Study: SCRA contributes $1.45B to South Carolina economy in 2011

SCRA contributed more than $1.4 billion to South Carolina’s economy in 2011, according to an economic impact study by the University of South Carolina’s Darla Moore School of Business.

USC Division of Research Director Douglas Woodward led the study, which incorporated in-state SCRA operations from three sectors: SCRA technology ventures, SCRA applied research and development, and SCRA research and development facilities.

“The numbers in the study indicate that SCRA supports over 15,000 technology jobs in the state with an average wage between $55,000 and $75,000,” Woodward said. “These jobs are not only high-paying, but highly technical and dramatically improve South Carolina’s economy while making our state more competitive.”

SCRA is an applied research and commercialization services company with operations in Anderson, Columbia and Charleston. SCRA also operates offices at Clemson University International Center for Automotive Research and in Washington, D.C.

Combining the current Moore School study with prior surveys, SCRA’s cumulative economic output represents a contribution of more than $14 billion to South Carolina’s economy, the study showed.

Over the last six years, SCRA has more than doubled revenues, growing to $195 million from $74 million. In keeping with that growth, the company’s economic contributions also doubled in the time period. In the last year alone, revenues increased by $23 million, a 13% rise. In the same period, SCRA’s annual South Carolina economic output, as measured by the Moore School, grew from just over $1 billion to $1.45 billion.

“Our mission is to be a global leader in applied research and technology while developing the knowledge economy and creating jobs in South Carolina,” said SCRA CEO Bill Mahoney. “We continue to fulfill our mission by competitively winning and delivering programs for our federal and corporate clients and supporting emerging, high-tech companies in the state through our flagship SC Launch program.

“To augment these efforts, our three innovation centers house high-tech companies and foster their growth as they bring innovative technologies to the marketplace,” Mahoney added. “Our operations ultimately create jobs and dramatically affect economic development in South Carolina, and we are pleased to once again be quantified as a driving force in improving South Carolina’s technology-based economy.”