RED VENTURE LLC TO INVEST $27 MILLION IN NEW LANCASTER COUNTY OPERATIONS
Gov. Mark Sanford today joined with the Department of Commerce and Lancaster County community in welcoming Red Venture LLC as they expand operations and move their headquarters to South Carolina. The decision by Charlotte-based Red Venture LLC, an internet technology company named the 17th fastest growing private firm in the United States by Inc. magazine last year, will mean 1,000 new high-paying jobs and a $27 million investment for Lancaster County.
"This announcement represents yet another dividend from our state's continued efforts to improve business soil conditions and attract capital investment to South Carolina," Gov. Sanford said. "Our push for competitiveness is one that doesn't begin or end with any specific economic development announcement, but Red Venture's decision to put down roots in our state speaks to this larger notion of persevering in the face of incredible odds - including today's very challenging economy. I'd thank Secretary Taylor and our Commerce Department, as well as the numerous local advocates, County Council members and economic developers in Lancaster County, who helped land this indeed sizable win for our state - and encourage them to keep up the good work."
The South Carolina Department of Commerce has seen back-to-back record-breaking years in terms of capital investment: $4.05 billion invested and a record 15,666 jobs in 2007, and $4.1 billion in 2008 (a 52 percent increase from 2005) and 19,000 jobs recruited in 2008. There are also 82,500 more people working in South Carolina than in 2003, a growth rate of 4.7 percent - ranking 14th in the nation. South Carolina also continues to receive national recognition for its business-friendly environment. For example, the Commerce Department was one of 10 state economic development organizations to receive Area Development's Silver Shovel Award in 2009, and Commerce ranked #2 in the South in points per million residents by Southern Business and Development for the state's 2008 job recruitment efforts. South Carolina was also just named this month the #4 ranked destination state/province in all of North America by IBM Global Business Services in its Annual Report. As well, the Pollina Corporation, a Chicago-based corporate relocation publisher, has ranked South Carolina as one of the Top 5 "Most Business Friendly States" for the last three years, while Entrepreneur magazine ranked South Carolina 5th among the "Most Dynamic States for Entrepreneurs."