South Carolina Chamber Releases 'Break Away South Carolina'
February 18, 2009COLUMBIA, SC – February 18, 2009 – The South Carolina Chamber of Commerce has released the fourth edition of Break Away South Carolina, an annual benchmarking review that compares how well South Carolina is performing relative to other states. The report analyzes six drivers, including education and workforce preparedness, business costs, government efficiency and regulatory environment, infrastructure and connectivity, dynamism and entrepreneurialism, and quality of life. View the full report here under publications.
The 2009 edition of the Break Away report largely finds South Carolina’s long-term growth is above the national trend, with the state’s population growing the tenth fastest in the nation. Private jobs have increased by more than two percent. However, per capita income in the state is down from the last decade and still only 82 percent of the national average, at $27,580. Break Away also finds that South Carolina, though continuing to grow, is not growing fast enough to break away from the pack. Other states have been progressing at the same rate or slightly better, therefore overall South Carolina has moved little in competitive position.
South Carolina is doing well in: advanced placement, broadband coverage, business taxes and tax structure, energy costs, low healthcare premiums, home ownership, high school diploma attainment, malpractice costs, cost of living and golf courses. The state placed worst in the dynamism and entrepreneurialism driver, ranking last in the nation. The state has ranked last in this driver in all of the past three years.
Metrics surrounding research and innovation have seen slight improvements, with venture capital performance improving from 35th to 24th in four years and university spinoffs improving from 26th to fifth. From 2006 to 2007, business costs have improved from a rank of 16 to a rank of 13. Additionally, in 2007, businesses contributing most to job growth were those already established in the state. South Carolina’s 2007 performance in infrastructure and connectivity slipped in this year’s report.
“We see this race toward global competitiveness as a marathon, not a sprint. We are on a journey, taking one step at a time. If we keep our eye on the finish line, we will continue to make strides in South Carolina, increasing the state’s global competitiveness and growing wealth for our citizens,” said Otis B. Rawl Jr., president and chief executive officer of the South Carolina Chamber of Commerce.
The South Carolina Chamber of Commerce, the nation’s first state chamber Accredited with Distinction by the U.S. Chamber, is the state’s largest statewide broad-based business and industry trade association representing more than 6,500 member companies and more than 600,000 member employees, with 90 percent of membership comprised of small businesses. As the unified voice for business and industry, the Chamber is a catalyst for increasing per capita income and enhancing the state’s global competitiveness in order to improve the quality of life for all South Carolinians.