Spartanburg County Prepares for a Boom as It Approaches $1 Billion in Pledged Investments for 2024
Spartanburg County is capturing all the attention these days, and that too for all the right reasons! We are all aware of the economic vibrancy and the manufacturing hub that the region is gradually transforming into. But the recent surge in financial commitments from multiple companies into next year blows our minds away. Yes, you heard it right; the sum total is closing in on the mega-billion-dollar mark!
Another Feathery Investment Announcement
As the vibrant autumn leaves adorned the streets of Spartanburg this October, there was more exciting news brewing in the County. On October 22, yet another manufacturing company announced its investment plan for the coming year. Trust us, itโs not just a small amount weโre talking about but a whopping $47.9 million!
Automotive Supporter Benteler Automotive Corp Enhances its Commitments
Amplifying local economic cooperation, Benteler Automotive Corp. has decided to grow in Spartanburg County, elevating its pledged investments even higher. The global automotive supplier announced that it would be funneling these millions into its ongoing manufacturing and assembly unit thatโs been up and running since 2006. So, what’s on the improvement list? From machinery to fixtures, from furnishings to the building itself โ everything is set for an upgrade!
Chad Nelson, the apt and diligent Plant Manager of Benteler in Spartanburg, shared his excitement in a statement. He mentioned, โThis investment will enable us to enhance our equipment and facilities technology to back up the booming automotive industry. It’s a mirror image of our ceaseless commitment to the automotive industry and Spartanburg County.โ
Scores and Goals of Spartanburg County Council
The County Council seems to be working in harmony with these thriving industries. We’ve heard that they approved a fee-in-lieu-of-taxes (or FILOT) pact with Benteler Automotive Corp., guaranteeing stable income for the county and a tax breather for the company.
At a recent meeting in October, David Britt, Vice Chairman of the County Council and Chair of the Economic Development Committee, expressed his contentment about the company re-investing in Spartanburg. And guess what, he also revealed that the county is pacing well to shoot past $1 billion in pledged investments this year.
The Growth Snapshot
Just touching on some numbers here. For those who didn’t know, the county crossed the billion-dollar mark last year and added 1,146 fresh jobs to the local economy. This year, the tally is already standing strong at $914 million in pledged investments. And thatโs not all! Added to this, fresh 1,058 jobs have also been created.
In the End
Without a doubt, manufacturing has become the cornerstone of Spartanburg County. And Benteler’s expansion plans only re-affirm this growing trend. As we approach the end of another successful year, one thing is clear; we can only look forward to more growth, development and success stories from this region. And rest assured, weโll keep you posted on all such exciting updates from the heartland of South Carolina!
