The U.S. Bureau of Labor Statistics recently released its’ Quarterly Census of Employment and Wages (QCEW) for the fourth quarter of 2022. The number of jobs across South Carolina was up by 76,164 in Quarter 4 of 2022 at 2,215,145 compared to 2,138,981 in Quarter 4 of 2021. In addition to an increase in the number of jobs, the number of establishments across the state also grew by nearly 9.8 percent over the course of the year, from 155,780 to 171,043. Following suit, the average weekly wage for workers in these jobs rose by 1.6 percent, from $1,101 to $1,119.

Measurements show the two sectors that saw the strongest growth trends were Professional and Technical Services (+13,911) and Accommodation and Food Services (+12,683). On the other side of that spectrum, the weakest sector was Administrative and Waste Services (-7,926). The counties in South Carolina with the largest employment increases over the year were Charleston (+13,478) and Greenville (+11,760), while the county with the largest decline was found to be Marlboro (-947). Out of the 46 counties in the state, 32 experienced average weekly wage increases and all but 6 saw the total number of businesses increase.

Washington Night gives members of the South Carolina business community the chance to speak with federal lawmakers face-to-face about the crucial issues affecting business. This is an exclusive experience to collaborate with your Members of Congress and hear their take on the political landscape, as well as hear your thoughts about federal policies. The program is presented by the South Carolina Chamber of Commerce. Tickets and registration is available by clicking below.

Date: August 17, 2023

Time: 4:30 pm – 7:30 pm

Location: Pastides Alumni Center at University of South Carolina

900 Senate Street Columbia, SC 29205

To register, click here.

In the past two years, the Southeast has had roughly 2.2 million people move to the region from other parts of the country. Six of the fast-growing states in the South – Florida, Texas, Georgia, North and South Carolina, and Tennessee – are contributing more to the national GDP than the Northeast for the first time in history. This shift occurred during the pandemic and there are some who believe that it will not return to the previous position. Based on data from the Internal Revenue Service, the influx of new residents into the Southeast brought about $100 billion in new income in 2020 and 2021, while the Northeast lost roughly $60 billion in that same time period. In addition, the region has accounted for more than two-thirds of all job growth across the United States since 2020, which almost doubled its pre-pandemic share.

In addition to individuals moving south, businesses and corporations are also moving. States and cities in the Southeast have offered cash and tax incentives that make it worthwhile for them to relocate. Warmer weather, lower taxes, looser regulation, and cheaper housing have always brought in companies and retirees, but the South is now seeing this on a much bigger scale. As JPMorgan Chase CEO Jamie Dimon told Bloomberg TV, “We now have more employees in Texas than New York state.”

South Carolina is seeing the effects of the recent wealth migration in both individuals and corporations. Employment in the Charleston metro area grew by 5.9% last year, which was twice as fast as the national average. The state also saw a record $10.1 billion worth of capital investment from companies planning to locate or expand in the state in 2022. In addition, SC’s GDP has increased to over $226 billion, an increase from $221 billion the previous year.