Our Accomplishments

Health Sciences South Carolina Drives Economic Wellbeing of State

Leadership

An economic impact study released by the University of South Carolina (USC) Moore School of Business in 2005 reported that the six HSSC member institutions were responsible for $8.5 billion in total economic output for the state during the 2004 fiscal year. The multi-billion dollar figure represents total impact of sales of South Carolina businesses and includes expenditures by the HSSC partners and various ripple effects of households and businesses purchasing good and services from other in-state businesses.

The HSSC member institutions provide the state with a strong foundation of well-paying, stable jobs. The total impact on the state’s employment, people directly and indirectly employed by HSSC member institutions, is estimated at 88,700 jobs, 4.9 percent or one in 20 jobs in South Carolina. Annual compensation for these workers is more than $3.6 billion, five percent of all annual compensation for South Carolina workers.

Direct employment number - workers employed by one of the six HHSC partners - total 47,100 people, representing 2.6 percent of the state’s workforce, or one in every 38 jobs. The total income of HSSC of member institutions employees was $42.4 billion, 3.3 percent of all compensation received by South Carolina workers annually.

The USC report also looked at the impact on South Carolina’s tax revenue. The six HSSC institutions account for about $244 million in state-level sales and individual income tax revenues, a conservative estimate, says USC research economist Donald Schunk, Ph.D., who wrote the report. Depending on the specific institution, the direct operations of the organizations generate state and possibly local sales tax on purchases, local property taxes, state and local charges, fees, and miscellaneous taxes and corporate income taxes. However, revenue can be difficult to estimate.

Commenting on the results of the economic impact study, HSSC Chairman and Palmetto Health CEO Kester Freeman said the findings demonstrate HSSC, which has already secured public and private funding for two SmartState Centers of Economic Excellence, one in Brain Imaging and the second in Regenerative Medicine, is a major source of economic wellbeing in South Carolina, one with the potential to drive further prosperity in the state. “The combined strength of the HSSC partners not only provides the foundation of economic security for South Carolina, it also serves as a powerful magnet for research dollars, private investment and job creation. As our partnership matures, so will our ability to drive economic growth.

Snapshot

Accomplishment Data

Organizations: Theme:
  • Impact
    Advancement
Focus:
  • Clinicians
    Communities
    Consumers
    Health Care Systems
    Research Organizations
    Researchers