S.C. Ports makes a $15.6 billion annual economic impact in the Midlands
November 5, 2019
South Carolina Ports Authority’s reach goes well beyond the Port of Charleston with 25% of its economic impact happening in the Midlands.
S.C. Ports Authority (SCPA) makes a $15.6 billion annual economic impact in the Midlands and creates 55,000 jobs in the region, according to a new Economic Impact Study from the University of South Carolina’s Darla Moore School of Business.
Statewide, S.C. Ports makes a $63.4 billion annual economic impact and creates 1 in 10 S.C. jobs, or roughly 225,000 jobs statewide.
The study shows that 25% of the statewide economic impact associated with S.C. Ports is concentrated within the Midlands, said Joey Von Nessen, research economist at the University of South Carolina and the study author.
“S.C. Ports is one of South Carolina’s most vital resources,” Von Nessen said. “Port operations create high-paying jobs and attract port-dependent businesses to locate or expand throughout the state. South Carolina’s success is intrinsically tied to S.C. Ports Authority’s continued growth.”
Port operations account for 10% of the state’s economy and generate $1.1 billion in tax revenue annually for the state, the study found.
Port and port-related jobs pay an average of $57,000, roughly 32% higher than the state’s average income.
Port operations and all associated activities correspond to $3.1 billion in wages and salaries for Midlands residents that would otherwise not exist, the study found.
“SCPA supports businesses and manufacturers as they invest in South Carolina,” Von Nessen said. “This ultimately leads to new jobs and higher wages, as well as disposable income being spent in communities and the recruitment of suppliers — all of which propels S.C.’s economy forward.”
S.C. Ports serves as a key competitive advantage for the state and supports the state’s thriving business community by connecting S.C. companies to global markets.
S.C. Ports plans to further grow and diversify its cargo base, in part by supporting economic development efforts for manufacturers, retailers and distribution centers.
SCPA remains focused on completing major infrastructure projects by the end of 2021, including modernizing Wando Welch Terminal, building the Hugh K. Leatherman Sr. Terminal in North Charleston and deepening Charleston Harbor to 52 feet.
