GREER, S.C. BMW is celebrating its 20th anniversary of building cars in the United States by investing $1 billion in its South Carolina plant to build two of its new X-series vehicles.
The German automaker announced Friday it will produce the X7, a large SUV with three rows of seats, similar to a Cadillac Escalade.
The company will also make the X4, a sportier version of the X3 coupe, and plans to build a plug-in hybrid version of its smaller X5 SUV.
The $1 billion will be spent through 2016 at the plant in Greer, just down Interstate 85 from Spartanburg. BMW said it will hire 800 additional workers, bringing total employment at the plant to 8,800 people.
The Greer plant will make 450,000 vehicles a year by 2016, becoming the largest of the company’s 28 plants around the world.
Compare this to pathetic California, where the government is mired in wasting money and destroying industry, and three prominent Democrats in the legislature have very recently been arrested for corruption.
California doesn't care about business. They do EVERYTHING they can to discourage companies from creating jobs and work. Which is why most companies don't set up in the Golden State.
ReplyDeleteThe biggest racket currently be committed against the taxpayers of states rabidly competing for jobs is the larding up of corporation with billions of taxpayer confiscated money with absolutely no guarantee that that those favored companies will survive the allotted time of their tax abatement. And , indeed, some of those greased up corporate skids merely pick up and move to another state when their tax bill finally does come do , which most never do.You don't know the half of corruption till you give a cartel of weasels the power to commit millions of dollars of taxpayer money into private corporations with little or no oversight.This central planned and tightly controlled bastardization of free market principles will become something the akin to the bureaucratic demon of corruption and red tape that is the hallmark of government meddling.Bet on it.
ReplyDeletehttp://www.goodjobsfirst.org/
BMW plans $1 billion expansion in South Carolina
The new auto plants also received plenty of taxpayer supplied benefits in tax breaks and other infrastructure support. When adjusted for inflation, South Carolina gave BMW more than $325 million in incentives to come in 1992.
That led to an arms race of sorts, as states tried to outbid each other to get the next big plant. A report from 2012 from the Pew Charitable Trust found 26 states, including South Carolina, didn't have an adequate system to evaluate the success of tax incentives for economic development.
Automakers have taken advantage of that willingness from Southern states to provide tax breaks, build new highways and rail lines and expand ports, said Michael Robinet, managing director of IHS Automotive.
http://www.ajc.com/ap/ap/south-carolina/bmw-plans-1-billion-expansion-in-south-carolina/nfM8h/
So South Carolina spends 325 million to get a one billion dollar investment from BMW, plus all the income and property tax revenue all the new workers and the plant generate, plus the secondary tax revenue from the support industries. Sounds like they did their homework.
DeleteTrusting a cartel of cronies imbedded in government to wisely invest taxpayers millions money ..what could possible go wrong. Since when did the creation and success of private industry hinge on an influx of public investment...1939?
ReplyDeleteThere is no free market when government has total control of input and output.
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power”
Benito Mussolini
http://www.zerohedge.com/news/2014-03-24/fourteen-year-recession
Mother, you should not trust the government. There is no doubt they have systematically under-reported inflation based on any impartial assessment of the facts. The reality that we remain stuck in a fourteen year recession is borne out by the continued decline in vehicle miles driven (at 1995 levels) due to declining commercial activity, the millions of shuttered small businesses, and the proliferation of Space Available signs in strip malls and office parks across the land. The fact there are only 8 million more people employed today than were employed in 2000, despite the working age population growing by 35 million, might be a clue that we remain in recession. If that isn’t enough proof for you, than maybe a glimpse at real median household income, retail sales and housing will put the final nail in the coffin of your cognitive dissonance.
Economic development has become the new and improved bankster created scheme to bilk the dupes..
State agency that lost track of millions wins big in WI mining bill
http://watchdog.org/67474/economic-development-agency-that-lost-track-of-tens-of-millions-of-dollars-wins-big-in-wisconsin-mining-bill/