2 weeks Ago
An economic impact study conducted by South Carolina research economist Dr. Joseph Von Nessen and co-commissioned by SCTAC and the SC Council on Competitiveness (SC Competes) reveals that the South Carolina Technology & Aviation Center (SCTAC) in Greenville, S.C.
has a profound $6.1 billion annual economic impact on the state of South Carolina, $5.9 billion of which is concentrated in the Upstate.
Located near I-85 in Greenville, S.C., SCTAC is a global business park that proactively supports advanced manufacturing –– including the aerospace and automotive sectors –– by providing the technology, infrastructure, and amenities necessary to attract and retain marquee companies.
More than 100 companies currently operate at SCTAC. Advanced manufacturing is one of the fastest growing industry clusters in South Carolina. Since 2010, total employment in this cluster has more than doubled (+103.
5%), which compares to a growth rate of +27.6 percent for South Carolina as a whole. The study identifies SCTAC as a primary contributing factor to this high rate of growth and a key asset for the economies of both the Upstate and South Carolina.
As evidence, the study found that SCTAC supports approximately 17,873 jobs in the Upstate along with more than $1.3 billion in labor income annually. This confirms that SCTAC supports, directly or indirectly, 1 out of every 9 manufacturing jobs in the Upstate.
Furthermore, jobs at SCTAC companies represent high-wage, high-skilled positions that raise income levels locally and statewide. The average job supported (directly or indirectly) by all ongoing business operations at SCTAC is estimated to pay an average annual wage of $91,456. This represents a 70 percent wage premium over the average annual wage in the Upstate region across all jobs.
SCTAC’s total annual economic impact has tripled since the last time an impact analysis was conducted in 2017..
