COLUMBIA, S.C. (WSPA) – A new study released by the U.S. Bureau of Economic Analysis (BEA) shows South Carolina as the highest in the nation in economic growth and among the highest in personal income growth so far this year.
“We carry this class. We got, the ‘A++’ report card showing that our economy is doing great,” said Representative Gil Gatch (R – Dorchester).
The data from the B.E.A. said the state’s Growth Domestic Product (GDP) went up by 1.7% at an annual rate. This is number one in the nation.
“The Southeast is doing better than the rest of the country and we’re doing better than the rest of the southeast. It’s, very positive news,” said Dr. Bryan Grady, Assistant Executive Director for Labor Market Information at the South Carolina Department of Employment and Workforce (DEW). “You know, GDP isn’t everything, but as I said, we’re also seeing good employment growth,” he said.
The study also said that construction, real estate, rental, and leasing were the big driving forces in the state’s growth. DEW said this is more money in people’s pockets.
“Our wage growth has typically been outpacing the national average, so it’s not just that more stuff is happening, but it’s also means that there’s more opportunities out there,” Grady said. “There’s still a lot of businesses that are hiring out there. There’s more than 100,000 job openings statewide.”
“That means people want to come here because they know that they’re going to have not only a job available, but a great paying job available so that they can support their family,” Gatch added.
State Representative Brandon Newton (R – Lancaster) said this is great and there are always room for improvements.
“This is not a race that has a finish line. This is a race that is always going, and we have to continue to make steps,” said Newton.
“I expect as we move forward and these policies that have just been voted on and made into law this year as they start, … you’re going to see an increase in our growth,” said Gatch.
Newton said he hopes the general assembly will reduce the state income tax in 2026, as well as make cuts in taxes for small businesses and reduce regulations.
The B.E.A. said the second quarter study will be released in late September.
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