BUSINESS/INDUSTRY

1. GROSS STATE PRODUCT (IN MILLIONS OF CURRENT DOLLARS)

Definition: This indicator is a measurement of the total value of goods and services produced in a state (i.e., a state's total economic output). It is the sum of value added from all industries in the state. GSP is the state counterpart to the nation's gross domestic product (GDP). As of October 26, 2006, the U.S. Bureau of Economic Analysis renamed the gross state product (GSP) series to the “GDP by state.”

Significance: Economists, generally speaking, consider this indicator to give a sense of the total economic activity of the state.

HISTORICAL/TREND ANALYSIS, Gross State Product (in millions of dollars)

To provide a more comparative sense of the variance of the gross state product over time, the following chart presents the annual percent of change in GSP for South Carolina, the United States, and the Southeast.

HISTORICAL/TREND ANALYSIS, Percent of Change in Gross State Product

Data reflects values for South Carolina (SC), the United States (US), and the Southeast (SE). The Southeast region consists of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee.

Source: United States Department of Commerce, Bureau of Economic Analysis

State Rankings, 2007(“1” represents state with highest GSP; GSP reported in millions of current dollars)

Source: United States Department of Commerce, Bureau of Economic Analysis

2. ANNUAL PAYROLL (IN THOUSANDS OF DOLLARS)

Definition: This indicator represents the combined amount of wages paid, tips reported, and other compensation, including salaries, vacation allowances, bonuses, commissions, sick leave pay, and the value of payments in kind (such as free meals and lodging) paid to employees before deductions for social security, income tax, insurance, union dues, etc.

Significance: The annual payroll is an important indicator, according to experts, because it represents the available monies for consumption of products and services and the extent or range of overall economic activity and prosperity.

HISTORICAL/TREND ANALYSIS, Annual Payroll (in thousands of dollars)

To provide a more comparative sense of the variance of annual payroll over time, the following chart presents the annual percent of change in annual payroll for South Carolina, the United States, and the Southeast.

HISTORICAL/TREND ANALYSIS, Annual Payroll, Percent of Change

Data reflects values for South Carolina (SC), the United States (US), and the Southeast (SE). The Southeast region consists of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee.

Source: United States Census Bureau

Selected State Rankings, 2004 (“1” represents highest annual payroll; reported in thousands of dollars.)

Source: United States Census Bureau

3.  ANNUAL NON-FARM JOB GROWTH

Definition: This indicator represents the number of new employees during a year, expressed as a percentage, over the number of equivalent employees during the previous year.

Significance: Annual job growth, particularly that associated with “non-farm” or non-agricultural employment growth, is another significant indicator that economists use to gauge economic development and expansion.

HISTORICAL/TREND ANALYSIS, Annual Non-Farm Job Growth, Percent of Change

Data reflects values for South Carolina (SC), the United States (US), and the Southeast (SE). The Southeast region consists of Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee.

Source: Office of Statistics and Research, Budget and Control Board, State of South Carolina (2007, July).

Selected State Rankings 2004-05, Annual Non-Farm Job Growth, Percent of Change (“1” indicates highest rate of change.)

Source: Office of Statistics and Research, Budget and Control Board, State of South Carolina (2007, July).

Rev. 06.10.2008