According to a new study, the aerospace industry in South Carolina led the state out of recession and now employs nearly 54,000 people. Joey Von Nessen, the author of a report published by South Carolina University’s Darla Moore School of Business, said: “If it continues at the current rate, it will become a major pillar of South Carolina’s economy.”
His report, which measured civilian and military aircraft-related jobs, was released to coincide with the state’s first Aerospace Industry Day in Columbia. It found that 466 “core” aerospace firms employ more than 17,000 people — about 6,500 of them at Boeing in North Charleston.
Mr Von Nessen called Boeing “the poster child” for the state’s expanding aerospace industry, but he added that there are a lot of smaller firms with fewer than five employees. The sector accounts for 6-7% of the state’s gross domestic product and provides $532 million in tax revenues to state coffers.
“Aerospace has really developed into a thriving cluster in South Carolina; it’s become a major power-house for economic growth in the state.
“The industry has been rapidly expanding during the past decade. Much like BMW accelerated the growth of the state’s automotive industry, South Carolina’s aerospace industry has grown exponentially since Boeing selected the Charleston region in 2009.”
The average pay for someone in the aerospace industry is about $71,000 per year. By contrast, the average for a worker in manufacturing is about $48,000. The average worker in South Carolina earns just over $41,000.