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