South Carolina: Frontier of Globalization
A pro-business stance, foreign investment and effortless growth initiatives have helped the state evolve into a new frontier of globalization in the U.S.
In fact, South Carolina is consistently ranked in the top ten in the nation for doing business. Foreign-owned firms employ over seven percent of all workers and German-owned companies have the largest share of affiliate employment in the state.
More than 19,200 people are currently employed in German-owned businesses and in 2012, total trade volume with Germany exceeded $10.2 billion. It is a presence that has been growing continuously and progressively.
Globalization is more than an abstraction in South Carolina – it is a call to action. More than 124 German companies operate in South Carolina, from entrepreneurs to small and medium-sized businesses to global corporations, such as Adidas America Inc.; BMW Manufacturing Co., LLC; Bosch; Siemens Energy; and Continental Tire; - ranking the state third in the nation for globalization (2010 State New Economy Index).
South Carolina, tied with North Carolina, is the fastest-growing economy in the Southeast. Manufacturing, the state’s flagship of economic growth, experienced a more than 18 percent increase in output from 2010 to 2012. South Carolina leaders and industries know that a sustainable, highly trained workforce is critical in securing this growth.
South Carolina is a state shaped by a plurality of factors that attract new businesses and innovation. German firms are strong and leading in many fields, including manufacturing. Their success empowers the state, people and businesses with investment in capital – but also workforce development and vocational training. The state’s economic outlook is promising and German companies will benefit from the successful conditions present today.