South Carolina’s industrial market report indicate that the state’s economy has continued to flourish alongside growth in the manufacturing and export fields.
Analysts report that real GDP growth throughout the U.S. amounts to 2.2 percent for 2014’s fourth quarter, which makes an expansion of 14 out of the latest 15 quarters.
The latest South Carolina real GDP has grown approximately 1.2 percent for 2013, which has significantly expanded since 2010. Approximately 17.5 percent of the real GDP for 2013 is comprised of growth in the manufacturing industry. Experts estimate that these rates will continue to grow in the future.
As of February, there were 232,400 employees working in the manufacturing industry in South Carolina, amounting to 2.4 percent more than last year. The state’s highest manufacturing employment rate was 234,900 in November 2008.
Despite the most recent figures, the manufacturing industry is growing slower than it did in 2011, which showed 10 months of year-over-year changes exceeding 4 percent.
Compared to the past, hourly wage rates also have grown. As of February, employees averaged $23.50 per hour. This rate is still below the national average in the U.S., which is $25 per hour.
Because of the low labor costs, right-to-work status and skilled labor force within South Carolina, the state is a good investment for manufacturers and employees. The manufacturers gain from the low cost to build a new facility while employees gain from the inviting environment and the region’s low cost of living.