ROCK HILL, S.C. — An unidentified global biopharmaceutical company, operating under the code name Project Palmetto Rock, is considering a $1.5 billion investment in Rock Hill. The project aims to establish a new headquarters and manufacturing facility, which is expected to create 1,252 jobs.
This significant economic development endeavor targets a 50-acre site that was previously slated for a Carolina Panthers headquarters and training complex, an initiative that was abandoned before completion. York County is actively pursuing economic development incentives to support Project Palmetto Rock.
William “Bump” Roddey, a York County Councilman, expressed strong support for the potential development. Roddey described the company as a “Super company” making a “Significant investment,” and noted that the projected jobs would encompass a wide range of skill levels.
“Those jobs range from the bottom all the way to the top,” Roddey said.
The project is expected to offer competitive wages, with average annual wages projected at $141,502 for positions at the headquarters, our partners at the Charlotte Business Journal reported. Manufacturing facility roles are anticipated to have average annual wages of $102,752.
Roddey indicated that the actual job creation impact could be much larger than the initial 1,252 jobs. He cited the potential for a multiplier effect, similar to the car manufacturing industry, where supporting businesses would generate additional employment.
“So, once we’re looking at those 1,200 jobs, we’re looking at a multiplier of two-three times those jobs coming up, about like car manufacturing,” Roddey said.
The project could parallel the economic growth seen in the Upstate region after BMW established its plant between Greenville and Spartanburg.
The proposed 50-acre site has a notable history, having been the planned location for the Carolina Panthers’ headquarters and practice facility, announced in 2019. However, the Panthers withdrew from that deal three years later.
Roddey believes the current biopharmaceutical project, though perhaps less glamorous than a sports complex, offers more substantial long-term benefits for the community.
“It just doesn’t have that shiny, luxury feel of sports, but it’s high-tech, high-paying jobs that’s going to be around forever and a day,” Roddey said. “And I think this will net our county and our city far better than what the Panthers were going to bring.”
To facilitate the project, York County is considering requesting a $65 million grant from the South Carolina Coordinating Council for Economic Development. The York County Council will review this request and consider authorizing staff to submit the grant application at its meeting on Monday night. Additionally, the council is scheduled to hold its first reading for a tax incentive agreement between the county and Project Palmetto Rock on Monday night.
Construction on the headquarters and manufacturing facility is expected to begin in late 2026. The York County Council will consider authorizing staff to apply for the $65 million grant and will hold its first reading for a tax incentive agreement on Monday night.
Read more about the project on CBJ’s website here.
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