2013 regional economic scorecard final

Economic

Regional

scoRecaRd 2013Produced for the community by:Charleston Regional Development AllianceCharleston Metro Chamber of Commerce

Research and analysis by:Lowcountry Graduate CenterRiley Center for Livable Communities at the College of CharlestonCenter for Business Research

viEw onlinE: www.crda.org/EconomicscorEcard

Tracking Economic progrEss in BErkElEy, charlEsTon and dorchEsTEr counTiEs

www.crda.org/economicscorecard

IntroductIon2

The 2013 Regional Economic Scorecard provides our region’s business, governmental, community and academic leaders with unbiased data to help focus a collective effort to address our challenges and maintain positive momentum.

As you’ll see in this year’s report, our three-county region’s economy is performing better than the state and the U.S. overall, and continues to strengthen since the launch of the Opportunity Next strategy in April 2011.

Employment in the region has grown two times faster than the U.S. since 2010. All of the region’s jobs lost in 2009 have been recovered. Unemployment is lower than the national average and dropping at a faster pace. And Manufacturing, Professional Services, and Financial Activities are the region’s fastest growing industry sectors.

Correlated with the region’s healthy economy, attractive lifestyle, and international accolades, regional population growth since 2010 has been three times the national average, with 74% of that growth due to in-migration. In fact, Charleston’s regional population is projected to reach 1 million residents within the next 15 years.

This growth will escalate tough challenges on regional transportation infrastructure, housing affordability, and the skilled human capital needed to fill higher wage industry sectors such as Aerospace and Information Technology.

Regional leaders should continue to focus on long-term solutions to these issues critical to our economic success, in order to maintain positive momentum and build a globally competitive economy. We believe these key priorities should inform state and local policy decisions.

Charleston’s regional economy is performing well overall, while also undergoing a significant transformation into a more diversified, knowledge-based economy. Our three-county region has the ingredients and the potential to become a world-class metro like Raleigh or Austin, if we adequately tackle our challenges – infrastructure, talent development and sustainable growth.

cRitical issues foR economic success:

Matt SloanPresident, The Daniel Island Co.

Chairman, 2013 Regional Economic Scorecard Task Force

Key taKeawaysBuilding Regional pRospeRity

1tRanspoRtationtransform the region’s infrastructure into a world-class multimodal system

2educationinvest in education at all levels to transform outcomes and grow an aligned workforce pipeline

3innovationdevelop and build the systems necessary to promote and support innovation

4talentimplement aggressive and sustained talent attraction and retention strategies

David T. GinnPresident & CEO

Charleston Regional Development Alliance

Bryan DerreberryPresident & CEOCharleston Metro

Chamber of Commerce

3

chaRleston

grEEnvillE, sc manufacturing base,

tech transfer and higher education

JacksonvillE, Fl port, business

diversity, military presence and talent

attraction

knoxvillE, Tn federal research

lab, entrepreneurial environment and higher education

ausTin, Tx healthy balance of

technology, business services, education & government, and is a

talent magnet

ralEigh, nc renowned for strong

job growth, R&D, higher education, and as best place

to live

lExingTon, ky entrepreneurial

environment, R&D and strength in

medical technology

richmond, va growing base of R&D, higher

education, logistics and biotech cluster

savannah, ga port, military,

creative economy and tourism industry

A taskforce of business and community leaders selected six similar metro areas and two leading metros for this benchmarking project in 2010. They were chosen based on a diverse mix of economic assets comparable to Charleston’s and detailed below.

compaRative

indicaToru.s. valuE

x 100 indEx valuE=

RepoRt oveRview

ouR compaRative locations

leading

enviRonment foR development• Industrial Composition• Physical Infrastructure• Social, Cultural &

Institutional Environment

competitiveness inputs• Human Capital• Innovative Activity• Entrepreneurial Environment• Quality of Place

economic development outcome• Economic Output• Employment• Earnings & Income

model foR economic pRospeRity

what is an index?This Scorecard examines numerous indica-tors of regional economic competitiveness. Each indicator is shown relative to the U.S. average. For example, a value of 110 means the metro is performing 10% above the national average.

Note: The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.

how to Read the dataThis report utilizes federal government data, and is compiled and analyzed by the Lowcountry Graduate Center, the Riley Center for Livable Communities at the College of Charleston, and the Charleston Metro Chamber’s Center for Business Research.

The report follows the Model for Economic Prosperity Pyramid, which illustrates the building blocks of economic success. The 2013 Regional Economic Scorecard will assess the economic development outcomes and the competitiveness inputs at the top and bottom of the pyramid model.

Because of the time lag in data availability, this 2013 report highlights data captured from 2005 to 2012.

4

5%

5%

10%

10%

15%

15%

20%

20%

25% 30% 35% 40%

25%

the indicatoRs

gRoss Regional pRoduct (gRp)Defined as the market value of all final goods and services produced within the region, or more simply as “economic output.” A rising GRP means more money is flowing through the local economy. From 2005 to 2011, Charleston’s GRP grew 26.2%, significantly outperforming all peer metros, the state and the U.S. While Charleston is gaining ground, Austin and Raleigh continue to set the standard for GRP growth among all comparative metros.

expoRt activity Measures the dollar value of all purchases of U.S. goods and services by residents of foreign countries, including payments for patents and trademarks, contracts with U.S. consultants, and spending by foreign tourists and students. Between 2010 and 2012, the dollar value of Charleston region’s exports grew by 32.7% to $3.9 billion annually. Charleston’s exports share of GRP also increased to 14.5%, above the U.S. average, ranking 26 out of the Top 100 metros.

Regional employmentMeasures the number of people actively employed in an area. Employment growth generally correlates to job growth. From 2005 to 2012, which includes the Great Recession, employment in the Charleston region grew 11.5%. This growth rate is double and triple that of peer metros, the state, and the U.S., which only grew .5%. Austin and Raleigh, however, experienced stronger employment growth of 18.9% and 14.7% respectively.

eaRnings peR woRKeRDivides all wage and salary earnings by the number of people actively employed. From 2005 to 2011, regional earnings per worker grew 21.5% to $47,228, a significantly higher growth rate than the U.S. (0.1%). More importantly, the region’s average earnings per worker surpassed the U.S. average ($45,790) for the first time based on recently adjusted Federal data. While this trend is positive, average wages excluding self-employed/freelancers are still 15% below the U.S. average.

peR capita income (pci)Measures overall wealth within a community on a per capita basis. PCI is determined by dividing the population’s total income from all sources by the number of people who reside in the community, including infants and children. Between 2005 to 2011, Charleston’s PCI grew 17.9%, but at $37,685, it’s still below the national average, four of the six peer metros and the two leading metros. However, Charleston’s PCI growth rate was faster than the U.S. (17.2%), indicating a slight decrease in the income gap between the region and the nation.

economic development outcomes

earnings per worker growth, 2005 - 2011

Austin

Raleigh

charleston

Knoxville

Greenville

Savannah

Richmond

Jacksonville

Lexington

Savannah

charleston

Knoxville

Raleigh

Greenville

Richmond

Jacksonville

Lexington

Austin

Source: Bureau of Economic Analysis

37.4%

22.2%

37.0%

21.5%

26.2%

19.8%

22.8%

17.9%

21.5%

17.3%

18.9%

18.1%

14.1%

13.6%

15.9%

0%

0%

gross Regional product growth, 2005 - 201119.4%

u.s. average

0.1% u.s. average

14.8%

13.3%

12.7%


charleston has added significant numbers of new jobs in more

skilled, technical occupations, resulting in increased earnings.

5

average wage growth 2000-2011$46,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009$26,000

$28,000

$30,000

$32,000

$34,000

$36,000

$42,000

$38,000

$40,000

$44,000

uniTEd sTaTEscharlEsTon msa

2010 2011

2003: charleston surpasses s.c.

average2000: charleston

wages 78% of u.s. average

2011: charleston wages 85% of u.s. average

souTh carolina

5% 10% 15% 20%

a closeR looK

Austin

Raleigh

charleston

Jacksonville

Knoxville

Savannah

Richmond

Lexington

Greenville


18.9%

14.7%

11.5%

5.2%

4.8%

4.7%

4.5%

4.1%

3.7%

0%

Regional employment growth, 2005 - 2012 0.5%

u.s. average housing affordability in the charleston regionSustainable, prosperous communities include an affordable mix of housing options. There is tremendous need for new solutions throughout the region, as vital members of our community— teachers, firefighters, policemen, paramedics, service industry workers, as well as young professionals — are having to drive long distances or leave the region to find homes they can afford.

Source: Lowcountry Housing Trust

Sources: Lowcountry Housing Trust; Center for Business Research

A worker must earn $45.11/hour to afford the average priced home in the Charleston Region ($281,459 as of June 30, 2013)

A worker must earn $32.37/hour for the median priced home of $202,000

Charleston’s average wage per hour is $19.80

$0

$10

$20

$30

$40

$50

Why housing Matters

Wag

e pe

r ho

ur

Source: Bureau of Labor Statistics

Firefighter Teacher Service Industry

Administrative Assistant

Police$

15.6

2/ho

ur

$20

.02/

hour

$9

.71/

hour

$14

.61/

hour

$15

.62/

hour

6 CompetitiveneSS inputS

human capital indexKnowledge woRKeRs, 2012

percentage of population (ages 25-64) employed in occupations requiring specialized knowledge and creativity, such as management, finance, it, science & engineering, healthcare, design, the arts, etc.

high school gRaduates, 2011percentage of adult population (25+) with a high school diploma.

college gRaduates, 2011percentage of adult population (25+) with a bachelor’s degree or higher.

employment Rate, 2011percentage of an area’s workforce that is actively employed.

= increase

u.S. Average = 100

= Decrease = no change

The most recent values are compared to a 2005 baseline and do not imply year-to-year changes.

the indicators

The ability to produce, attract and retain talent is critical to the region’s long-term success and global competitiveness. Educated residents with specialized skills and knowledge fuel the performance of existing firms and serve to attract new employers in our target industries.

The better educated our workforce, the more quickly our economy can take advantage of new opportunities and recover from negative shocks, such as the recent economic recession. Positive changes in the Human Capital Index directly correlate with positive changes in the Innovation Index.

1 Austin............. 118.42 Raleigh ........... 114.83 Richmond ...... 107.64 charleston ..... 102.55 Lexington .......98.9

5 Knoxville .........98.87 Jacksonville ... 94.38 Greenville .......90.69 Savannah .......84.0

1 Raleigh .......... 103.32 Jacksonville ..102.93 Austin ............ 102.33 Knoxville ........ 102.25 Lexington .......101.9

6 charleston ...... 101.77 Savannah .......101.48 Richmond ......100.79 Greenville ........99.1

1 Raleigh .......... 144.92 Austin ............ 142.53 Lexington ....... 122.14 Richmond ....... 112.35 charleston ..... 104.6

6 Knoxville....... 100.07 Savannah .......99.68 Greenville ....... 94.48 Jacksonville ... 94.4

1 Austin............102.52 Richmond .......101.83 Lexington .......101.63 Knoxville .........101.65 charleston ..... 100.7

5 Greenville ......100.67 Raleigh ..........100.38 Jacksonville ...99.88 Savannah ....... 99.7

change in index value:

richm

ond,

lExin

gTon

106101

75 125

ausTin,

ralEigh

116

102charlEsTon

the trend• Almost all metros decreased on this index;

however, Charleston has shown slight growth

• Since 2005, we’ve lost ground on the

percentage of adults with high school

diplomas and college degrees


Source: U.S. Census Bureau



why is this important?

96

grEEnvillE, savannah

98

JacksonvillE

100uniTEd sTaTEs avEragE

Note: Because the Census Bureau’s American Community

Survey is an annual survey based on random population sampling, the margin of error

in the data is greater. Therefore, fluctuations from year-to-year

can be the result of sampling and not necessarily a data trend.

2005-2011

knox

villE

7

non-stem stem

$50,529$30,797

PPP= no change

“Since we are serious about attracting investment and sustaining our economic growth, we must invest in our people. Jobs go unfilled today for want of qualified applicants. To grow the economy, we must grow the highly skilled workforce employers require. Education is the key to economic growth, and education will determine our future.”

mary thornley, ed.d.president, trident technical College

invest in education to transform economic outcomes and expand capacity

improve public education outcomes and broaden K-12 stem curricula

develop an aggressive regional strategy to produce, attract and retain top talent

a closeR looK

Building BlocKs foR successBusiness peRspective

2011 aveRage wages – chaRleston Region

the hidden stem economy To see significant movement in human capital and innovative activity, the Charleston region must significantly expand the percentage of the population with needed workforce skills, particularly knowledge and STEM* workers. The region’s STEM jobs totaled 57,920, ranking 70th out of the Top 100 U.S. metros in 2011.

*STEM = Science, Technology, Engineering and Mathematics

Source: Brookings Institution

chaRleston stem JoBs By degRee RequiRed, 2011

44.7%55.3%

associate degRee oR less BacheloR’s oR moRe

non-stem stem

$60,150

$35,080

non-stem stem

Jobs requiring an associate degree or lessAll jobs Jobs requiring a bachelor’s or more

$72,052

$59,830

Source: Brookings Institution

U.S. Stem: $70,212

8

richmond

81

CompetitiveneSS inputS

innovative activity indexemployment in technical positions, 2012

percentage of employment in computer, science, and engineering occupations.

nih/nsf/nea funding, 2011Funding from niH, nSF & neA presented per local job.

ventuRe capital investment, 2011Financial capital provided to early stage startups, presented per local job.

patents issued, 2010number of patents issued in an area, presented per 10,000 workers.

why is this important?The ability to generate new ideas, products and processes is an important measure of a region’s competitive advantage. An environment of innovation encourages the launch of new businesses, provides growth opportunities for existing businesses and attracts leading-edge businesses from outside the area. The result: new, higher-wage jobs for area residents.

The more our region graduates, attracts and retains talent with needed workforce skills, particularly knowledge and STEM workers, the more we will see positive changes in our Innovative Activity Index.

1 Austin............ 172.22 Raleigh ..........163.03 Richmond ...... 103.74 charleston ...... 101.95 Greenville ..... 100.0

6 Lexington ........98.17 Knoxville ......... 85.28 Jacksonville ... 83.39 Savannah .......63.0

1 Raleigh .......... 623.7 2 Lexington ........147.63 charleston ...... 114.64 Austin .............68.55 Richmond .......50.5

6 Knoxville...........10.17 Jacksonville ..... 6.98 Greenville .......... 1.89 Savannah .......... 1.3

1 Austin.............947.12 Raleigh .........633.63 Greenville ......192.94 Jacksonville ....74.75 Richmond .......64.0

6 charleston .......53.87 Knoxville .......... 21.98 Lexington ......... 2.89 Savannah .........0.0

1 Austin.............147.62 Raleigh .......... 130.33 Lexington .......50.04 Greenville ....... 33.85 Knoxville ......... 32.9

6 Richmond ....... 23.07 Jacksonville .... 15.58 charleston .........10.19 Savannah ......... 5.3

savannah

17

grEE

nvill

E

106

JacksonvillE

44 lExin

gTon

115

70

84charlEsTon

100United StateS average311

ausTin

377ralEigh

= increase = Decrease = no change




Source: NIH, NSF & NEA

Source: Thomson Reuters

Source: U.S. Patent & Trademark Office

0

the indicators

200u.S. Average = 100

the trend• mixed improvement since 2005;

significantly behind our peers, the u.S.,

and Austin/Raleigh on most indicators

• it-sector share of jobs now higher than

Austin and most peers, demonstrating

growth of high tech industry

• Challenge areas include

Stem higher education

programs, venture

capital and patent

awards

knoxvillEoff the

chart

2005-2011

9

“With the addition of a new IT Center of Excellence, Engineering Design Center, and Propulsion South Carolina operations, Boeing continues to build strategically on the solid foundation, skills and discipline present in the Charleston region. To stay at the forefront, we’ll need a sustained regional focus on developing a ready workforce. That means a continued keen focus on K-12 science, technology, engineering and math programs for our South Carolina students. It also means that we continue to develop innovative industry partnerships with higher education institutions in order to attract and retain the best talent possible.”

Jack Jonesvice president and General manager, Boeing South Carolina

Build systems to support and promote innovationPdevelop pipeline of educated, skilled knowledge & stem workersPalign higher education programs with business needs and expand engineering and software/it curricula

P

a closeR looK


= no change

science-Related gRaduate students, 2010Graduate students in health science, science, and engineering per 10,000 residents.

it-sectoR shaRe of JoBs, 2011percentage of employment in it-related businesses.

1 Raleigh .......... 413.22 Austin ...........366.83 Knoxville .......206.34 Lexington ....... 191.75 Greenville ......180.0

6 Richmond ...... 145.97 charleston ....... 37.68 Jacksonville .....0.08 Savannah .........0.0

1 Raleigh ........ 300.02 Lexington .....200.03 charleston ..... 188.24 Austin ............ 164.75 Greenville ...... 129.4

6 Richmond ..... 100.07 Jacksonville ... 85.38 Knoxville......... 64.79 Savannah ....... 29.4

Source: NSF-NIH Survey of Graduate Students & Post-doctorates in S&E

Source: County Business Patterns

Note: To better assess regional performance, we’ve expanded the NIH Funding indicator to also include funding from the National Science Foundation (NSF) and the National Endowment for the Arts (NEA).

Boeing fuels technical workforce growthBoeing is diversifying its operations beyond the 787 and boosting the Lowcountry’s knowledge economy by investing an additional $1.1 billion and hiring 2,000 high-skilled workers in the Charleston region over the next eight years. These jobs will be a combination of information technology positions, engineers and production workers. By establishing an IT Center of Excellence, an Engineering Design Center and a Propulsion design and assembly facility in the Charleston region, Boeing is dramatically enhancing our region’s ability to attract and retain top technical talent. The growth of this tech workforce could also boost 2- and 4-year college enrollments as workers seek continuing education opportunities.

Source: Charleston Regional Business Journal

10

80

savannah

grEEnvillE

90


concentRation of small to mid-size Businesses, 2011number of area businesses per 1,000 employees.

total estaBlishments, 2011total number of establishment per 1,000 employees.

pRopRietoRs’ income shaRe, 2011percentage of an area’s income generated by self-employed business owners.

Business seRvices, 2011Share of regional employment in the professional and technical services industries (nAiCS 54).

the indicators

1 charleston ...... 107.42 Jacksonville .. 107.03 Raleigh ..........106.54 Austin .............99.05 Savannah ....... 98.7

6 Richmond .......98.27 Greenville ....... 92.28 Lexington ........91.69 Knoxville ........82.9

1 charleston ...... 107.3 2 Jacksonville ... 107.13 Raleigh ..........106.54 Austin .............98.95 Savannah .......98.6

6 Richmond .......98.37 Greenville ....... 92.48 Lexington ........ 91.79 Knoxville ........82.9

1 Knoxville ........ 120.4 2 Austin .............110.33 charleston .......98.34 Lexington ....... 94.65 Greenville ........ 71.8

6 Richmond ........ 71.67 Jacksonville .... 70.17 Raleigh ............ 70.19 Savannah ........ 57.7

1 Austin............138.62 Raleigh ............127.13 Knoxville ........108.64 charleston .......107.15 Richmond ...... 104.3

6 Greenville ......102.97 Lexington ....... 84.38 Jacksonville ...82.99 Savannah ....... 64.3

ralE

igh

103

ausTin

112

lExingTon

91

75 125

105charlEsTon

Savannahrichmond

93

knoxvillE

99

JacksonvillE

92


entRepReneuRial enviRonment index




A supportive environment for entrepreneurs is key for new business creation and growth. Just as a favorable climate encourages new companies to put down roots, an unfavorable climate can cause successful startups to seek more hospitable communities. Innovative activity in the economy results in new business and entrepreneurial activity.






the trend

The continued growth of small businesses, in particular the Business Services sector, is dependent on the continued growth of the region’s GRP and economic engines of growth, particularly high-value target industry clusters: Aerospace, Advanced Security, IT, Biomedical and Energy Systems and related competencies.

u.S. Average = 100

Highest growth among all peers

and leading metros.

• 10 point improvement between 2005 and 2011,

passing Raleigh and edging up on Austin

• primarily due to overall growth of business establishments

• increase in proprietors’ income illustrates

businesses continue to recover from

Great Recession

11

“Charleston is in the springtime of what will someday prove to be a golden age of entrepreneurial activity. You can feel the energy and local success stories are starting to pop up. To make the most of this exciting opportunity, we need better leadership from within the entrepreneurial community; a regional, cross-sector, entrepreneur development strategy; and better access to both mentors and capital.”

gray somervilleCo-Founder/vice president, Business Developmenttelogical Systems

ensure the region’s and sc’s regulatory environment support business growth

grow the number of incubators, co-work spaces and funding sources to support entrepreneurial growth

align and connect the entrepreneurial resources in the region to streamline the startup process

a closeR looK


= no change

PPP

Sources: CDC 2012 Annual Report; Bureau of Labor Statistics

The Charleston Digital Corridor (CDC) opened its first tech business incubator, the Flagship, in June 2009. Flagship 2 or FS2, came two years later with double the office space for more advanced startups as well as conference areas, a computer lab and other amenities. The City of Charleston leases the properties and subleases the offices, on a flexible basis, to the startup tenants.

Planning is now underway for a third incubator, FS3, at 999 Morrison Drive. City leaders envision this area as an up and coming tech and creative corridor. “It’s about accelerating the formation and growth of these start-up companies that are contributing to our region’s economy,” said Ernest Andrade, founder and executive director of the Charleston Digital Corridor.

Since 2009, 67 companies have graduated from the incubators, raising approximately $67 million in startup capital. In 2012, three CDC-based companies ranked in the Inc. 500, for the nation’s fastest growing private companies with revenues over $2 million. Nearly half of CDC-member companies added additional office space in 2012 and 20% of those plan additional expansions this year.

the future of charleston’s Knowledge economy$66,862

CDC member companies average wage

$40,685

Charleston average annual wage

$38,427

S.C. average annual wage

average wage comparison, 2011

12

JacksonvillE

86


quality of place indexclimate, 2011

percentage of days with high temperatures between 50° and 80° F.

cultuRe and RecReation, 2011employment in the arts, entertainment and recreation (nAiCS 71) provides a measure of an area’s cultural and recreational opportunities.

tRavel congestion, 2012percentage of daily travel in congested conditions. Higher number means less congestion.

cRime Rate, 2011violent crimes per 100,000 population.Higher number means less crime.


the indicators

In an increasingly competitive global economy, attracting and retaining a talented workforce has become a critical economic development issue. With a strong demand for specialized knowledge and skills, highly educated workers have more flexibility in where they choose to live and work.

The recent Charleston Handprint benchmarking study, conducted by Next Generation Consulting, gauges the region’s quality of place for attracting and retaining educated young professionals.

The Charleston MSA ranked last for Cost of Lifestyle – more expensive overall in terms of home ownership, rent, food/groceries, and utilities than five peer southeastern metro areas.

To download the study, visit www.charlestonchamber.net/charleston-tri-county-community-handprint

1 Raleigh ............117.62 Lexington ........ 111.23 Richmond ........111.04 Knoxville ........108.35 Greenville ......106.7

6 charleston ..... 102.47 Savannah ....... 93.78 Jacksonville .....77.19 Austin ............. 75.5

1 Austin............138.92 Raleigh .......... 133.32 Lexington .......127.84 Jacksonville .. 122.25 charleston .......116.7

5 Richmond ....... 116.77 Savannah ......105.68 Greenville ....... 94.48 Knoxville......... 94.4

1 Savannah ...... 139.32 Knoxville ........129.93 Richmond ...... 125.24 Greenville ......120.65 Raleigh ............87.9

6 charleston .......83.26 Lexington ....... 83.28 Jacksonville ...69.29 Austin ............59.8

1 Richmond...... 139.22 Austin ............137.03 Raleigh .......... 125.74 Savannah ........111.65 Lexington .......101.6

6 charleston .........91.17 Knoxville .........80.98 Jacksonville ... 64.58 Greenville .......60.3

99gr

EEnv

illE 110

lExingTo

n, ralEigh

ausT

in101

knoxvillE

111

richmond

118

75 125

106charlEsTon


the trend• 8 point improvement from 2005 to 2011, yet still

behind five metros with Savannah moving ahead

• primarily due to a decrease in still relatively high crime

rate, and continued growth in health care access

• Challenge areas include travel

congestion and housing

affordability


Source: Texas Transportation Institute

Source: Federal Bureau of Investigation

Source: Weather Underground




u.S. Average = 100

& sava

nnah

2005-2011

13

“Charleston’s commitment to the technology sector has supported BoomTown’s sustained 1000%+ rapid growth. We love this area for its beaches, culture, vibrant culinary and after-hours scenes, and most especially, its growth opportunities. Upcoming regional investments in talent attraction and retention efforts will support a favorable business environment. However, to remain truly competitive, Charleston needs to prioritize reducing traffic congestion and leveling out the high cost of living.”

Rebecca guthrieDirector of operationsBoomtown :: Real estate Web platform

invest in a world-class infrastructure system to address existing problems and manage future growth

support long-term regional actions that include port-related improvements and a comprehensive transportation system with upgraded roads and bridges, public transit and bike paths

encourage a diverse mix of affordable housing options across the region, so residents don’t have to “drive to qualify”

a closeR looK


= no change

PPP

aiR quality, 2012percentage of days with air quality measured as “good” or “moderate” by the epA. Higher number means better quality.

healthcaRe access, 2012number of healthcare practitioner and technical occupations per 100,000 population provides a measure of access to healthcare professionals.

1 charleston ..... 106.6 1 Greenville ......106.63 Austin ............105.84 Raleigh ..........105.55 Savannah ......104.9

6 Knoxville........103.87 Richmond ........101.15 Lexington .........87.19 Jacksonville ... 78.6

1 Lexington ....... 148.12 Knoxville ........ 145.53 charleston ...... 137.04 Richmond ........117.55 Savannah ...... 104.7

6 Jacksonville ..104.05 Greenville ......102.98 Raleigh .............91.19 Austin ............. 88.7

Source: U.S. Environmental Protection Agency


what congestion costs - charleston Region 2011Transportation infrastructure is a significant challenge to the region’s future economic health. Drivers in Charleston already spend more time daily in travel congestion than the national average. Between 2005 and 2011, the total cost of congestion for commuters increased by 24%.

Source: Texas Transportation InstituteTraffic congestion on Interstate 26. (Photo/Charleston Regional Business Journal)

30 hoursyearly Delay

per Commuter

14 gallonsannual excess Fuel

per Commuter

$647annual excess Cost

per Commuter

14

connecting the dots housing affordability … transportation infrastructure … population growth

housing affoRdaBilityThe region’s high cost of living and below average wage levels make us one of the least affordable metros in the Southeast.

while average wages in the charleston region have

grown almost 20% since 2005, to more

than $40,000/year, average wages remain approximately

15% below the national average.

if local woRKeRs can’t affoRd to live neaR theiR JoBs, the Results aRe:

• Longer commute times• Increased commuting costs• Increased traffic congestion• Further concerns of sprawl

tRanspoRtation infRastRuctuReThe region’s existing transportation infrastructure is inadequate to handle current needs and future growth. While the three counties each collect transportation sales taxes to help fund needed infrastructure, the $1.3 billion in local funding does not fully address the 16 priority regional projects needed to facilitate freight movement, promote economic development, accommodate residential growth and preserve & enhance our region’s quality of place.

population gRowthThe region’s current and projected population growth, estimated to reach 1 million by 2027, will escalate already strong demands on our regional transportation infrastructure and housing affordability mix.

15%chaRleston

5%u.s.

the region’s population grew 3x faster than the u.s. and

outpaced all six peer metros, from 2005 to 2011.

Regional pRospeRityOpportunity Next is the Charleston region’s comprehensive, cluster-based economic development strategy. It guides regional efforts to boost wages, create new, high-skill jobs and strengthens the local economy over time.

Opportunity Next recommends six strategic priority actions that must take place to improve economic conditions across the region.

Sources: Charleston Metro Chamber Infrastructure Visioning Task Force; Texas Transportation Institute

Source: Bureau of Labor Statistics Sources: Center for Business Research; U.S. Census Bureau

in 2011, the region’s annual cost of congestion was estimated at $240 million, ranking charleston the 68th most congested metro in the nation.

to download and review progress-to-date,

visit opportunity-next.com

15

Key taKeaways

In 2013, $591 million was allocated to fund state infrastructure needs; however, there is more to be done. The S.C. Department of Transportation estimates more than $1.45 billion in annual needs throughout the state. The S.C. Legislature must provide more funding towards the state’s current and future infrastructure needs.

In 2005, S.C. passed the Education and Economic Development Act, creating career pathways in all state high schools, beginning in the 9th grade. Funding must be continued for this innovative and transformative initiative. State funding for the public higher institutions has also plummeted in recent years. While states across the U.S. reduced higher education funding an average of 3.8% (FY2007-2011), S.C. reduced statewide funding by 23.8%. Appropriations to Charleston area institutions were reduced 41.3% over the five-year period.

Passage of the 2013 High Growth Small Business Access to Capital Act (Angel Investors) was a critical first step for providing incentives to attract high tech investment and entrepreneurs in S.C. The region needs more higher education degree programs in computer technology and engineering, so our region’s employers can find local talent with the necessary skills now and in the future.

the charleston region has the ingredients and the potential to become a world-class metro like Raleigh or austin, if we focus on the essential building blocks of long-term economic success.

cRitical issues foR economic success

1tRanspoRtationtransform the region’s infrastructure into a world-class multimodal system

2educationinvest in education at all levels to transform outcomes and grow an aligned workforce pipeline

3innovationdevelop and build the systems necessary to promote and support innovation

4talentimplement aggressive and sustained talent attraction and retention strategies

In January 2013, the Charleston Handprint study was released, ranking our region’s ability to attract and retain young professional talent. Challenge areas were identified related to housing affordability and traffic congestion. A strategy to collaboratively address our immediate gaps and long-term issues must be tackled in order for the region to attract and retain the talent needed to sustain future economic growth.

2013 scorecard task forcechairmanMatt Sloan, The Daniel Island Company

membersBonnie Bella .................Trident United WayRita Berry .....................Greater Summerville/Dorchester County Chamber of CommerceSally Ehrenfried ...........BlackbaudCourtney Herring ........Charleston Metro Chamber of CommerceAshley Holbrook ..........The Boeing CompanyMeg Howle ...................Trident Technical College FoundationMichelle Mapp .............Lowcountry Housing TrustBarbara Melvin ............SC Ports AuthoritySteve Osborne ..............College of CharlestonBobby Pearce ................Smith Moore LeatherwoodAmy Riley .....................Thomas & HuttonDerek Willis..................SCRA/SC LaunchHeather Woolwine .......Medical University of South Carolina

produced for the community by: charleston Regional development alliance in partnership with the charleston metro chamber of commerce

to learn more about the cRda, visit: charlestoneconomicdevelopment.com

to learn more about the cmcc, visit: charlestonchamber.net

Research & analysislowcountry graduate center Riley center for livable communities at the college of charleston

Dr. Godfrey A. Gibbison, Dean and Program LeaderCollege of Charleston North Campus

Dr. Kendra Stewart, Associate Professor and DirectorJoseph P. Riley, Jr. Center for Livable Communities

Jake Stoudenmire, Director of ResearchJoseph P. Riley, Jr. Center for Livable Communities

center for Business Research, charleston metro chamber of commerceThe Center for Business Research serves as the center for the compilation, interpretation and distribution of business and economic data for the three-county Charleston-North Charleston-Summerville metropolitan statistical area (MSA).

Mary Graham, Senior Vice President, Business AdvocacyCharleston Metro Chamber of Commerce

Jacquelyn Renegar, Economic, Demographic & Market ResearchCharleston Metro Chamber of Commerce

designed & published by:SC Biz News, publisher of the Charleston Regional Business Journal

view online at: www.crda.org/economicscorecard

for additional charleston regional data and trends, visit: charlestonregionaldata.com

www.crda.org/economicscorecard

www.charlestonregionaldata.com

www.charlestonchamber.net

www.charlestoneconomicdevelopment.com

2013 regional economic scorecard final

Documents

economic regional scorecard

regional leaders

charlestons regional

regional population

regions business

regions infrastructure

county regions economy

economic success