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.

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