SOUTH CAROLINA PARTS AUTHORITY GENERATES $6.3 BILLION IMPACT ON LOW COUNTRY ECONOMY, $53 BILLION STATEWIDE

I recently completed an impact study for the South Carolina Ports Authority (SCPA) to determine the total economic impact associated with port operations and port users during the 2014 calendar year.  The SCPA generates $6.3 billion in annual economic activity in the Lowcountry region and $53 billion statewide.

The impact of port operations derives from business activities at SCPA facilities in Charleston, Georgetown and Greer. The impact of the port users comprises all business activities among South Carolina firms that require a port facility to be completed.

• 1 in every 11 jobs in South Carolina can be attributed directly or indirectly to SCPA. This corresponds to $10.2 billion in labor income that would not exist without the presence of SCPA.

• On average, jobs directly or indirectly supported by the Port pay nearly 40 percent higher than the state’s average annual salary.

• The $53 billion in annual economic output supported by SCPA represents nearly 10 percent of South Carolina’s total annual gross state product.

• Port operations produce more than $912 million in tax revenue annually for the state.

Although the Port’s $53 billion economic impact is significant on its own terms, the Port’s presence in South Carolina also has broader implications for long-run economic development in the state. The key competitive advantage of the Port comes about through its ability to facilitate the ongoing development of export-oriented industry clusters, particularly in advanced manufacturing. As these industry clusters expand, they will build a strong, stable foundation for the state’s economy that will generate higher and more consistent rates of economic growth across the state over time, which will benefit all South Carolinians.