South Carolina suffered tremendously from the recession but since then, the state's economy has recovered and is looking strong. It's year-on-year growth rate has been impressive and the economy is looking solid as it stands today. In fact, it has led to an increase in per capita income among households.
There are distinct advantages that South Carolina business owners, especially new ones, can enjoy. One of that is a relatively low tax burden. With a tax rate of 8.4%, it is one of the lowest in the US. The corporate tax income rate is 5% and sales tax at 6%. These tax policies depict the government's cooperation with the business industry and part of an effort to bring employment and investments to the state.
There is lots of optimism with the economic outlook of the state. Many of the small business owners in South Carolina believe that the state is a great place for a small business. But it is not without a challenge. For example, there is a high cost of living in South Carolina. In fact, it is higher than the national average. This could also translate to a higher cost of operating a business.
The unemployment rate is also higher than the national average. Depending on what industry your business in, it can be a challenge to find skilled workforce to join your business. For business insurance related info please refer to our more in depth article.
At the request of our visitors we've included the below local insurance contacts for most cities in South Carolina. No matter where you live in South Carolina, auto liability insurance is required for both bodily injury and property damage. While not required, you can also get comprehensive coverage, which covers floods, vandalism, theft, and more. The best way to compare car insurance quotes and determine which type of coverage is right for you is to use one of the contacts we have provided. You can get affordable rates for both the minimum coverage required and low cost comprehensive coverage at many different insurance companies. When it comes to your car, don't take any chances. Even a cheap auto insurance policy can save you thousands of dollars should you get in a serious accident. For additional information on traffic laws or driving schools please navigate to your respective state using the map. And for manufactured home insurance, please refer to the respective article.
South Carolina is situated in the Southeastern region of the U.S. Its largest city Charleston, is famous for historical landmarks and lighthouses. Its capital Columbia (named after famous navigator Christopher Columbus) on the other hand, is known for being "Famously Hot", as temperature during summer can get really high.
South Carolina is a haven for history buffs, families, or anyone who just wants to relax at the beach. There are many tourist attractions to enjoy in this state. Charleston's historic district, for example, is perfect for anyone who wants to see a glimpse of the past. The water parks and holiday resorts are perfect for the whole family, such as Myrtle Beach. If you want to avoid the crowd, then there's the Hilton Head Island.
South Carolina's service sector is the main driving force for its economy, thanks to lively tourism. Also, the coastal commercial seafood industry plays a huge role, along with its livestock and poultry sector.
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