Partnerships are driving the future
Public and private investment put the Upstate in the driver's seat

Published: Sunday, October 7, 2007 - 2:00 am

By Mack Whittle and Jim Barker

The announcement that Carolina First will be closely associated with the Clemson University International Center for Automotive Research (CU-ICAR) is just the latest example of the kind of collaboration that gives the South Carolina Upstate an exciting future.

The Carolina First Gallery at CU-ICAR's Innovation Place is essentially the "front door" of the campus. It is the place to which all visitors will be directed initially, and it will contain information about the automotive and motorsports industries and about South Carolina's economy. The gallery will be funded through a grant from The South Financial Group Foundation.

However, the information contained inside the gallery is secondary to the statement the Carolina First Gallery, CU-ICAR and its environs make. We believe the medium truly becomes the message as visitors see for themselves how South Carolina's public institutions and private business concerns are working together -- and individually -- for economic success.

Taking advantage of its geographic location in the heart of the I-85 corridor, one of the most vibrant growth areas in the United States, the CU-ICAR campus is the epicenter for Clemson University and its public and private partners to create a hub for the automotive and motorsports industries. In addition to the Carroll A. Campbell Jr. Graduate Engineering Center (CGEC), which houses the nation's only graduate programs in automotive engineering, the first phase of development at CU-ICAR, Technology Neighborhood One, also contains the BMW Information Technology Research Center, the Timken Co.'s research and development facilities, and offices of the Society of Automotive Engineers.

Michelin has endowed laboratory space in the CGEC, and the Computational Center for Mobility Systems offers unique simulation capabilities to tackle design, optimization, and research and development issues encountered in automotive and motorsport industries. Two of the top names in motorsports -- Dale Earnhardt Inc. and The Richard Petty Driving Experience -- have announced research and educational agreements with Clemson; the public and private investment in CU-ICAR totals more than $225 million.

One of the most exciting aspects of CU-ICAR is the company it keeps. In addition to the campus partners -- and numerous others are anticipated -- this 250-acre campus is part of a large and vibrant neighborhood developing along I-85. Among those neighbors soon will be Carolina First's new corporate headquarters.

South Carolina, and particularly Greenville, can be proud of this home-grown financial institution and its parent company, The South Financial Group, which is the largest publicly traded bank holding company headquartered in South Carolina, ranking among the top 50 U.S. commercial bank holding companies in total assets.

Founded 20 years ago in the Upstate with one branch and 12 employees, The South Financial Group now has approximately $14 billion in total assets and 172 branch offices in three states. The South Financial Group conducts banking operations in South Carolina and North Carolina (as Carolina First Bank), in Florida (as Mercantile Bank) and on the Internet (as Bank CaroLine). Currently, Carolina First has approximately 1,550 employees in South Carolina.

While the company is still finalizing details of its Greenville headquarters investment, it expects that total to be approximately $100 million. The best news is that number translates into jobs -- the kind of full-time, permanent jobs with benefits that truly impact the state's economy long-term. The kind of jobs that enable families to have some degree of economic security, to plan, save and educate their children. This new facility will generate hundreds of high-paying jobs at more than double the current South Carolina per capita income of approximately $28,000. "Driving the economy" is not an empty phrase -- this is a real commitment to South Carolina's future.

Both Carolina First and CU-ICAR are committed to improving the overall economic health for all South Carolinians through high-paying jobs, educational opportunities, active recruitment of minority business contractors and a diversified employee base.

Despite completely separate public and private missions, Carolina First and Clemson University represent a fairly broad spectrum of the economy and the culture of South Carolina. We share a common vision: to expand upon Greenville's reputation for looking to the future. That is a goal, we are pleased to note, that is shared by many, and it is just what this community has always done. It has been a major center of commerce for several enterprises -- as a major railroad crossroads, and for many years as the textile capital.

As the world has changed, so has Greenville. Today it stands at another crossroads -- in the heart of the I-85 corridor, uniquely and ideally situated to partner with the world.