The Lowcountry has been abuzz with excitement after Volvo Cars announced on May 11th that Berkeley County will be the home of its first American factory. This news is certainly cause for celebration! Here’s what you need to know about Volvo’s announcement.
A $204 million incentives package is just part of what made the 6,800-acre Camp Hall Tract attractive to Volvo. Located off exit 187 on Interstate 26, the site is convenient to the interstate, the Port of Charleston, and Charleston International Airport.
Volvo has said that it will invest about $500 million in the site and create 4,000 jobs over the next decade. 2,880 of the tract will be used by Volvo, with the remaining acreage reserved for Volvo suppliers, future expansion, and future manufacturing projects.
So what does this mean for people who aren’t involved in the manufacturing industry? Volvo’s arrival will mean more growth for our area, which has already seen a lot of expansion over the last five years alone. Look for a boost in the local economy and an increase in property values in the Ridgeville/Rural Dorchester County/Berkeley County areas. There’s a lot of room for development in that area, so land and home prices should see a nice little boom.
“Volvo Cars will do much more than make automobiles in Berkeley County,” says Santee Cooper CEO Lonnie Carter. “Volvo will raise the standard of life throughout the Lowcountry and throughout our state.”
Phase 1 will include construction of manufacturing and production space, admin offices, and a visitor’s center. It is expected to employ about 2,000 workers initially. Phase 2 will include construction of second manufacturing, assembly, and production space and will employ an additional 2,000.
Construction is slated to begin in the fall, with the first vehicles expected to be completed in 2018.
Information Source: Charleston Regional Business Journal