SCRA Contributed $1.4 Billion to State's Economy This Year
52 Percent Increase in High-tech Jobs from SC Launch Program
Summerville, SC - SCRA generated $1.4 billion in economic activity within South Carolina in Fiscal Year 2015, according to a report conducted by the University of South Carolina's Darla Moore School of Business. The company's 32 year cumulative economic output total in the state is now over $19.5 billion.
High-tech jobs from our SC Launch program, paying average annual wages over $69,000, grew by 52 percent in the last year, an encouraging statistic that reflects overall knowledge economy growth in South Carolina. SCRA generated $526.7 million in direct and labor income for the state's economy this year, an increase from last year's results. Numbers were modeled by the University of South Carolina from SCRA's operations impact, SC Launch and Stage 2 investments, local purchases and Innovation Center and Research Park operations. The 2015 totals were consistent with those from the previous year due to an increase in SC Launch-related jobs and outcomes combined with slight decrease in parks and facilities impacts. The decrease is associated with the SCRA Applied Technologies Center that was under construction last year.
"These economic output results indicate that we are advancing our mission to foster South Carolina's high-tech economy," said SCRA CEO Bill Mahoney. "Our SC Launch program continues to grow new technology start-ups and create high-wage jobs in the state. Those successes, combined with our Stage 2 investments from SCRA's core revenues in larger companies, are a driving force in our state's high-tech landscape. We look forward to continued results that benefit our state in the year ahead."
USC Division of Research Director Dr. Douglas Woodward led the study, which incorporated all SCRA operations from its three sectors: SCRA Technology Ventures, SCRA Applied R&D and SCRA R&D Facilities. The numbers show that SCRA extended its significant contributory role to South Carolina's Knowledge Economy through all three business sectors.
SCRA is a self-sustaining non-profit applied R&D company that grows the technology-based economy in South Carolina by commercializing intellectual property and supporting and making investments in early-stage companies. Multiple economic impact studies show our cumulative output into South Carolina's economy to be over $19.5 billion since 1983, creating approximately 15,000 technology-related jobs with annual wages averaging between $55,000 and $79,000.