South Carolina Research Authority (SCRA), a public nonprofit that works to fuel the state’s economy, announced Jan. 11 its annual report, ScaleUP SC, reported the organization produced a $1.003 billion state economic impact.
“SCRA again has proven how important it is to our state’s economy,” said Joey Von Nessen, University of South Carolina research economist who prepared the economic impact analysis. “The funding and other support they provide to tech startups and academic institutions produce higher-paying jobs. This has a direct impact on our state’s economy. South Carolina is becoming a state known for its growing knowledge-based economy and SCRA is a major catalyst for this growth.”
SCRA’s economic impact includes:
- 5,429 South Carolina-based jobs supported by SCRA programs and operations
- $73,811 average salary of SCRA-supported companies, 53% higher than the state’s average salary of $48,097
- $4.6 million in grants to advance research capabilities, commercialize technology, expand product offerings and fund the costs for businesses relocating to the state
- $2.2 billion in additional funding from venture capitalists, etc. to SC Launch companies since the inception of the program in 2006, with over $722 million received in 2021 alone
The report’s other highlights include several SCRA member companies and SC Launch Inc. portfolio companies scaling up after pauses due to the pandemic. Many companies increased staff, affecting job growth, and others expanded their physical operations. Some companies also moved their operations to South Carolina from other states.
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