Listen to this articleSouth Carolina’s technology sector has resulted in a $51.7 billion economic impact on the state, according to the SC Competes 2024 SC Tech Economic Impact Study.
The study by research economist Joseph Von Nessen, a research economist in the Division of Research at the Darla Moore School of Business, for the South Carolina Council on Competitiveness shows that the South Carolina tech industry has grown at twice the rate of the overall state economy in the last decade.
“Technology is reshaping the future of South Carolina’s economy, supporting growth, innovation, and higher-paying jobs,” Susie Shannon, president and CEO of SC Competes, said in the release. “We are committed to ensuring that South Carolina remains a hub for Tech talent and innovation as we move into the future.”
South Carolina’s industry expansion and increasing reliance on technology has contributed to the technology sector supporting 143,000 jobs and generating a $13.8 billion labor income, according to the study.
“As companies across all industries rely more on technology in their operations and supply chains, the demand for tech-related products, services, and skilled workers has surged,” Jamie DeMent, director of South Carolina tech at SC Competes, said in the release. “This study shows that the growth of tech in the Palmetto State shows no sign of slowing, and will serve as a driver for statewide support of the tech sector via startups, scaling, recruitment, and more.”
Related: Study: Patriot’s Point powers Charleston economy with $205M impact
Related: How this Mount Pleasant tech company is amplifying the neurodiverse workforce
The technology sector has seen a 56.7% increase in employment since 2020. Of those employed, the average wage is 78% higher than the state average for other industries, according to the study.
“With comprehensive South Carolina specific data from studies like this, we can showcase the role that the Upstate region plays in the state’s tech-driven economy, emphasizing their contributions to innovation, job creation, and sustainable growth across all industries,” Elizabeth Watson, director of research and strategic initiatives at Upstate SC Alliance, said in the release.
Since 2019, data scientists have grown 169%, serving as the fastest growing occupation in the tech industry, according to the study.
Click here to read the full study.