25 Apr Some Wonder Why? Economic Impact of Beaufort Military Presence
Economic Impact of Beaufort Military Presence Reaches $2.2 Billion
BEAUFORT, SC (April 21, 2017): The South Carolina Military Base Task Force released an updated study, which reflects that the Beaufort region’s military presence boasts an annual economic impact of approximately $2.2 billion that is supported by 19,240 jobs and $993.8 million in generated labor income. The 2017 study was prepared by Dr. Joey Von Nessen of the Darla Moore School of Business at the University of South Carolina.
The Marine Corps Air Station Beaufort accounts for $787 million in economic activity annually. The Marine Corps Recruit Depot Parris Island accounts for $739.8 million in economic activity annually. The Naval Hospital Beaufort accounts for $217.4 million in economic activity annually.
The South Carolina military community collectively creates an economic impact to the state of $24.1 billion. The Palmetto State is home to eight major military installations and numerous facilities, supporting 62,520 in Department of Defense (DoD) personnel with $2.6 billion in payroll. Additionally, $2.1 billion in DoD contracts is currently being executed among 752 firms within the state.
The 2017 study reports that the military community represents 8.4 percent of the South Carolina economy, composed of 181,847 jobs, or one of every 12 jobs in the state. The average compensation for jobs supported by the military community is $54,701 per year, 37 percent higher than the average job.
“The significance of the military in Beaufort and Port Royal cannot be overstated,” said Blakely Williams, President & CEO of the Beaufort Regional Chamber of Commerce. “We are forever grateful for the service and economic engine of military men and women at our local bases and for both the Navy and Marine Corps’ continued engagement in our community.”
“As the study indicates, our local installations are vital to not only our national defense but our state and local economies as well,” said Jim Wegmann, Military Enhancement Committee Chairman. “The Military Enhancement Committee remains vigilant in their defense of our three military installations and dedicated to improving the quality and value of Beaufort’s installations.”
The full text of the 2017 report is available on the South Carolina Military Base Task Force website at www.scmilitarybases.com.
For more information, visit www.beaufortchamber.org or call 843-525-8500.