University of South Carolina Sumter impact tops $40 million annually, new study shows

Sumter, SC (08/16/2017) — The annual statewide economic impact of the University of South Carolina system now totals $5.5 billion, with USC Sumter contributing more than $40 million to that total.

According to a new study by the Darla Moore School of Business, the University of South Carolina system supports one in 35 jobs statewide and generates nearly $220 million in tax revenue for state coffers each year,

The study is an update of an economic analysis conducted in 2011 and demonstrates that more than ever, USC is returning tangible economic benefits to graduates, businesses and communities throughout South Carolina.

"The economic benefits of higher education are far reaching for both individual citizens and the state as a whole," writes Moore School economist Joseph Von Nessen, the study's author. "The lives of individual alumni are improved through earning higher wages and a lifetime of better job opportunities, while the community at large also benefits through economic spillover effects and a net increase in tax revenue for the state of South Carolina."

Current enrollment in the USC system exceeds 50,000 undergraduate and graduate students, by far the largest higher education entity in South Carolina. That matters because yearly wages for colleges graduates are on average more than $18,000 higher than those with a high school degree, and the percentage of the population with a college degree "is the best predictor of a state's national ranking in personal per capita income levels," the study notes.

Among the study's key findings:

While the largest economic impact is from USC-Columbia ($4.16 billion), USC's eight-campus system delivers millions in economic benefits to the entire state: Upstate ($506 million), USC Aiken ($281 million), USC Beaufort ($84 million), USC Lancaster ($75 million), USC Salkehatchie ($47 million), USC Sumter ($40 million), USC Union ($26 million).

"This study once again demonstrates that higher education is unquestionably a worthy investment," says USC President Harris Pastides. "Supporting higher education is not part of a zero sum game - it benefits not only those earning their degrees, but also increases prosperity for the entire state and every citizen."

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