For the past six years, the Greenville Chamber of Commerce has coordinated a study to determine how the Upstate stacks up economically compared to other similar cities. The 2013 report, released last week, shows that while the Upstate is making progress in several important measurements, it continues to lag in per capita income.
The 2013 Regional Economic Scorecard is based on data produced by various agencies of the federal government, which is then compiled and analyzed by Clemson University’s Center for Economic Development and the Greenville Chamber.
The report compares the Greenville Metropolitan Statistical Area (MSA), comprised of Pickens, Greenville and Laurens counties, along with the entire 10-county Upstate region, against 11 other peer metro regions in the Southeast. The scorecard also identifies four target regions (Nashville, Austin, Raleigh and Charlotte) which are considered “best in class” in terms of economic development and wealth creation.
The 2013 report shows that according to the U.S. Bureau of Economic Analysis, the U.S. average per capita personal income (PCPI) is $41,560. Comparatively, Greenville’s is $35,038 – lower than all the 11 peer regions of Little Rock, Jackson, Louisville, Lexington, Greensboro, Richmond, Columbia, Birmingham, Charleston and Jacksonville, and also lower than the four target regions.
In understanding how per capita income relates to economic metrics, the report states that if the Upstate’s PCPI was on average with the nation, “we would have an additional $12.13 billion in spendable income. Greenville County alone would have an additional $1.79 billion.”
The scorecard also shows how Greenville compares to the other 11 peer cities regarding human capital. The U.S. average is 100; the Upstate comes in at third from the bottom and the Greenville MSA in ninth place in terms of degree attainment and specialized knowledge of workers.
But there is some good news. When comparing innovative activity, meaning the number of patents issued and innovation occupations in computers, science and engineering, the Greenville MSA is second at 124.5 (the U.S. average is 100) compared to peer cities, with only Lexington slightly ahead at 132.7.
The report also points out that while the Upstate region needs to catch up in certain areas to its competition, it is taking the necessary steps to get there. The Greenville Chamber’s Accelerate! Program, NEXT and the NEXT High School all continue to gain momentum and contribute to increasing Greenville and the Upstate as being an economic leader, said the Chamber in the report.
