USA Rare Earth’s $1.2 Billion Investment Boosts Cherokee County’s Economic Landscape
The recent announcement by USA Rare Earth to invest $1.2 billion in a new facility in Cherokee County underscores the significant impact of Duke Energy’s Site Readiness Program. This initiative, which has been instrumental in attracting major industrial projects to South Carolina, continues to transform the state’s economic landscape.
GREENVILLE, S.C., June 3, 2026 /PRNewswire/ — The Bailey Industrial Site in Cherokee County has caught the attention of USA Rare Earth, leading to one of the most substantial economic developments in the area. The company’s decision to establish a new facility, expected to create 490 jobs, illustrates the effectiveness of Duke Energy’s Site Readiness Program in preparing sites for major investments through comprehensive planning and marketing strategies.
Since its inception in 2005, the program has facilitated $3.5 billion in capital investments and over 5,200 new jobs in South Carolina. The Bailey site, having undergone the program’s rigorous preparation process, was well-positioned to secure USA Rare Earth’s investment, marking a significant win for Cherokee County.
Our view: “Duke Energy is proud to help bring this transformative project to Cherokee County and strengthen America’s domestic rare earth supply chain,” said Tim Pearson, Duke Energy South Carolina president. “The Bailey site is a strong example of how our Site Readiness Program helps communities compete for game-changing projects.”
Through proactive site assessments and collaboration with state and local partners, the program reduces timelines and increases site competitiveness for industrial developments. This approach not only benefits communities by attracting investments but also ensures that infrastructure costs are kept manageable for all customers.
By the numbers: For 22 consecutive years, Duke Energy’s efforts have been recognized by Site Selection magazine as a top utility in economic development. The program has evaluated 102 sites in South Carolina, with 26 companies choosing program-prepared locations for their projects.
Notable successes include facilities like EA Sween in Greenwood County, Thermo King in Greenville County, and Fancy Pokket in Lancaster County, among others. These examples highlight the program’s role in fostering economic growth and job creation across the state.
In addition to the Cherokee County site, other locations such as the Anderson Area Airport Industrial Park and Carolina’s Centre Industrial Park in Chesterfield County have completed the Site Readiness Program, positioning them for future developments.
What they’re saying
- Ken Moon, Cherokee County Development Board executive director: “Duke Energy’s Site Readiness Program was instrumental in USA Rare Earth’s decision to choose the Bailey site for a major expansion and new facility in South Carolina.”
- Tommy Dunn, Anderson County Council chairman: “The Site Readiness Program is a powerful example of collaboration that enhances our competitiveness and strengthens our ability to attract transformative projects.”
- Libby Lear, Chesterfield County Economic Development director: “Duke Energy’s Site Readiness Program is instrumental in attracting businesses, creating jobs, and fostering economic development in Chesterfield County.”
Duke Energy
Duke Energy (NYSE: DUK), headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve multiple states, providing energy to millions of customers, and its natural gas utilities operate in four states.
For more information, visit duke-energy.com. Follow Duke Energy on various social media platforms for updates on its community initiatives.
Media Contact: Ryan Mosier
24-Hour: 800.559.3853
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