SC Aerospace 2024 Economic Impact Study Reveals Post-Pandemic Growth and Diversification
November 21, 2024
South Carolina Aerospace Cluster Soars to New Heights
A newly released 2024 SC Aerospace Economic Impact Study, commissioned by the SC Council on Competitiveness (SC Competes) and conducted by research economist Dr. Joey Von Nessen, highlights the resilience and transformative growth of South Carolina’s aerospace cluster in the wake of the COVID-19 pandemic. The study, conducted to evaluate the sector’s trajectory, current economic contributions, and comparative performance among peer states, reveals that South Carolina’s aerospace industry has not only recovered but has emerged as a national leader in aerospace manufacturing growth and employment expansion.
Key findings include:
- Economic Impact: South Carolina’s aerospace cluster now contributes an estimated $38.3 billion annually to the state’s economy, supporting 143,581 jobs and offering wages with a 40% premium over the state average.
- Record Growth in Aerospace Manufacturing: South Carolina’s aerospace manufacturing has outpaced all peer-aerospace states since 2019, achieving a 21.7% employment growth rate—the highest in the nation.
- Diverse and Expanding Cluster: The state has transitioned into a more diversified aerospace ecosystem, driven by an accelerating expansion of manufacturing suppliers since 2015 and an increase in air transportation services fueled by population growth.
- Resilience Amid Challenges: Despite a decline in passenger transportation services during the pandemic (2020–2021), aerospace manufacturing has fully recovered its pandemic-era losses and continues to expand.
“South Carolina’s aerospace cluster has proven to be a cornerstone of our state’s economy,” said Stephen Astemborski, Director of SC Aerospace at SC Competes. “This study confirms that strategic growth in aircraft manufacturing, coupled with a robust supplier base and rising demand for air transportation, has positioned our state as a leader in this high-wage, high-skill sector.”
Since the COVID-19 pandemic, South Carolina has experienced unprecedented population growth, stimulating increased demand for air passenger services and bolstering the aerospace industry’s recovery. Aerospace manufacturing in South Carolina has also seen higher wage gains than any other peer-aerospace state since 2010, further solidifying the sector as a critical driver of economic prosperity.
“Jobs in aerospace are engaging, challenging, and rewarding,” remarked Susie Shannon, President and CEO of SC Competes. “Our dedicated aerospace workforce enables the movement of goods worldwide, supports national defense and that of our allies, and makes it possible for people to connect through business and travel.”
Later this year, SC Competes is partnering with the South Carolina Technology and Aviation Center (SCTAC), as well as the SC Aeronautics Commission, to publish two additional aerospace related studies – one focused on the impact of the Upstate SCTAC business park, global home of the Lockheed Martin F-16, and the other to highlight the impact of South Carolina’s commercial airports. The three studies, all conducted by Dr. Von Nessen, will show the diverse and substantial impact of aerospace across both defense and commercial manufacturing, maintenance, and transportation.
About the Study
The 2024 South Carolina Aerospace Economic Impact Study was commissioned by SC Competes, complementing earlier aerospace studies by SC Competes in 2016, 2018 and 2020. The study was conducted by Dr. Joey Von Nessen, Research Economist at the University of South Carolina. It provides a comprehensive analysis of the aerospace cluster’s economic contributions and benchmarks its performance against peer states, sourcing data from the U.S. Bureau of Labor and Statistics, Dun & Bradstreet, U.S. Census Bureau, and SC Competes.
About SC Competes
The South Carolina Council on Competitiveness – “SC Competes” – is a statewide, business-led, non-profit organization that drives South Carolina’s long-term economic growth by managing the state’s industry clusters and providing the research, network, and resources necessary to thrive. SC Aerospace, an initiative of SC Competes, is a collaborative network of public, private, academic, and nonprofit sectors working together to connect, support, and grow South Carolina’s aerospace assets and secure a competitive future for the Palmetto State.
