An economic analysis report estimates that the South Carolina Technology and Aviation Center (SCTAC) in Greenville has a $1.4 billion total economic impact with more than 6,800 jobs supported directly, indirectly and induced by operations at SCTAC. Furthermore, South Carolina governments benefit from an estimated $63 million in tax revenue derived directly from business activities at SCTAC.
“Our research finds SCTAC to be a significant economic engine to the local and state economies,” says Dr. Douglas Woodward, Director of Research at the Moore School of Business. “The industries within SCTAC have an enormous statewide influence and the induced effects of SCTAC activities are exponential.”
The study, performed by Woodward and Senator Phillip W. Shoopman, P.E., found the direct, on-property impact of SCTAC-based operations to be 3,354 jobs, $218 million in payroll and $928.9 million in economic output.
“When we include effects from these activities on the surrounding economy, the total economic footprint is $1.4 billion,” says Shoopman. “In addition, for every dollar utilized at SCTAC, there is a .50 demand for indirect or induced–related economic activity. This proves SCTAC to be a true benefit to citizens, both at the local and state levels.”
“This good news is really just the beginning as SCTAC is perfectly positioned to build on current success,” says Greenville County Council member and SCTAC Board member Liz Seman. “We have the infrastructure, space availability, and available workforce necessary to continue to attract the world’s best companies to SCTAC and Greenville County.”
The study also found SCTAC to represent a diverse group of industries with the largest categories being manufacturing and engineering services. Based on employment numbers, the prominent private-owned employers are Lockheed Martin, Stevens Aviation, 3M, Cytec Carbon fibers and Ethox Chemicals. The employment by industry is:
- 34% Aviation-related activities
- 31%-Manufacturing-related activities
- 22%-Trade businesses
- 13%-Others including 50 diverse categories ranging from biotech research and development, to pharmaceutical development and professional consulting.
“SCTAC is a valuable asset to the Greenville economy, further diversifying our industry base and ensuring continued job opportunities for our region,” says Greenville City Council member and SCTAC board member Lillian Flemming.
Supporting industries tied to those sales, income and jobs in support-related industries due to direct output of SCTAC industries contribute an additional 1,500 jobs, $73.3 million payroll and $251.7 million in economic output. The multiplier impact of SCTAC leads to more than 1,950 employees, payroll of $67.6 million and $219.6 million in economic impact.
“We will continue to play a critical role in fostering business growth and economic development in the Southeast,” says Jody Bryson, SCTAC President and CEO. “The jobs and revenue SCTAC creates for South Carolina is imperative to continue growing as a prosperous economy.”
For more information: SC-tac.com