| Business Climate |  |
 Situated at the convergence of the Ashley and Cooper Rivers, Charleston is home to one of the most historic seafaring commercial towns on the Eastern seaboard. With nearly 300 years as a center for commerce, the Holy City continues to thrive today.The region boasts nearly every branch of the U.S. military, which is the largest employer in the region. Not only do various military branches call Charleston home, but organic growth in many related fields such as defense and allied contracting continues to expand. Over time, several large defense firms are expected to begin operations in the region, bringing along with them a wide range of employment opportunities and stimulating growth in other industries. Expansion Management magazine recently ranked Charleston among the nation’s top 25 cities for business expansion and named it a five-star metro for logistics, among the top 20 percent in the country. Not surprisingly, merchant seaborne commerce thrives in Charleston, made evident by the numerous former wharves along East Bay Street, many of which date back to the early 17th century. The more modern shipping piers at the Wando Terminal see more container ships move through their shipyards than most others in the United States. The State Ports authority contributes an estimated $3.3 billion to the local economy as well as around 55,000 port-related jobs. The higher span of the new Cooper River Bridge is expected to increase traffic, particularly among super-container ships. Supporting Charleston’s business environment is its strong real estate industry, which has seen a boom in recent years as growth in the region continues. Developers and investors find the metropolitan area – home to over 500,000 individuals – to be conducive to growth and expansion. Not only is this a business climate welcoming to large businesses such as developers, but to cottage industries that thrive in the area as well. In 2006, Entrepreneur magazine ranked Charleston number two in the country among mid-sized metros for “Hottest Cities for Entrepreneurs,” and Southern Business & Development magazine ranked it among the top 10 “Mid-Size Markets with Highly Diverse Economies.” One of the region’s greatest economic forces is the tourism industry, which has an estimated $5.7 billion impact on the local economy. Many businesses are seasonally based; tourist and visitor-oriented firms certainly experience a marked decline in foot traffic and revenues during the colder months. Fortunately, most businesses benefit from the fact that the warm weather lasts from February until October. The field of biotechnology is making its first major inroads into the region with the announcement of the MUSC bioengineering campus, expected to be completed in 2009. This primarily oncological research facility is expected to spur many ancillary jobs, as well as draw a great deal of highly educated, highly paid workers into the metropolitan area. Historically, Charleston has shown a vibrant, elastic and resilient economy that has weathered many storms – both literally, as she is a city that sits below sea level, and figuratively, as in the economic downturns that have beset this city. The most recent economic data supports this and analysis compiled by a number of well-known economists places Charleston regularly in the ranks of the top metropolitan areas in the country for friendliness to business interests, economic growth and attractiveness to industry looking to relocate here. CHARLOTTE OBSERVER FILE PHOTO
Medical University of South Carolina (MUSC) Charleston Air Force Base Charleston County School District Roper St. Francis Healthcare Berkeley County School District Piggly Wiggly Charleston County Dorchester County School District II Wal-Mart Robert Bosch Corp. Trident Health System Hospital system Santee Cooper MeadWestvaco City of Charleston Bi-Lo Stores U.S. Postal Service College of Charleston Ralph H. Johnson VA Medical Center South Carolina Electric and Gas Co. Blackbaud, Inc. City of North Charleston Giant Cement Co. Nucor Steel Detyens Shipyards, Inc. Berkeley County Food Lion Kiawah Island Golf Resort Prudential Carolina Verizon Wireless Global Aeronautica (Vought Aircraft/Alenia Aeronautica) U.S. Coast Guard Alcoa Mt. Holly East Cooper Regional Medical Center Goodwill Industries McDonalds Corp. South Carolina State Ports. Authority Sticky Fingers The Citadel The Post And Courier Trident Technical College Williams Technologies Source: Charleston Metro Chamber of Commerce, 2006 |
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