Analysis finds SCRA has $1 billion economic impact on state.
Position | South Carolina Research Authority |
The South Carolina Research Authority has a $1 billion impact on the state's innovation economy, according to an analysis released by the nonprofit corporation chartered to fuel innovation.
That impact includes 5,429 S.C.-based jobs supported by SCRA programs and operations, $4.6 million in research grants and a $73,811 average salary of inSCRA-supported companies, according to a news release from the nonprofit. That's 53% higher than the state average of $48,097.
"SCRA again has proven how important it is to our state's economy," Joey Von Nessen, a University of South Carolina research economist who prepared the analysis, said in the release. "The funding and other support they provide to tech startups and academic institutions produce higher-paying jobs. This has a direct impact on our state's economy. South Carolina is becoming a state known for its growing knowledge-based economy, and SCRA is a major catalyst for this growth."
SCRA recently published its findings in its annual report.
The economic impact analysis also found that companies received $722 million in 2021 through SCRA's investment affiliate, SC Launch...
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