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Columbia Business Monthly

The Business Narrative: Economic Impact Analysis

Jan 29, 2025 11:30AM ● By Donna Walker

SCTAC Has $6.1 Billion Yearly Impact on S.C. Economy

(123rf.com Image)

 

An economic impact study conducted by South Carolina research economist Joseph Von Nessen, Ph.D., and co-commissioned by SCTAC and the SC Council on Competitiveness (SC Competes) reveals that the South Carolina Technology & Aviation Center (SCTAC) in Greenville, South Carolina, has a $6.1 billion annual economic impact on the state of South Carolina.

 

The bulk of the impact –– $5.9 billion –– is concentrated in the Upstate region.

 

Located near Interstate 85 in Greenville, SCTAC is an international business park that supports advanced manufacturing –– including the aerospace and automotive sectors –– by providing the technology, infrastructure, and amenities necessary to attract and retain marquee companies. 

 

More than 100 companies operate at SCTAC.

 

Since 2017, the last time an impact analysis was conducted, SCTAC’s total annual economic impact has tripled.

 

"SCTAC has been a driving force for economic opportunity in the Upstate, helping to further solidify South Carolina's position as a national leader in manufacturing," said Gov. Henry McMaster. 

 

The governor added, "The unique assets and strategic business model of SCTAC has helped attract Lockheed Martin, Michelin, 3M, and countless other companies seeking a perfect location to prosper." 

 

SCTAC President and CEO Jody Bryson pointed to key reasons for the explosive growth. 

 

“Many outstanding factors have contributed to the exponential growth of SCTAC’s economic impact, such as F-16 production and sustainment at Lockheed Martin and the addition of a world-class automotive proving ground on our campus," he said.

 

Bryson added, "These and many other significant achievements at SCTAC are the byproduct of strong alliances we have forged with local, state and federal elected officials and economic development organizations, such as the SC Department of Commerce, SC Manufacturers Alliance, Upstate SC Alliance, GADC, Greenville City EDC, and SC Competes.”

 

Advanced manufacturing is one of the fastest growing industry clusters in South Carolina.

 

Since 2010, total employment in this cluster has more than doubled (+103.5 percent), which compares to a growth rate of +27.6 percent for South Carolina as a whole. 

 

The study identifies SCTAC as a primary contributing factor to the high rate of growth and a key asset for the economies of both the Upstate and South Carolina. 

 

As evidence, the study found that SCTAC supports approximately 17,873 jobs in the Upstate along with more than $1.3 billion in labor income annually. 

 

Officials said that confirms that SCTAC supports, directly or indirectly, 1 out of every 9 manufacturing jobs in the Upstate. 

 

Furthermore, jobs at SCTAC companies represent high-wage, high-skilled positions that raise income levels locally and statewide, the officials said.

 

The average job supported (directly or indirectly) by all ongoing business operations at SCTAC is estimated to pay an average annual wage of $91,456.

 

This represents a 70 percent wage premium over the average annual wage in the Upstate region across all jobs. 

 

Officials said another critical element of SCTAC’s contributions to South Carolina’s economy –– and especially to advanced manufacturing –– is the extent to which SCTAC has facilitated both the growth and expansion of original equipment manufacturers (OEMs) and their supply chains. 

 

The creation of a large, local supplier base helps to generate uniquely high employment multiplier effects, meaning that the secondary job creation that results from the business operations at SCTAC scales up local employment to a higher degree than many other South Carolina businesses of comparable size, the officials said. 

 

The business operations that SCTAC facilitates also generate new tax revenue for the state of South Carolina. 

 

SCTAC’s total statewide economic impact of $6.1 billion is estimated to generate approximately $102.7 million in tax revenue annually. 

 

The full economic impact analysis is available for download here.

 

Established in 1964 as a joint agency of the city and county of Greenville, S.C., the South Carolina Technology and Aviation Center (SCTAC) is a self-sustaining 2600-acre business airpark with the state’s largest general aviation airport –– Donaldson Field –– and home to more than 100 automotive, aerospace, and advanced manufacturing companies. 

 

Chief among them is aerospace giant Lockheed Martin, which operates the world’s only F-16 production and sustainment site at SCTAC. 

 

Automotive OEMs and suppliers are also served at SCTAC, partly due to its subsidiary, the International Transportation Innovation Center,

SC Launch Inc. Announces Investment in Storybutton

South Carolina Research Authority’s investment affiliate, SC Launch Inc., has invested $250,000 in Storybutton.

 

The Indian Land, South Carolina-based startup developed an audio platform and player for children that allows them to listen to podcasts, bedtime stories, and more without using a mobile phone. 

 

Storybutton Inc. became an SCRA Member Company in 2024 and an SC Launch Inc. Portfolio Company when it received this investment.

 

“With their advisement and this investment, we are poised to continue growing so we can offer our products to more families and hopefully create a healthier generation by avoiding too much screen time and the wellness problems associated with it,” said Storybutton Founder Jim Jacob.

 

Jacob added, “What started out as recording stories for our children has evolved into Storybutton Studios with exciting shows like Miles the Brave, Wilder Dreams, Treasure Galaxy, and Pixel Quest.”

 

Storybutton users can explore a library of educational kids’ podcasts, audiobooks, and stories with personalized content that make it easy for them to choose their favorite stories and episodes.

Ruppert Landscape Expands Presence in South Carolina Market with Acquisition of Ocean Woods Landscaping

Ruppert Landscape, LLC, an industry provider of commercial landscaping services, announced the acquisition of Ocean Woods Landscaping, Inc.

 

Financial terms weren’t disclosed.

 

Ocean Woods Landscaping has been a leader in the South Carolina market for over 50 years, serving clients in Hilton Head, Bluffton, Okatie, and Beaufort.

 

Ocean Woods Landscaping Owner and President Matt Thomas will join Ruppert Landscape as a Partner and continue leading the business. 

 

Officials said the acquisition further advances Ruppert's strategic plan to partner with market leaders and expand into new geographies.

 

In 2022, Ruppert Landscape partnered with San Francisco-based private equity firm Knox Lane to support and accelerate its growth objectives.

 

Said Phil Key, CEO of Ruppert Landscape: "This talented team enhances our presence in a key South Carolina market and underscores our commitment to providing unparalleled service and expertise to our clients."

 

Said Thomas: "Ruppert Landscape aligns perfectly with our values. They not only share our commitment to providing top-notch quality for customers but also recognize the important role our team members play in the overall success of the company, all while promising avenues for career advancement.”

 

Ruppert Landscape, founded as a family and employee-owned business, is headquartered in Laytonsville, MD.

 

It has 2,500 team members serving customers from over 50 branches primarily throughout the Northeast, Mid-Atlantic and Southeastern U.S. 

13 Projects Across State Receive Funds to Support Innovation, Entrepreneurship

The South Carolina Department of Commerce announced recipients of its 2025 Relentless Challenge and StimulateSC grants, which totaled more than $750,000 granted to 13 projects across the state.

 

The Relentless Challenge is a statewide competitive grant program for projects that foster a sustainable innovation ecosystem – specifically in the areas of high-growth entrepreneurship, talent development, access to risk capital, and industry and higher education partnerships that may lead to commercialization of innovative products.

 

StimulateSC, also a statewide competitive grant program, aims to fund creative solutions addressing challenges faced by traditional small businesses throughout South Carolina.

 

Its focus is to catalyze the development of new small businesses, boost the success of existing ones, and improve access to capital through funding and financial education programs.

 

“South Carolina is home to a vibrant community of entrepreneurs and innovators, which we are proud to continue investing in,” said Secretary of Commerce Harry M. Lightsey III.

 

He added, “This year’s Relentless Challenge and StimulateSC grant recipients will further grow our state’s innovation and business development ecosystems, and we look forward to the impact these 13 projects will have across South Carolina in the years ahead.”

 

2025 Relentless Challenge and StimulateSC grant recipient projects are due to commence in the first quarter of this year.

 

The 13 recipient projects include:

Beaufort Digital Corridor – Launch Beaufort. Pre-Accelerator for Emerging Lowcountry Entrepreneurs

 

Boyd Innovation Center powered by GrowCo – Boosting Baselines: Enhancing ColaStarts with Startup Sprint, Peer Support and Platforms

 

Increasing HOPE Financial Training Center – Forecast to Flourish

 

Lowcountry Local First (LLF) – Invest Local Initiative

 

Main Street SC – Small Business Photo Sprint and Story Series

 

NextGEN – NextGEN Access to Capital

 

OneSpartanburg – Spartanburg Ecosystem Acceleration Project

 

Rock Hill Economic Development Corporation – Student-Made Rock Hill

 

Southern Palmetto Foundation – Propel Business Lab Expansion Project

 

The Harbor Entrepreneur Center – Supply Chain Accelerator

 

The Hill Institute for Innovation and Entrepreneurship – Furman Innovation Lab

 

University Industry Demonstration Partnership (UIDP) – HBCU Engage 2025: Cultivating Collaboration and Equipping the State's Historically Black Colleges and Universities for Industry Partnerships

 

Zucker Institute for Innovation Commercialization powered by MUSC – Zucker Institute (ZI) Startup LaunchPad.

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