State’s military installations and ancillary activities support nearly 153,000 jobs statewide
South Carolina’s military footprint accounts for a significant portion of the state’s total economic activity – generating an impact of more than $19 billion annually – according to a study released today.
The report, which was completed by the Moore School of Business at the University of South Carolina, quantifies the annual economic contributions of the state’s eight major military installations as well as the broader military community in South Carolina, which includes the Army Reserve, more than 600 defense-contracting firms and nearly 58,000 military retirees residing in the state. The results were shared today during a meeting of the executive committee of the Military Base Task Force, an entity formed to mitigate the local impacts of potential base closures or sequestration activities at the federal level.
The report’s key findings reveal that the total annual economic impact of South Carolina’s military community exceeds $19.3 billion. This estimate represents the dollar value of all goods and services produced in the state that can be attributed to the military community.
Military activities support 152,812 jobs, which provide $8.6 billion in labor income for South Carolinians that would not otherwise exist. More than half of these jobs are in the private sector, with an average annual income of $56,105. Approximately $771 million in annual tax revenue for the state is linked to economic activity generated by the state’s military community.