As the 60th Anniversary of SCTAC draws to a close in 2024, a new economic impact study reveals that SCTAC has a profound $6.1 billion annual economic impact on the state of South Carolina. The bulk of this impact –– $5.9 billion –– is concentrated in the Upstate region.
This is a 300% increase since the last time an economic impact analysis was conducted for the global business park in 2017.
“SCTAC has been a driving force for economic opportunity in the Upstate, helping to further solidify South Carolina’s position as a national leader in manufacturing,” said Governor Henry McMaster. “The unique assets and strategic business model of SCTAC has helped attract Lockheed Martin, Michelin, 3M, and countless other companies seeking a perfect location to prosper.”
SCTAC President and CEO Jody Bryson points to key reasons for the explosive growth. “Many outstanding factors have contributed to the exponential growth of SCTAC’s economic impact, such as F-16 production and sustainment at Lockheed Martin and the addition of a world-class automotive proving ground on our campus. These and many other significant achievements at SCTAC are the byproduct of strong alliances we have forged with local, state and federal elected officials and economic development organizations, such as the SC Dept. of Commerce, SC Manufacturers Alliance, the Upstate SC Alliance, GADC, Greenville City EDC, and SC Competes.”
More than 100 companies operate at SCTAC, predominantly in advanced manufacturing sectors such as aerospace and automotive.
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 economic driver for both the Upstate and South Carolina. As evidence, the study finds 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.
Another critical element of SCTAC’s contributions to South Carolina’s economy –– and especially to advanced manufacturing –– is the extent to which SCTAC has facilitated both the growth and expansion of original equipment manufacturers (OEMs) and their supply chains. The creation of a large, local supplier base helps to generate uniquely high employment multiplier effects, meaning that the secondary job creation that results from the business operations at SCTAC scales up local employment to a higher degree than many other South Carolina businesses of comparable size.
The business operations that SCTAC facilitates also generate new tax revenue for the state of South Carolina. SCTAC’s total statewide economic impact of $6.1 billion is estimated to generate approximately $102.7 million in tax revenue annually.
Download the full report here.
FAST FACTS
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- SCTAC has a $6.1 billion statewide economic impact each year.
- SCTAC has a $5.9 billion economic impact to the Upstate region each year.
- SCTAC supports approximately 17,873 jobs representing $1.3 billion in labor income annually.
- 1 out of every 9 manufacturing jobs in the Upstate is derived from SCTAC.
- The average annual wage for workers at SCTAC companies is $91,456, which is 70 percent higher than all other Upstate jobs.
- SCTAC contributes $102.7 million in S.C. tax revenue annually.
“SCTAC has been a driving force for economic opportunity in the Upstate, helping to further solidify South Carolina’s position as a national leader in manufacturing. The unique assets and strategic business model of SCTAC has helped attract Lockheed Martin, Michelin, 3M, and countless other companies seeking a perfect location to prosper.”
S.C. Governor Henry McMaster
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