USC System Generates $7.4 Billion Economic Impact for South Carolina

A new study by the University of South Carolina’s Darla Moore School of Business reveals that the USC system has a $7.4 billion annual impact on the state’s economy. This marks a significant 35 percent increase from a similar study conducted eight years prior, which found an impact of $5.5 billion. A 2021 study placed the impact at $6.2 billion, highlighting the system’s continued economic growth.

The latest report underscores USC’s role in strengthening South Carolina’s workforce, increasing employee earnings, and boosting state tax revenue. The USC system’s eight campuses are tied to 61,700 jobs statewide, representing one out of every 39 jobs in South Carolina. The university system also accounts for $3 billion in annual labor income, roughly $1 out of every $50 earned in the state, and generates $224.6 million in annual state tax revenue.

The study emphasizes USC’s importance as a competitive asset for South Carolina, contributing significantly through its operations, research, and the provision of a skilled workforce. Ongoing initiatives, such as a new neurological hospital and the SC Nexus advanced energy tech hub, are expected to further increase USC’s economic impact. Notably, nearly two-thirds of USC alumni living in South Carolina reside outside the Columbia area, demonstrating the university’s broad economic contribution across the state.