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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
