100,000 lb. GVW limit
• Diverse port usage needed to mitigate risk
• Lower DC operating costs
• Max allowable Hours of Service
• Large-reliable empty container supply
• No inventory tax
• Nimble and creative building ownership
• Palmetto Service connecting Vietnam, Yantian, and the East Coast

State Incentives

Job Tax Credit – Statutory
Reduce corporate income tax liability for new or expanding companies creating jobs in the state. Tax credit given annually for 5 years for each new job if requirements are satisfied.

Corporate Headquarters Credit – Statutory
Income tax credits to partially reimburse for real and personal property expenditures associated with new headquarters related jobs.

Investment Tax Credit – Statutory
A one-time credit against a company’s corporate income tax of up to 2.5% of a company’s investment in new production equipment.

Port Volume Increase Credit – Discretionary
Possible income tax credit or withholding tax credit to manufacturers, distributors or companies engaged in warehousing, freight forwarding, freight handling, goods processing, cross docking, transloading or wholesale of goods.

County Incentives

Fee-in-Leu or Property Tax – Discretionary
Reward substantial investment by reducing ax burden over the long-term.
Potential tax reduction annually, on a discretionary case-by-case basis, for a set period of time on new capital investment.

Special Source-Revenue Credit – Discretionary
Reduces property taxes paid by business

Recruitment and Training Support

Ready SC
No cost recruitment, screening, testing and pre-employment training when hiring 15-20 production workers; on-the-job training reimbursement possible when hiring less than 15 new employees.
Enterprise Zone Retraining Credits
Cash match of up to $2,000 per employee.

Potential user types
Automotive Manufacturing
Consumer Goods Distribution
Refrigerated/Frozen Exports
Transloading Resin & Grain
Tire Manufacturing & Distribution