Study: Aerospace industry has $24.8 billion impact on South Carolina’s economy
October 15, 2018
South Carolina’s aerospace industry cluster is one of the largest in the state according to a study released by the South Carolina Council on Competitiveness (Council). Authored by Dr. Joseph Von Nessen, the study finds that there are more than 350 aerospace companies operating in the state that, together, employ 54,881 people.
Results of the study were officially announced on the opening day of the South Carolina Aerospace Conference and Expo, which took place October 9th and 10th, 2018.
“Aerospace is a superstar in our state,” said Von Nessen. “When you look at employment growth in the state as a whole and what is happening in the aerospace industry, there is a very dramatic difference, with the average annual growth rate of the SC aerospace core being over 25%.”
Adrianne Beasley, Director of Aerospace Initiatives for the Council echoed the strength of the industry in the state saying, “The reports that we’ve seen from this study and previous aerospace studies indicate that the growth in the aerospace industry and specifically aerospace manufacturing has far exceeded the state and national average despite downturns that we’ve seen in the economy.”
Dr. Von Nessen attributed this to the diversity of the industry across the state. “Aerospace in South Carolina is more than the major firms that we typically think of. It extends beyond the big companies and into small and midsize firms, which are growing at a rate twice as fast as state employment growth. Once they’re here, they’re growing and thriving. They’re coming in, they’re doing well, and they’re thriving. This is a very important piece of the puzzle when we’re looking at what’s happening in the industry.”
Susie Shannon, President and CEO of the Council, said that providing this aerospace data is a key part of the Council’s mission and supports an important part of the state’s economic development strategy. “Providing actionable research is a cornerstone of what we do at the Council. The far-reaching implications of this year’s report and the previous economic impact studies we’ve produced indicate that in just 10 short years, aerospace has become one of our state’s key industries.”
Dr. Von Nessen’s full presentation can be found online in the reports section of the SC Aerospace website –https://scaerospace.com/wp-content/uploads/2018/10/SC-Aerospace-2018-Economic-Impact-Deck.pdf
