Charleston’s Knowledge Economy Demonstrates Continued Strength In 2014Charleston Digital Corridor
89% of Annual Survey Respondents Add Jobs
CHARLESTON, S.C. – October 16, 2014 – In its 11th Annual Wage & Job Growth Survey, the Charleston Digital Corridor is pleased to report an average wage of $70,084 for participating local knowledge-based companies. Beyond the strong wage number, 89% of these companies reported hiring staff in 2014. The strong employment growth has resulted in Charleston's tech and advanced manufacturing sector becoming approximately five percent of the regional economy.
The average wage reported by Digital Corridor companies represents approximately 1.7 and 1.8 times the average per-capita wages in the Charleston Region and the State of South Carolina, respectively. In addition to the solid average wage number, 70% of the survey respondents have seen double-digit employment growth.
This employment increase is having a positive effect on Charleston's commercial real estate market, with 35% of the companies increasing office space in 2014 and a higher percentage reporting plans to expand in 2015.
Blue Acorn is 2014's poster company for Charleston's thriving economy. The eCommerce company, started in 2007 and which recently re-located to Charleston's emerging urban "innovation district", announced at the dedication of their new Corporate Headquarters in September their plans for further expansion.
In 2014, 11 knowledge-based companies in the Charleston Region made the 2014 Inc.500 List of Fastest Growing Companies, more than in years past and yet another indicator of strong top line performance by Charleston's tech and tech related companies.
"From our CODEcamp education initiative to the recently announced Flagship3 building, we are ensuring the "right" ingredients are in place to help our tech companies remain competitive and have the ability to grow," said Charleston Digital Corridor Director, Ernest Andrade.
"Charleston's knowledge economy has once again demonstrated tremendous strength in 2014," said Digital Corridor Foundation Chairman, Kirk King. "Our highest priority remains on talent development – the key ingredient to sustaining the momentum of our tech and tech-related economy," he added.
About the Charleston Digital Corridor
The Digital Corridor is a creative initiative to attract, nurture and promote Charleston's knowledge economy through a combination of technology-enabled initiatives and business incentives, private business support and member-driven programming. To learn more, visit www.charlestondigitalcorridor.com.