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Columbia Business Monthly

New Study: South Carolina Tech Industry Intensifies State’s Economic Growth

Oct 14, 2024 10:57AM ● By David Dykes

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The South Carolina Council on Competitiveness (SC Competes) released its 2024 SC Tech Economic Impact Study, revealing a surge in the state's tech sector, driven by rapid industry expansion and increasing reliance on technology across all industry sectors.

Commissioned by SC Competes and conducted by research economist Joseph Von Nessen, Ph.D., officials said the study highlights the significant role technology continues to play in South Carolina’s overall economy and explosive growth.

The SC tech cluster has grown more than twice as fast as the overall state economy in the last decade, with a total economic output of $51.7 billion.

The sector supports over 143,000 jobs and generates $13.8 billion in labor income. Officials said South Carolina tech firms have experienced a 56.7 percent increase in employment since 2020, underscoring the sector's vitality.

"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," said Jamie DeMent, director of SC Tech at SC Competes.

DeMent added, "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."

Key findings from the report include:

  • $51.7 billion in total economic output from the tech sector in South Carolina.
  • Tech jobs in the state pay an average wage of $96,763, which is 78 percent higher than the state average.
  • Total labor income from tech jobs stands at $13.8 billion.
  • 143,011 jobs are supported by the tech sector, with employment growth of 24.2 percent for tech workers since 2019, compared to 5.3 percent growth for overall employment in South Carolina.

The report further highlights that tech workers now make up a larger share of the workforce in a variety of industries, reflecting a shift toward high-skilled, high-wage employment.

Officials said the average annual wage in the tech sector is significantly higher than the state average, a "skills premium" that underscores the growing demand for expertise in tech-related occupations.

"Technology is reshaping the future of South Carolina’s economy, supporting growth, innovation, and higher-paying jobs," said Susie Shannon, president and CEO of SC Competes. "We are committed to ensuring that South Carolina remains a hub for tech talent and innovation as we move into the future."