SUMMERVILLE, S.C.--(BUSINESS WIRE)--SCRA today announced 2014 economic impact results of $1.43 billion on South Carolina, collected through a study led by the University of South Carolina's Moore School of Business. The 2014 totals were up $80 million from 2013. Overall, SCRA's 32 year cumulative output total now stands at over $18.1 billion.
The total direct and indirect SCRA impact generates $525.2 million a year in labor income for the state’s economy. Directly and indirectly, the total net contribution to the South Carolina economy—what economists refer to as value added—totaled $794.1 million in 2014.
"We are pleased to once again be quantified as a leading force in fostering and growing South Carolina's Knowledge Economy- supporting emerging high-tech businesses and helping create jobs in the state," said SCRA CEO Bill Mahoney. "SCRA has delivered substantive outcomes throughout the past year, continually fulfilling our mission by delivering high-tech solutions to federal and corporate clients and ensuring South Carolina's Knowledge Economy gains strength. We are delighted to work with Dr. Woodward and USC's Moore School to measure our economic output.”
USC Division of Research Director Dr. Douglas Woodward led the study, which incorporated all SCRA operations from its three sectors: SCRA Technology Ventures, SCRA Applied R&D and SCRA R&D Facilities. The numbers show that SCRA extended its significant contributory role in all three business sectors. In its 32 year history, SCRA has grown significantly, with record revenues of $285 million in 2014, up significantly from the previous year.
SCRA is an applied research corporation with over 30 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: Our Technology Ventures sector has helped over 300 early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages over 100 national and international programs worth nearly $2.8 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops. Multiple economic impact studies show SCRA’s cumulative output into South Carolina’s economy to be over $18.1 billion.