Advancing South Carolina's Economic …Advancing South Carolina's Long-Term Economic...

Advancing South Carolina's Long-Term

Economic Competitiveness

Ann Marie StieritzPresident & CEO

36th Annual Economic Outlook Conference - December 8, 2016

GDPPerCapita

WageGrowth&SCWagesas%ofU.S.Wages(2001-2015)

U.S.wagegrowth:3.3%peryear

SCwagegrowth:3.1%peryear

SCGDPPerWorker&GrowthRatevs.U.S.Average(2001-2015)

U.S.GDPperworkergrowth:1.2%peryear

SCGDPperworkergrowth:0.7%peryear

How do we leverage economic development

success to build economic prosperity?

Is our economy diversified?

ü Average annual employment growth in the current economic expansion is significantly lower (0.9%) than during the previous economic expansion (2.2%).

HIGH-GROWTH BUSINESSES

ü 1.5% of all companies in South Carolina create 75.9% of net employment gains.

Source:SCCouncilonCompetitiveness.AnalysisbyDr.Jospeh VonNessen,usingNETSdatabase(2009– 2013).

ü 91.8% of high-growth firms in South Carolina have fewer than 20 employees.

Is our prosperity broad-based?

ExcerptedfromFrankRainwater,“DriversoftheSouthCarolinaEconomy”PresentedtotheSCAssociationofCounties7/30/2016,www.rfa.sc.gov

BroadbandDeploymentinSC(2015)%ofPopulationwithBroadbandAvailability

90%

83%

UnitedStates

SouthCarolina

0

10

20

30

40

50

60

70

80

90

100

4553

5764

89 90 92 94 94 96 98 99CountySampling

BroadbandSubscriptionsinSC(2013-15)Metrovs.Non-Metro,%ofHouseholdswithBroadband

6768

7068

69 71

50 51 52

0

10

20

30

40

50

60

70

80

2013 2014 2015

U.S.73 U.S.75U.S.77

U.S.74 U.S.76U.S.78

U.S.60 U.S.62U.S.64

AllSC MetroSC Non-MetroSC

Is our future talent prepared to succeed?

“Because change occurs so quickly, there is a high level of uncertainly regarding the skills needed for the future. However, at all skill levels, individuals will be rewarded for the capacity to think critically, solve problems, and take advantage of new technologies. Schools will therefore need to teach flexible thinking…; they will need to show students how to cooperate and work with individuals of different backgrounds…, and will need to nurture the ability to challenge, confront and critically appraise differing ideas.

GlobalCompetitivenessIndex

Source:WorldEconomicForum“TheUpdatedGlobalCompetitivenessIndex”

Is our future talent prepared to succeed?

Ann Marie StieritzPresident & CEO

1411 Gervais Street, Suite 450Columbia, SC 29201

803-760-1400astieritz@sccompetes.org