Industry Clusters The Metrics

Observations

Industry Clusters

• Our economy has become increasingly diversified over the past several years, though we have few strong industry clusters to provide a private-sector backbone.

• Median household income levels have grown approximately in line with national trends and remain in the upper half of our peer cohort.

• The Columbia region’s traded cluster employment the raw number of jobs in traded industries - has grown by just 0.03% since 2010. Industries in traded clusters those producing products for a national or global audience create higher-paying jobs, more innovation and greater GDP. That lack of growth is concerning.

• We’re seeing our overall percentage of employment in traded clusters decline significantly over time. The Columbia region is adding population and jobs, but not in high-value fields.

Brag Opportunity Inspiration

Columbia punches well above its weight with one of the nation’s strongest insurance clusters, with an employment concentration that is 345% the national average.

Largest Employers*:

• BlueCross BlueShield of South Carolina: 6,800

• Aflac: 1,200

• Colonial Life: 1,100

• DXC.technology: 500

• Seibels Group: 400

• Capgemini: 250

• Duck Creek Technologies: 150

A Collaborative Approach In Charleston

Across the nation, the most successful mid-sized metros use a coordinated strategy for regional economic development, often extending beyond recruitment to focus on areas such as target industry development, talent and livability. The Charleston Regional Development Alliance (CRDA) has approached economic development in this way, creating initiatives such as the Charleston Digital Corridor to build upon a nascent tech strength. Collaboration has been the bedrock for their success: a partnership with their regional Chamber has led to coordinated branding and shared research, while direction from a regional CEO council has helped them tackle key challenges such as infrastructure, livability and talent under the One Region strategy.

Source | Charleston Regional Development Alliance

Columbia must take a coordinated, comprehensive approach to regional economic development and the region has the opportunity to do so by supporting the implementation of Central SC Alliance’s new strategic plan. Developed in partnership with the same consultants behind successful plans in places like Columbus, OH, Houston, TX and Charleston, SC, the Central SC Alliance’s plan represents a chance to cohesively address challenges such as branding, infrastructure, talent and entrepreneurship.