SC's economic competitiveness

[krazeeboi]

The Beacon Hill Institute at Suffolk University in Massachussetts released its 2005 State Competitiveness Report (PDF file) in the latter part of 2005.

South Carolina ranks 29th for 2005, which is actually up 11 places since the 2004 rankings. For comparison purposes, here is how some other Southern states ranked:

NC: 25th

GA: 27th

VA: 11th

FL: 28th

TN: 36th

AL: 43rd

Our strengths were in the government and fiscal policy and openness subindices. Notable weaknesses were in the human resources and technology subindices.

[The_sandlapper]

That seems to be on par.

[krazeeboi]

I'm actually surprised we ranked ahead of Tennessee.

[The_sandlapper]

Really why?

[krazeeboi]

In just about any economic strength ranking, Tennessee's largest metros usually rank ahead of ours. Like in POLICOM's economic strength rankings for 2005, Nashville ranked 4th, Memphis 25th, and Knoxville 77th. For us, Columbia came out on top at 71st, Charleston 111th, and Greenville 125th. Then take Expansion Management's "2006 America's 50 Hottest Cities" for business expansions and relocations list. Nashville was listed 1st, Memphis 7th, and Knoxville 9th. For SC, Charleston came in at 25th and Greenville at 46th, and Columbia wasn't listed. These are just two examples.

[krazeeboi]

We slipped for 2006, down to 37th. As for our neighbors:

VA: 10th

NC: 26th

FL: 27th

GA: 30th

TN: 41st

[teshadoh]

Outside of the big 3 metros in Tennessee - the state is a combination of Kentucky & Alabama, very poor & a lack of infrastructure. Drive between any of the metros on the freeway & rather than the warehouse or industrial plant that you see regularly on I-85, there is nothing.... But of course - that isn't a bad thing. But it does mean the rural TN economy is highly undeveloped compared to SC's.

[Spartan]

Thats interesting because I don't normally think of Tennessee that way. I'm sure its true though.

[teshadoh]

I normally wouldn't either, I only lived there for a year, my wife lived there longer though. But from living there & driving through - outside of the 3 big metros (with the tri-cities area being associated with Knoxville & Clarksville being closer to Nashville) it is as rural & undeveloped as you would find in Alabama or Mississippi. Beautiful country-side though, but obviously so b/c the land hasn't been corrupted like it is sadly along some once rural areas in SC (Cherokee County comes to mind).

[g-man430]

Outside of the big 3 metros in Tennessee - the state is a combination of Kentucky & Alabama, very poor & a lack of infrastructure. Drive between any of the metros on the freeway & rather than the warehouse or industrial plant that you see regularly on I-85, there is nothing.... But of course - that isn't a bad thing. But it does mean the rural TN economy is highly undeveloped compared to SC's.

[teshadoh]

^ My wife graduated from high school at one of those pitstops between K & N ville - town called Cookesville. You should try the drive between Cookeville & Chattanooga, absolutely nothing between those 2 points. Really - there was only 1 town that was off of the highway for 50 to 75 miles.

[Greenville]

Tell me about it. I drove through the area between Knoxville and Nashville on the way to Kentucky last year and there was absolutely nothing between the two cities except for like two rest areas. I was actually kind of shocked that it was so rural.

[krazeeboi]

Here's another ranking which demonstrates how competive (or not) our state is in the "new economy."

The 2007 State New Economy Index, released by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation (ITIF), measures how well states are transforming from industrial based models, which measure success by the number of big company relocations to the state, to models which create and retain high value-added, high-wage jobs. The most important driver of the new economy, according to the index, is information technology, which boosts productivity in virtually all industries.

A very pertinent quote:

"In order to succeed in the new global economy, states can no longer rely on a strategy of relentlessly driving down costs and providing large incentives to attract locationally mobile branch plants or offices," said Dr. Robert D. Atkinson, president of the Information Technology and Innovation Foundation and primary author of the Index.

"Rather, these states must create an environment that fosters innovation and high skills in order to help fast growing entrepreneurial firms and innovative existing firms expand."