According to a study by the University of South Carolina’s Darla Moore School of Business, the college, which has eight institutions throughout the state including the School of Medicine in Greenville and USC Upstate in Spartanburg, pumps approximately $6.2 billion annually into the state’s economy.
The study is an update of a 2017 report that found the university’s annual statewide economic impact was $5.5 billion, representing $700 million of growth over four years.
“As the flagship university for the state of South Carolina, serving the people of South Carolina, we are very pleased to see the economic impact our university is having,” said UofSC president Bob Caslen.
The study’s findings included:
- The total economic impact of the UofSC’s eight institution system is estimated at approximately $6.2 billion annually. This was defined by the annual dollar value of all goods and services associated either directly or indirectly with the university.
- The total annual economic impact of UofSC on the Columbia metropolitan region is approximately $3.7 billion.
- The university contributes $1.7 billion towards labor income and supports one in every nine jobs in the Midlands community for a total of 43,876 jobs overall and of those, 13,705 are employees working directly for UofSC.
- The college’s system supports a total of 63,689 jobs, representing $2.6 billion in labor income.
- The UofSC system is responsible for returning more than $202 million in annual tax revenue to state coffers.
💵 $6.2 billion in economic impact— UofSC News (@UofSCnewsy) March 3, 2021
💼 63,689 jobs supported
💰 $202 million in state tax revenue
You can feel the #UofSCImpact statewide from the Upstate to the Lowcountry – and now, with a new economic impact report, you can quantify it.
Learn more ➡️ https://t.co/EtE1HCNkYM pic.twitter.com/o5tB6QFg5I
In addition, a future Moore School study will further examine the impact of the individual system institutions on various regions of the state, including Aiken, Beaufort, Upstate and the four regional Palmetto College institutions.
To read the entire study, visit https://www.sc.edu/uofsc/posts/2021/03/economic_impact_report_2021.php