Charleston SC Lifestyle: Business and Economy

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CHARLESTON SC BUSINESS AND ECONOMY

According to ACCRA Business Index figures, the Charleston area's cost-of-living composite for housing, health care, groceries, utilities, transportation, and goods and services is lower than average for American metropolitan areas, and the South Carolina tax burden is lower than the U.S. average for taxes on property, sales and use, individual and corporate income.

Charleston's economy continues to grow stronger, attracting new cutting-edge business and industry with competitive incentive packages that include tax exemptions and low-cost training and recruiting programs, less costly power rates, advanced skill and education of the local work force, as well as premiere transportation facilities and growing customer base. Charleston ranks among the top ten U.S metropolitan areas in percentage of college-educated residents. Between 2000 and 2006, the number of scientists, engineers and architects working in Charleston grew 41 per cent and the number of employees in information technology grew 40 per cent, while the same categories nationwide grew only one and five per cent, respectively.

The local business community features a wealth of high-tech industry, including advanced aviation systems and design (Global Aeronautica), pharmaceutical research and development (Nanoscreen), automotive technologies (Cummins Engine, Robert Bosch Corporation), digital media and software production (Booksurge, Blackbaud, Inc.), advanced security (Navigational Sciences), as well as urban planning and restoration (Clemson University Restoration Institute).

Charleston's economic prosperity has long been based on a diversity of vigorous enterprises, such as its port, medical university complex and tourism. The port of Charleston is the sixth-largest U.S. container facility, moving more than $55 billion in cargo annually. Serving 40 steamship lines and more than 150 countries, Charleston was named the most productive container port in the world by Maersk Lines, and continues to grow with a new 280-acre terminal scheduled to open in 2013.

The Medical University of South Carolina employs more than 10,000 professionals at its downtown Charleston medical complex, university campus and research center. Contributing more than $1.65 billion to the local economy, MUSC awards more than 800 degrees annually, develops more than $190 million for yearly research grants, and continues to attract bioscience businesses to the area.

Charleston's tourism industry attracts more than 5 million visitors and adds more than $5 billion to the local economy each year. For years, Charleston has been named by Conde Nast Traveler magazine as one of the top 10 travel destinations in the United States, and the beautiful atmosphere of the historic city, combined with its warm climate, stunning beaches, and first-class golfing and dining, has maintained a steady flow of tourist business regardless of the national economy.

 
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