SCRA’s Economic Ouput Within South Carolina Exceeds $718 Million
NOVEMBER 29, 2017 | PRESS RELEASES
Economic Impact Results Announced
Summerville, S.C. – SCRA announced today that its impact on the South Carolina economy in Fiscal Year 2017 totaled $718.6 million. The economic analysis also reported that more than 4,250 South Carolina-based jobs are supported by SCRA programs, yielding higher than average wages and supply chain effects. With an employment multiplier of 2.5, SCRA creates 15 additional jobs for each 10 jobs it supports. This is well above the state average of 1.8. The average salary of South Carolina-based jobs supported by SC Launch Client Companies was $81,421, nearly double the statewide average.
“It is gratifying to see the results of our collaborative efforts over the past year in fostering job growth and South Carolina’s Innovation Economy,” said SCRA Executive Director Bob Quinn. “In 2017, SCRA focused on aligning our strategies to meeting our core mission, and the results of those efforts were substantive.”
The study was led by USC Division of Research Economist Joey Von Nessen and incorporated SCRA activities within three sectors: corporate operations; the SC Launch entrepreneurial program; and SCRA facilities.
Chartered in 1983 by the State of South Carolina as a public, non-profit corporation, SCRA fosters South Carolina’s Innovation Economy by supporting entrepreneurs, enabling academic research and its commercialization, and connecting industry to innovators.