Chester South Carolina|Opportunity Zone s
Opportunity zones haven’t gotten a lot of press in the local news channels other than the regional investor associations. Counties like Chester South Carolina have been given the opportunity to attract investors and entrepreneurs willing to take the risk to invest capital in their communities. Chester has tremendous challenges in dealing with unemployment. Residents pay high property taxes with very little if any appreciation in property values. With no new jobs why would people choose to live in and or around Chester? And for those who remain it is sad to their community in decline. Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017. Building in these low income neighborhoods allows companies to defer taxes putting incentives on long term investments that will carry forward well beyond the Trump administration years. The City of Chester offers a rural setting with easy access to the larger markets such as Columbia and Charlotte. As these cities continue to expand and grow Chester’s location on the map has certainly been highlighted now that it is listed as an opportunity zone.
Chester South Carolina, a population of 5,607 at the 2010 census, down from 6,476 at the 2000 census has an unemployment rate 127% higher than the national average. Household income is 56% below the national Statics like this don’t bring the life the reality of what plagues the area. Driving through Chester you will see vacant house after vacant house. Most are beyond repair even for the most adventurous house flipper. Abandoned houses and commerical buildings are expensive to tear down so many owners just walk away leaving the community with images of decay and failure.
This is a county that now has the potential for residential and commercial growth should investors choose to deploy capital in this area. How can Chester South Carolina get the attention of the local and national businesses to invest in the region and take advantage of the tax incentives? What does the county have to offer those seeking a return on their money? Money that they earned from other successful business ventures. No one wants to put their money to work only to lose it. There must be the potential to see increase and prosperity.
Chester County sits between Columbia South Carolina and Charlotte North Carolina. And is near Rock Hil South Carolina. For years Rock Hill has benefited from growing economy in Charlotte. Businesses have settled right along the border of North and South Carolina resulting in tremendous growth for Rock Hill and Fort Mill. Chester’s ability to attract the spending of these opportunity zone funds and their proximity to already successful cities like Rock Hill should cause entrepreneurs and investors to take a close look at the geographic advantages Chester has to offer.