The Charleston area economy remains sound, attracting a growing number of industries, out-of-state relocatees and visitors. Charleston International Airport set a record in 2023 with more than 6 million travelers. Allied Van Lines’ 2023 Annual US Moving Migration Report revealed that not only was South Carolina the top inbound state for moves, but that Charleston was the top inbound city across the US and was the destination of 70% of those moving to our state! Check out the report if you’re curious to find out why people are moving here. Airlines - such as Air Canada, Breeze and Spirit - are responding to growing interest in Charleston by introducing new routes (including international ones), more non-stop flights and more frequent service.
Recent local industry news that has caught our attention…
Two Charleston-area companies, Pegasus Steel and Metal Trades LLC, have merged with Merrill Technologies Group, to form Keel Holdings, LLC, a new super Tier-1 manufacturer of “complex structures for the highest priority (defense) programs within the Navy, Army, and Air Force”.
Redwood Materials, a domestic recycler of lithium-ion batteries and remanufacturer of anode and cathode battery components for electric vehicles (whom we last reported on in our January 2023 newsletter), has broken ground for the first phase of construction at its Battery Materials Campus in Ridgeville. The entire project is set for 600 acres and a $3.5B investment, creating 1,500 new jobs, and with the objectives of addressing the need for domestic sourcing of supply while driving down costs and emissions.
SHL Medical, a Switzerland-based provider of advanced drug delivery solutions, is building a $150 million manufacturing facility in North Charleston, with plans to begin operations in mid-2024.
Elsewhere in the state, Tesla will soon open a regional distribution center for vehicle parts in Greenville County in 2024 and SpheroFill, an Aiken-based start-up biotech company, has earned an endorsement from the US National Science Foundation and the 2023 InnoVision Technology Award for its groundbreaking innovation to administer shots/vaccines orally through tiny glass bubbles instead of via injections.