The Economic Impact of South Carolina’s Military Community A Statewide and Regional Analysis April 2017 Revised May 2017 (See Appendix A) The 2017 Economic Impact of South Carolina’s Military Community Study Prepared by: Joseph C. Von Nessen, Ph.D. Research Economist, Division of Research
[email protected] Prepared for the South Carolina Military Base Task Force http://www.scmilitarybases.com A Statewide and Regional Analysis 2 The South Carolina Military Community: At a Glance Total Economic Impact $54,701/Year Average Compensation for $24.1 BILLION Jobs Supported by Military 181,847 JOBS 3 7% Higher than Average S.C. Job PERCENTAGE OF SOUTH CAROLINA ECONOMY 8.4% The military community generates 1 out of every 12 jobs in South Carolina The Military Community Impacts all S.C. Regions Regions Ranked by Total Volume of Military Related Activity (1) Charleston - $10.8B (6) Aiken/N. Augusta - $776.3M (2) Midlands - $4.1B (7) Grand Strand - $642.5M (3) Sumter - $2.5B (8) Rock Hill - $460.8M (4) Beaufort - $2.3B (9) Pee Dee - $432.4M (5) Upstate - $2.2B Reducing the 62,520 Labor Shortage # of DoD Personnel Annual Tax Revenue generated by S.C. military 417,515 community 3.6% # of Military Veterans Percentage of projected job openings that can 752 $884.1 be filled by working-age # of Defense Contractors veterans over the next million decade A Statewide and Regional Analysis 3 The 2017 Economic Impact of South Carolina’s Military Community Executive Summary The annual economic impact of the military community on South Carolina is $24.1 billion.