SCBIZ Daily Staff

COLUMBIA -- A study by two business school economists found a $1.4 billion impact on the state's economy last year by SCRA, a research and commercialization services company that fosters South Carolina's knowledge-based economic development efforts.

The economic impact study was conducted by Douglas P. Woodward, director of research and professor of economics at the University of South Carolina Moore School of Business, and Paulo Guimaraes, a clinical associate professor in the Moore School.

SCRA’s efforts “contribute to the state’s development in a myriad of ways: promoting technology capabilities, managing research parks and helping generate small business and entrepreneurial development through SCRA affiliate SC Launch,” said Woodward. “These activities produce tangible results:  jobs and income for South Carolinians.”

Among the findings outlined in the study:

· The total economic impact of SCRA operations, technology parks and SC Launch is $1.4 billion in 2007.

· On average, the direct jobs supported by SCRA pay three times the state’s median annual wage.

· Spending from this income produces ripple effects for the state, encompassing 11,765 jobs generating $521 million per year in labor income for the state’s economy.

“Entering its 25th year of operation, SCRA has been fully self-sustaining since a one-time contribution from the state of South Carolina of $500,000 and 1,400 acres of land in 1983,” said SCRA CEO Bill Mahoney. “We are pleased that this initial investment continues to create economic activity and Knowledge Economy growth throughout the state."

With 200 employees, SCRA has offices in Anderson, Charleston and Columbia. The company collaborates to advance technology and provides technology-based solutions on behalf of industry, government and research universities such as Clemson University, the University of South Carolina and the Medical University of South Carolina.