The renaissance of the Charleston business community is remarkable, given the setbacks this community historically endured. After surviving both the American Revolution and the Civil War, Charleston survived the Great Earthquake of 1886, Hurricane Hugo in 1989 and the closing of the 95-year-old Charleston Naval Base and loss of 23,000 jobs in 1996.
Most economists predicted double-digit unemployment and depression for the local economy following the base closure, but the business leaders had other ideas. Thanks in large part to an aggressive business recruitment campaign launched by the Charleston Regional Development Alliance, the area economy actually went in the other direction.
The public-private partnership helped the community attract 120 companies to the three-county region, generate more than $2 billion in capital investment and create 12,000 new jobs between 1995 and 2001.
Software developer Blackbaud recently
expanded to a new office building on Daniel Island.
The alliance is building upon that success to focus its business recruitment on technology-intensive companies. New targets include medical device and laboratory equipment makers, electronics component manufacturers, pharmaceutical and biotech companies, and software developers.
"Charleston brings a tremendous amount to the table for high-tech firms," says David Ginn, president and CEO of the alliance. "Aside from being a very appealing place to live, with its rich history, diverse culture and recreational opportunities, the region offers an outstanding business climate with generous incentives, work-force training programs and a talented labor pool."
Inc. Magazine also recently named Charleston one of America's top 10 small metros for starting a business, Ginn adds.
Another strong drawing card for the region is the Port of Charleston. Consistently rated the nation's most productive container port, the port handled a record 13 million tons of cargo in its last fiscal year -- second only to the Port Authority of New York and New Jersey on the East and Gulf coasts.
Some 45 international shipping companies connect with 110 truck lines and two major railroads at the Port of Charleston. An estimated $79 million in international cargo moves through the port every day to markets in 140 countries.
The port is a major reason why large industrial manufacturers like Bayer, DuPont, Amoco, Westvaco and Robert Bosch have long operated R&D centers in the region. It also helps these and other industries that the Medical University provides more than $113 million in research support every year.
"We have made a specific effort to hire people who understand the interface between the university and industry," says Dr. Ken Roozen, executive director of MUSC's Foundation for Research Development. "The foundation has been very effective in licensing technology developed within the university to existing companies, as well as creating numerous university spin-off companies."
-- Ron Starner
