South Carolina tech industry intensifies the State’s economic growth, according to new study by SC Competes
October 14, 2024
The South Carolina Council on Competitiveness (“SC Competes”) has released its 2024 SC Tech Economic Impact Study, revealing a surge in the state’s tech sector, driven by rapid industry expansion and increasing reliance on technology across all industry sectors. Commissioned by SC Competes and conducted by research economist, Dr. Joseph Von Nessen, the study highlights the significant role technology continues to play in South Carolina’s overall economy and explosive growth.
The SC Tech cluster has grown more than twice as fast as the overall state economy in the last decade, with a total economic output of $51.7 billion. The sector supports over 143,000 jobs and generates $13.8 billion in labor income. South Carolina tech firms have experienced a remarkable 56.7% increase in employment since 2020, underscoring the sector’s vitality.
“As companies across all industries rely more on technology in their operations and supply chains, the demand for tech-related products, services, and skilled workers has surged,” said Jamie DeMent, Director of SC Tech at SC Competes. “This study shows that the growth of tech in the Palmetto State shows no sign of slowing, and will serve as a driver for statewide support of the tech sector via startups, scaling, recruitment, and more.”
“With comprehensive South Carolina specific data from studies like this, we can showcase the role that the Upstate region plays in the state’s tech-driven economy, emphasizing their contributions to innovation, job creation, and sustainable growth across all industries,” said Elizabeth Watson, Director of Research & Strategic Initiatives at Upstate SC Alliance.
Key findings from the report include:
- $51.7 billion in total economic output from the Tech sector in South Carolina.
- Tech jobs in the state pay an average wage of $96,763, which is 78% higher than the state average.
- Total labor income from Tech jobs stands at $13.8 billion.
- 143,011 jobs are supported by the Tech sector, with employment growth of +24.2% for Tech workers since 2019, compared to +5.3% for overall employment in South Carolina.
The report further highlights that Tech workers now make up a larger share of the workforce in a variety of industries, reflecting a shift toward high-skilled, high-wage employment. The average annual wage in the Tech sector is significantly higher than the state average, a “skills premium” that underscores the growing demand for expertise in Tech-related occupations.
“Technology is reshaping the future of South Carolina’s economy, supporting growth, innovation, and higher-paying jobs,” said Susie Shannon, President & CEO of SC Competes. “We are committed to ensuring that South Carolina remains a hub for Tech talent and innovation as we move into the future.”
The 2024 SC Tech Economic Impact Study underscores the transformative role that technology is playing in South Carolina’s economy, positioning the state as a leader in tech innovation and growth in the Southeast.
For more information, visit www.sccompetes.org.
