Report: SCRA added $1.4 billion to South Carolina's economy in FY2015

SCRA has created numerous high-tech jobs since its SC Launch program.


A report compiled recently by the University of South Carolina's Darla Moore School of Business showed SCRA, a self-sustaining non-profit applied research and development company, put $1.4 billion into South Carolina's economy during Fiscal Year 2015.

This puts the total SCRA has added to the Palmetto State's economy over its 32 years of operations at more than $19.5 billion.

SCRA has created numerous jobs in the high-tech sector through its SC Launch program. These jobs pay annual wages of more than $69,000, and the availability of the positions increased last year by 52 percent.

Additionally, in FY2015 SCRA was responsible for $526.7 million in direct and labor income for the state's economy, up from last year. Much of that was attributable to SCRA's SC Launch and Stage 2 investments, local purchases and Innovation Center and Research Park operations.

"These economic output results indicate that we are advancing our mission to foster South Carolina's high-tech economy," SCRA's CEO Bill Mahoney said. "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."

The study was led by USC Division of Research director Dr. Douglas Woodward.

Want to get notified whenever we write about SCRA ?

Sign-up Next time we write about SCRA, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

SCRA

More News

Metro Business Network