How to Read this Report

Methodology

This report examines five aspects of regional economic competitiveness and ranks our measurable achievement in each against the achievement of our peer and aspirant MSAs. The scores assigned to each MSA reflect a set of equally weighted data points. All data in the report is indexed against the national average to facilitate accurate comparisons. 100 represents the U.S. average, so an index value of 110 for the Columbia MSA means that our region is performing 10% above the U.S. average. Likewise, an index of 90 means our region is performing 10% below the U.S. average.

(Metric/U.S. Value) x 100 = Index Value

Data Sources

All data used is from publicly accessible federal sources, such as the Census Bureau and Bureau of Economic Analysis (BEA). Data was compiled and analyzed by the economists within the Division of Research at the University of South Carolina’s Darla Moore School of Business.

Other Content in this Report

Metrics

Individual indicators of success, with our rank among our peers indicated as: nth/10

Observations

Critical findings and regional trends, including metrics showing consistent progress or decline over multiple years of the report

Brags

Points of pride to share that highlight our region’s successes

Inspirations

Stories of success from other comparable regions to spark our collective imagination

Opportunities

Critical next steps to drive comprehensive improvement in this area of competitiveness

FAQs

Who determines what is included in the Columbia MSA?

The U.S. Office of Management and Budget (OMB) defines MSAs, which are used by the U.S. Census Bureau and other federal agencies for statistical purposes. An MSA is defined as a geographical region with a relatively high population density at its core and close economic ties throughout the area. Typically, MSAs are anchored by a single large city that has a significant influence over the region.

Why are some Midlands counties not included in this report?

Some counties commonly considered part of the Midlands, such as Newberry, Orangeburg and Sumter, are not included in the Columbia MSA. These counties include Newberry, Orangeburg and Sumter, among others. We use the geographical area of the Columbia MSA — not the loose definition of “The Midlands” — in order to compare regions in the fairest way possible.

What are traded clusters and why do they matter?

Traded clusters are concentrations of businesses in industries whose primary customers are national or global in scope, rather than local to the area - think software companies, financial institutions and biotech companies. These companies produce about one-third of all jobs, but those jobs provide better compensation and they are responsible for over half of all GDP and 90% of innovation.

What is the timeframe of this data?

We use the latest available data to facilitate accurate comparisons. Most of the data in this report lags one to three years, depending on the source.

What are you doing about the results of this report?

Using input from our Board of Directors, staff and partners, recommended solutions are provided in the Opportunity section of each index in the report. However, acting on these recommendations will extend far beyond the EngenuitySC team. True progress will require partners from across the region working together toward a shared vision and plan.

What can I do?

Find an opportunity in the report where you can create an impact by getting engaged, collaborating with partners to drive action.