YORK COUNTY, S.C. -- An economic boost is coming to York County.

Stanley Black and Decker, one of the worlds largest tool and storage companies, is breaking ground on a new facility in the Lakemont Business Park.

It's set to bring 500 new jobs to the area.

According to the York County Economic Developer David Swenson, the company has had its eyes on York County for about a year.

Now that the decision is permanent. The 345,000-square-foot facility will sit on 30 acres of land at the intersection of Carowinds Boulevard and Pleasant Road.

"It exemplifies the growth that's that company's having right now and also shows the growth York County is having as well," Swenson said.

It will be one of 30 Stanley Black and Decker plants that uses its space to make Dewalt power tools. It's projected to bring in $31 million in capital investments.

"In the last 12 months we've had 1000 jobs and that's 100 million dollars in capital investments. We see this trend happening again in 2018," Swenson said.

The company already has an existing Distribution Center in Fort Mill, which Tim Perra, the Stanley Black and Decker Vice President of Public Affairs, confirms was one of the major factors in choosing the location. Proximity to the Distribution Center means faster shipment to customers.

South Carolina Governor Henry McMaster praised the development.

"Stanley Black and Decker's decision to invest in South Carolina and create 500 new jobs here is one that will change lives in York County," McMaster said.

Which is why county leaders hope this announcement will give some residents something to look forward too if they're in need of a job.

"We hope they'll react very positively and that there are employment opportunities in the marketplace and that can allow for better jobs and continued wealth creation in our marketplace," Swenson said.

There's no exact word on when jobs will start to post. However, the facility is expected to be operational by August 2018.

The new building will not replace any of the company's existing buildings.