2025 Charleston Region Innovation Scorecard

PRODUCED FOR THE COMMUNITY BY:

About the Regional Innovation Scorecard Innovation in the Charleston region of South Carolina takes many forms—each one helping to elevate quality of life, strengthen the economy, and build a more resilient and thriving community. Communities that prioritize innovation-driven growth unlock lasting economic, social, and financial benefits for everyone.

In early 2025, the Charleston Regional Development Alliance, in collaboration with community partners, launched a region-wide commitment to advancing an innovation-driven economy. The following benchmarks indicate how our region is progressing on this shared innovation journey.

In general terms, innovation in business is the process of generating new ideas or approaching existing products, services, business models, and concepts in new ways.

Harvard Business Review

Our Competitive Set As the saying goes, “steel sharpens steel.” In that spirit, economic developers welcome the practice of benchmarking against competitive regions—those we both compete with and learn from when attracting investment and driving growth. Our region is performing well and can be an inspiration for (or be inspired by) a handful of aligned communities.

This report draws on data from the StatsAmerica Innovation Intelligence Index, offering a comparative look at our region’s business dynamics, talent pipeline, and economic growth—our key indicators—alongside competitive metros including Austin, Jacksonville, Nashville, Raleigh, and Seattle.

COMPARATIVE COMMUNITIES

Innovation Index Rank Among U.S. Metros SEATTLE, #12

The latest StatsAmerica Innovation Intelligence Index tracks how regions compete in business dynamics, talent, and economic growth. Here’s how the Charleston region ranks, shown alongside a few other metros for comparison.

POP. 4.1 MILLION

RALEIGH, #3 POP. 1.6 MILLION

Charleston may be the 71st largest U.S. metro by population, but its innovation-driven economy ranks 34th among 380+ metros nationwide.

CHARLESTON, #34 POP. 870,000

JACKSONVILLE, #26 AUSTIN, #2

NASHVILLE, #11

POP. 2.5 MILLION

POP. 2.1 MILLION

POP. 1.8 MILLION

Source: Stats America

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REGIONAL INNOVATION SCORECARD

DEFINITION: 9 indicators measuring business

BUSINESS DYNAMICS

churn and establishment formation. Business Dynamics data gauges the competitiveness of

CHARLESTON RANKS 22ND OUT OF APPROXIMATELY 380 U.S. METROS 1

a region by measuring the entry and exit of individual firms.

380

22

More than 1 in 10 businesses in the Charleston metro is newly established, ranking the region in the top 10% of all U.S. metros for new business formation. This high rate reflects Charleston’s strong entrepreneurial spirit and business-friendly environment.

Featured Indicator: Ratio of New Businesses to All Businesses

DID YOU KNOW? CHARLESTON IS HOME TO MORE THAN 16,000 EMPLOYER FIRMS.

12.2%

Austin Charleston Jacksonville Nashville Raleigh Seattle

10.8% 11.3% 9.9%

Around 1,600 of those are startups and launched in the past year, highlighting the region's growing reputation as a hub for innovation and entrepreneurship.

10.7% 11.4%

DEFINITION: 16 indicators measuring venture

BUSINESS PROFILE

capital, foreign direct investment, and proprietorship. Business Profile data gauges

CHARLESTON RANKS 28TH AMONG APPROXIMATELY 380 U.S. METROS 1

the resources available to local entrepreneurs, businesses and business owners.

380

28

While the Charleston region ranks highly in proprietorship rates, venture capital remains a challenge to future growth.

Featured Indicators: Proprietorship Rate (ratio of business owners to total employment)

Seattle 19.4%

Austin 27.1%

Raleigh 22.9%

Charleston 24.3% Nashville 24.6%

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12.2% 10.8% 11.3% 9.9% 10.7% 11.4%

Jacksonville 21.7%

REGIONAL INNOVATION SCORECARD

Average Annual Venture Capital Scaled by Gross Domestic Product ($ of VC per $ of GDP)

Austin Charleston Jacksonville Nashville Raleigh Seattle

$21.39 $1.82 $16.32 $12.76 $18.37 $10.88

HUMAN CAPITAL & KNOWLEDGE CREATION CHARLESTON RANKS 119TH AMONG APPROXIMATELY 380 U.S. METROS 1

380

119

DEFINITION: 11 indicators measuring educational attainment, university R&D spending, STEM degree completions, share of high-tech industry sector employment, and others. This gauges the propensity of a region’s population and labor force to have the skills to engage in innovative activities.

Educational attainment is high, with 42% of the Charleston region’s residents aged 25+ holding a bachelor’s degree or higher, compared to 36% nationally. This strong educational attainment attracts innovative employers, though opportunities exist to further boost innovation by increasing the number of STEM degrees awarded locally. In the 2022–23 academic year, 1,542 STEM degrees were awarded by Charleston-area colleges and universities (including certificates, two-year, four-year, and graduate degrees), down from more than 1,700 a decade prior.

Featured Indicator: STEM (Science, Technology, Engineering & Math) Degrees Conferred per 1,000 Residents

5.0

Austin Charleston Jacksonville Nashville Raleigh Seattle

1.8 1.0 2.4 5.2 3.1

EMPLOYMENT & PRODUCTIVITY

DEFINITION: 10 indicators measuring gross domestic product, patents, industry diversity, and growth in high-tech and overall

CHARLESTON RANKS 153RD AMONG APPROXIMATELY 380 U.S. METROS 1

153

380

employment. Employment and Productivity data gauges a region’s economic growth and direct outcomes of innovation.

The Charleston region ranks in the top 25% of U.S. metros for industry diversity, a key indicator of economic resilience. Over the past two decades, high-tech employment has increased from 8% (21,000 jobs) to more than 12% (50,300 jobs). “High-tech” includes at least 50 four-digit NAICS (North American Industry Classification System) codes in the information technology, engineering, high-tech manufacturing, research & development, and other sectors, as defined by the U.S. Bureau of Labor Statistics.

Featured Indicator:

AXIOS RECENTLY NAMED CHARLESTON AS ONE OF “AMERICA’S NEW INNOVATION HOTSPOTS” due to a remarkable 96% increase in patents per capita over the past decade (2012–2022), compared to 11% nationally.

Securing patents remains a key indicator of a region’s innovative capacity.

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REGIONAL INNOVATION SCORECARD

Percent of Total Employment in High-tech Industry Sectors

Austin Charleston Jacksonville Nashville Raleigh Seattle

18.3% 12.1% 8.9% 9.5% 15.4% 22.1%

ECONOMIC WELL-BEING

DEFINITION: 10 indicators measuring broadband, income and poverty, net migration, and related topics. Economic Well-being data

CHARLESTON RANKS 96TH AMONG APPROXIMATELY 380 U.S. METROS

gauges the regional standard of living relative to economic performance.

1

380

96

The Charleston region ranks in the top 25% of metros for well-being, with rising incomes outpacing inflation and poverty rates declining. However, expanding broadband access could further support innovation and economic growth. While Charleston’s overall broadband access is above average, the region has a high reliance on cellular-only devices.

Featured Indicators: Percent of Households with Cellular-only Broadband Access

Percent of Individuals below Poverty

Austin Charleston Jacksonville Nashville Raleigh Seattle

9.5% 10.0% 11.7% 9.5% 7.8% 9.0%

Austin Charleston Jacksonville Nashville Raleigh Seattle

7.9% 13.1% 12.5% 9.6% 8.2% 9.5%

Innovation Pays Becoming an innovation-driven hub could bring the Charleston region an additional $13 billion in Gross Regional Product (GRP) and $10 billion in annual earnings by 2040, driving faster economic growth and opportunity, according to a recent analysis by Ernst & Young.

BY 2040:

GRP per capita projections Higher trajectory (4.2%)

$130 billion in annual GRP Current trajectory: $117 B

$144,000

$13b/yr.

Current trajectory (3.5%)

Average earnings per job Current trajectory: $127K

$10+ billion more in pocketbooks every year and higher quality of life for region’s residents

2010

2020

2030

2040

Source: EY Analysis - Charleston Inspired, Discover What’s Possible

REGIONAL INNOVATION SCORECARD

5

THANK YOU

A New Tool: EcoMapping Success NavigateCHS.org is a new forum where Charleston innovation grows. The crowdsourced tool allows the Charleston region’s innovation community to connect digitally, sharing information, forging relationships with one another, and driving uptake of new ideas and resources.

Your Invitation to Innovation!

As a member of our community, you’re invited to play a part in this exciting movement. Stay apprised of our progress by visiting our website or following us on social media.

WEBSITE: CRDA.org

REGIONAL DATA: CharlestonRegionalData.com

JOBS IN CHS: CharlestonCareers.org

SOURCE DATA

PRODUCED FOR THE COMMUNITY BY:

PRODUCED FOR THE COMMUNITY BY: Innovation Intelligence Index by StatsAmerica.org (powered by Indiana University’s Kelley School of Business); U.S. Census Bureau’s American Community Survey; Chmura Economics’ JobsEQ, March 2025.

CRDA.ORG/INNOVATIONSCORECARD

VIEW ONLINE: CRDA.ORG/CHARLESTONINSPIRED

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