SCRA Economic Impact More Than $1.4 Billion for 2007
June 4, 2008
COLUMBIA, SC – June 4, 2008 – SCRA, a global leader in applied research and commercialization services, announced results of a study today showing that SCRA plays a critical role in achieving a higher level of knowledge-based economic development within South Carolina.
The economic impact study was conducted by Douglas P. Woodward, Ph.D., Director of Research in the Division of Research and Professor of Economics at the University of South Carolina Moore School of Business; and Paulo Guimaraes, Ph.D., Clinical Associate Professor in the Moore School.
SCRA’s efforts “contribute to the state’s development in a myriad of ways: promoting technology capabilities, managing research parks, and helping generate small business and entrepreneurial development through SCRA affiliate SC Launch!,” said Woodward. “These activities produce tangible results: jobs and income for South Carolinians.”
Findings include:
· The total economic impact of SCRA operations, technology parks and SC Launch! is $1.4 billion in 2007.
· On average, the direct jobs supported by SCRA pay three times the state’s median annual wage.
· Spending from this substantial income produces ripple effects for the state, encompassing 11,765 jobs generating $521 million per year in labor income for the state’s economy.
“Entering its 25th year of operation, SCRA has been fully self-sustaining since a one-time contribution from the state of South Carolina of $500,000 and 1,400 acres of land in 1983,” said Bill Mahoney, SCRA CEO. “We are pleased that this initial investment continues to create economic activity and Knowledge Economy growth throughout the state. As a 200-employee, quintessential Knowledge Economy company in its own right, SCRA will continue to deliver higher leverage to build the Knowledge Economy in South Carolina than comparable, but much larger organizations.”
About SCRA (www.scra.org)
SCRA is a global leader in applied research and commercialization services with offices in Anderson, Charleston and Columbia. SCRA collaborates to advance technology. SCRA provides technology-based solutions with assured outcomes on behalf of industry, government, and research universities like Clemson University, the University of South Carolina and the Medical University of South Carolina.
About SC Launch! (www.sclaunch.org)
SC Launch!, an SCRA collaboration, assists entrepreneurial start-up companies with up-front counseling, seed-funding, and access to a powerful resource network. The SC Launch! mission is to help generate knowledge economy jobs in South Carolina, enhance the state’s quality of life and provide opportunity for all South Carolinians in the new economy. For more information please visit www.sclaunch.org.
