Study: High impact jobs fuel SC economy
Thu, 25 Aug 2011 16:49:00 GMT —
COLUMBIA (WACH) - Although South Carolina's unemployment rate is the third highest in the nation, a study says high impact jobs may help reduce that number.
University of South Carolina economics professor Dr. Douglas Woodward helped conduct the study between 2004 and 2008.
The study focused on firms associated with machine tool products, distributions services, plastics and automotive products.
"It's really what we call the Cheetahs," said Woodward. "They're fast growing firms; firms that have quadrupled their sales in a four year period."
Boeing and Amazon fall under the category of high impact business. Both companies expanded in South Carolina this year.
"Less than 3 percent of firms in South Carolina account for all employment gains in our state during the periods analyzed," said Woodward.More unemployment stories... Democrats blast governor on jobs State jobless rate climbs again to 10.9 percent Businesses ramp up hiring as USC students return to Columbia
To read the complete study, click here.
Woodward says he'll likely conduct another study analyzing the effect the 2008 recession had on high impact businesses.
What do you think? Do you think high impact jobs will bring the unemployment number down quicker in South Carolina? Leave a comment below to weigh in.