Mayor Benjamin and USC President Pastides announce EngenuitySC’s new Midlands Regional Competitiveness Report
October 26, 2014
Ranking our region’s economic competitiveness with comparable Southeast metros
COLUMBIA, SC – At a gathering of EngenuitySC Executive Committee members and stakeholders on Oct. 23, 2014, Columbia, S.C. Mayor Steve Benjamin and USC President Dr. Harris Pastides announced the release of EngenuitySC’s 2014 Midlands Regional Competitiveness Report. The report analyzes economic competitiveness in the Greater Columbia area, as compared with that of eight other metropolitan regions in the Southeast.
Other speakers at the Oct. 23 announcement included Dr. Doug Woodward, Professor & Director of Division of Research at USC’s Darla Moore School of Business and Dr. Keith Shah, Assistant Vice President, Corporate Planning & Strategic Services at BlueCross BlueShield of South Carolina.
The economic development organization’s report measures success based on the five major indicators of economic competitiveness: talent, entrepreneurial/business environment, innovation, industry clusters and livability. The Columbia metropolitan statistical area analyzed for the report includes Richland, Lexington, Kershaw, Fairfield, Saluda and Calhoun counties. Eight other metropolitan areas were analyzed for comparison, including Raleigh, North Carolina, Charleston, South Carolina and Lexington, Kentucky.
“Developing into a competitive region is not something that will happen overnight,” notes Meghan Hughes Hickman, Executive Director of EngenuitySC. “It also doesn’t happen without deliberate, intentional coordination and cooperation. I am thrilled that EngenuitySC is able to provide the Midlands with a data-driven tool that can shape and mold our progress for years to come. We have made incredible strides in the past ten years, and with this Competitiveness Report influencing our vision and efforts, I think we’ll see even more substantial progress in the next ten.”
EngenuitySC is a public-private partnership focused on enhancing economic competitiveness and prosperity in the Midlands. 2014 marks the first time the report has been made public. It will be published as an insert in Columbia Regional Business Report and will arrive in homes Oct. 25, 2014 and in businesses Oct. 27, 2014.
“On behalf of the EngenuitySC Board and as an Anchor Sponsor for this report, I am proud that the region will have a tool to benchmark our progress, our successes and our opportunities for improvement,” says Mike Brenan, President of BB&T for South Carolina. “BB&T is pleased to support efforts like these where we can be focused on making this region – and this state – a stronger place to do business.”
See next page for a summary of the report’s findings:
EngenuitySC’s 2014 Midlands Regional Competitiveness Report
Overview of Results:
1. Talent
Overall index rank: #5 of 9
Things we’re doing well
- Educational attainment is impressive: 6.31% of population has an Associates degree; 9.27% has a Bachelors degree or higher (higher than the US average and most comparison metros)
- Degrees awarded in STEM fields is higher than the US average
Opportunities for improvement
- Employment in STEM occupations is below the US average
- GDP per worker ranks lower than all but 2 comparative metros
- Foreign-born population is just 4.73% (versus 13.22% of the US population)
What can we focus on to move the needle?
- Emphasize K-12 STEM programs and broaden curriculum to engage future workforce at a young age
- Develop a strategy to attract a more globally diverse workforce to better prepare the region to meet the needs of a global economy
- Align curriculum with business needs, and retain the talent developed in the Midlands
- Increase state funding for public higher education to help keep the cost of a college education affordable and increase the number college graduates to meet the demands of business and grow our economy
2. Entrepreneurial & Business Environment
Overall index rank: #7 of 9
Things we’re doing well
- Business Churn is high, indicating that the region effectively supports entrepreneurial environment
Opportunities for improvement
- Proprietor’s share of income, business density, and share of employment in professional and technical services are below the national average
What can we focus on to move the needle?
- Ensure a favorable regulatory climate for business growth and support
- Continue to invest in and grow the region’s incubators, accelerators and co-work spaces
- Connect entrepreneurial resources to small businesses and startups
- Increase collaboration among organizations that support entrepreneurial activity to reduce duplication
3. Innovative Capacity
Overall index rank: #7 of 9
Things we’re doing well
- R&D expenditures are 40% higher than the national average
- The region has a higher percentage of residents holding a graduate degree than three of its peer regions
Opportunities for improvement
- The number SBIR Awards and the number of patents awarded are below the US average
What can we focus on to move the needle?
- Support innovative activity through R&D funding and patent filings
- Leverage institutions of higher education for research and innovation
- Develop knowledge-based and STEM workforce pipeline
- Maximize programs that help turn intellectual property into innovative technologies such as SC Launch, Capital Angels and SC Angel Network
4. Industry Clusters
Overall index rank: #9 of 9
Things we’re doing well
- The region has low employment diversity, meaning there is a higher concentration in certain occupations, contributing to stronger clusters
- Employment per square mile is nearly double the US average, creating a climate conducive to clusters
Opportunities for improvement
- Share of employment in regional clusters and concentration of employment in high wage occupations is below the national average and is below many comparative regions
- Growth rate in traded clusters is below the US average
What can we focus on to move the needle?
- Support workforce development strategies to attract new talent and retain local talent important to existing clusters
- Ensure development efforts are coordinated and include collaboration from existing cluster members
- Develop a shared Midlands vision and action plan for economic development that emphasizes regional collaboration amongst local Chambers, nonprofits and other economic development entities
- Develop tactics to attract nationally and globally impactful headquarter firms
5. Livability
Overall index rank: #3 of 9
Things we’re doing well
- The region is growing its arts, entertainment, and recreation offerings as indicated by a high growth rate in these occupations
- The average commute time is 22.7 minutes – 3 full minutes below the US average
- Over 30% of the population is made up of 18-40 year olds, contributing to a young and vibrant culture
- Cost of living is well below the national average and competitive with many peer regions
Opportunities for improvement
- Volunteer rate is slightly below national average, and lower than many comparative regions
- While violent crime rate is better than other in-state MSAs (Charleston and Greenville), it is higher than the national average
What can we focus on to move the needle?
- Support the Reality Check – Midlands Action Collaborative that is focused on improving transportation around existing cities and towns, prioritizing the efficient development of green space and enhancing key economic drivers in the Midlands
- Combat crime through increased collaboration and shared responsibilities among law enforcement entities
- Promote volunteer activities and opportunities that appeal to diverse audiences
- Support community-focused philanthropic organizations who are working on key livability issues, like the United Way of the Midlands
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About EngenuitySC
Headquartered in Columbia, S.C., EngenuitySC is a public-private partnership focused on enhancing our region’s economic competitiveness and prosperity. Through collaboration with business, government, higher education and community leaders, EngenuitySC builds partnerships and measures success around five indicators of competitive communities: innovative capacity, talent, entrepreneurial/business environment, livability and strong industry clusters. Through our innovative process, unique vision and ability to create a plan and deliver results, EngenuitySC is working to build a more competitive and prosperous Midlands region. For more information, visit http://www.engenuitysc.com.
