Primary Season State Profile: South Carolina

Published by Peter Lawrence on Friday, February 19, 2016 - 12:00am

South Carolina’s economy has struggled in recent years as illustrated by the fact that nearly 14 percent of individuals in South Carolina had their income fall below the poverty level at some time during 2013, compared to 11 and a half percent for the country overall. Of all households in South Carolina, 32 percent are renters; of those, 24 percent, or nearly 136,000 individuals, are extremely low income.

Politics

Tax Credit Usage in South Carolina

In 2015, the South Carolina State Housing Finance & Development Authority (SCHFDA) approved $109 million in federal low-income housing tax credit (LIHTCs) for 20 affordable rental housing developments. Sixteen of the developments are new construction; 10 developments will be reserved for senior residents. As of 2013, SCHFDA has allocated more than $2.1 billion in LIHTCs helping to finance more than 28,000 affordable rental homes since 1987. In 2013, 28 percent of South Carolina’s LIHTC properties were rural and affordable homes for elderly residents comprised 23 percent of LIHTC allocations. To understand South Carolina’s LIHTC priorities, check out the state’s qualified allocation plan (QAP).

 

Blog Graph Snapshot: LIHTC Properties and Poverty Rates in South Carolina
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The LIHTC, new markets tax credit (NMTC) and historic tax credit (HTC) have combined to assist in the creation or rehabilitation of thousands of properties and the addition of more than 50,000 jobs in South Carolina. For other economic benefits the credits have created in the state, see the table below.

 

Blog Graph LIHTC, NMTC and HTC Use in South Carolina
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Renewable Energy Landscape

In 2014, South Carolina installed 1 MW of solar electric capacity, bringing the total to 13 MW, ranking the state 35th nationally in installed capacity. There are currently more than 51 solar companies at work in South Carolina, employing 1,800 people. While there isn’t currently any installed wind capacity in the state, but there are at least 17 facilities in South Carolina that manufacture components for the wind energy industry, including GE, which has a turbine assembly facility in Greenville. These facilities are credited with supporting between 101 and 500 jobs in 2014.