It may be a slight stretch to say the Palmetto State’s economy runs on Michelin tires, but it’s undeniable the company has had a profound impact on the state’s emergence as a manufacturing powerhouse.
As Michelin North America Inc. celebrates its 50th anniversary operating in the state, that impact can now be measured by dollar amount: $266 billion.
During a ceremony Sept. 17 marking the milestone, state and local leaders joined Michelin executives as the company unveiled the results of an economic impact study showing the extent of the company’s contributions to the state’s prosperity since 1974.
The study was performed by the University of South Carolina’s Darla Moore School of Business, and the results were described at the celebration by Joseph Von Nessen, a research economist with the school.
Von Nessen described Michelin’s arrival in the state at a pivotal time as textile manufacturing continued a steep decline and credited Michelin’s investment in the state with helping power South Carolina’s modern economic renaissance.
In addition to acting as an economic center of gravity attracting other industry and investment, Michelin’s presence in the state:
- Generated on average $8.2 billion in annual economic impact
- Generated about $2 billion in annual labor income
- Supported nearly 25,000 annual jobs related to the company’s activities
The numbers are both “amazing and humbling,” said Alexis Garcin, president and CEO of Michelin North America.
Garcin was joined by Matthew Cabe, who will be taking over company leadership in October, Gov. Henry McMaster and other state and local elected leaders.
Michelin North America fast facts
- The company operates 15 facilities in S.C., including its North American Headquarters in Greenville.
- The company employs about 10,000 people in the state
- The company produced its first tire manufactured in the state in 1975
- Michelin supports about 2.6% of employment in the Upstate and 3.4% in Greenville County.
