Recent statistics from the Bureau of Economic Analysis (BEA), a federal agency, show that South Carolina is one of the top 10 states with regard to personal income growth.
The bureau studied real personal incomes of residents in all 50 states for 2012 and 2013, which is the most recent data available. During that year South Carolina's rate grew 1.6 percent, tying with Vermont for ninth place on the list.
The biggest increase, 3.5 percent, was posted by Idaho. The biggest loss was 4.4 percent, in North Dakota.
Real personal income is calculated from the sum of net earnings in connection with the price index in a state. South Carolina's gains were attributed to a number of factors including low cost of living, reasonable price levels of goods and services, low rents for homes and business spaces and growth in industries, particularly aerospace (jobs in this field pay an average of $77,968 per year in South Carolina, compared to the overall state average of $40,798).
Overall, since 2005, wage and benefit levels in South Carolina have risen 23.9 percent.