Spartanburg Embracing Economic Boom with Major Investments and Job Creation
In a determined push to accelerate the local economy and create job opportunities, Spartanburg County, South Carolina, has announced a comprehensive expansion strategy. This vigorous plan entails collaboration with numerous companies for property expansions, with significant investment on the cards.
Take for instance, the case of AFL Telecommunications. A reputable fiber optic manufacturer, they’re planning a significant nine-figure investment. This decision is a result of the company agreeing to a fee-in-lieu-of-tax agreement, effectively paving the way for Spartansburg County property tax breaks for nearly fifty years.
The County Council gave its final approval to this agreement on November 18, putting the future wheels of expansion in motion. Over time, the investment will witness a growth in facilities and additional equipment procurement.
The welcomed agreement will reduce the assessment rate from 10.5% to 4%, identical to owner-occupied homes, applied to property linked to the project for 40 years. Ultimately, AFL Telecommunications is set to create around 153 expected jobs, adding a substantial boost to the local labor market.
Ripple Effects of the Agreement
The company’s proposed investment is an impressive $156 million in the county. But the geographic benefits don’t stop there. The deal also involves the county providing $2.6 million in credits toward county property taxes over six years. Additionally, the county set a clawback provision in place, designed to ensure AFL sticks to the stated investment goals, ultimately introducing southern hospitality to the business world.
Other Benefiting Companies
AFL Telecommunications isn’t the only one receiving Spartanburg’s growth-friendly policies. Three other companies are set to invest tens of millions of dollars, assuming the role of agents of economic growth of the county. They include Cytiva US LLC, GXO Logistics Supply Chain Inc., and Ice Air Property Holding LLC and Ice Air (SC) LLC.
For instance, GXO Logistics Supply Chain Inc. plans to invest $41 million to expand its existing facility in the county, creating 300 jobs in the process. Vice Chairman of the County Council, David Britt, called it a “high-end logistics company” and regarded the county as being fortunate to have the company.
Incremental Economic Growth
All these investments supplement the county’s list of pledged investments, which are projected to cross $1 billion before the end of the year. In 2023 alone, Spartanburg enjoyed approximately $1.1 billion in capital investments, stimulating the creation of 1,146 new jobs.
Vice Chairman Britt, emphasizing the county’s explosive investment rate, holds a deep appreciation for the progress the county has made. Admittedly, he also recognises the corresponding traffic concerns stemming from the growth. Notwithstanding, he assured residents that the situation is being actively addressed.
This unyielding determination to thrive, coupled with a cocktail of industry investments and a supportive local government, is sure to position Spartanburg as a powerhouse in the steady nave of economic dynamism.
