- 14,955 more businesses
- 259,183 more employees
- 43.8% increase in total wages
- $7,786 in additional annual wages per employee
- 21.8% increase in wages per employee
Since 2009, the number of businesses in South Carolina has grown by 13.6% (4.1% greater than the national average of 9.5%). Employment in South Carolina has grown by 18.1% (3.7% greater than the national average of 14.4%). Wages have grown by 21.8% since the end of the Great Recession. This wage growth is 0.8% less than the national average of 22.5%.
The average weekly wage in South Carolina of $838 is 21.2% below the national average of $1,064. The gap between the national average has widened from 20.7% a narrowing of 0.5% since the end of the recession.
The Retail trade sector has the most businesses in the state of South Carolina . Since the end of the recession, the number of businesses has grown from 16,749 to 17,661, a gain of 5.4%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||10,476||8,737||19.9%|
|Finance and insurance||7,323||6,698||9.3%|
|Real estate and rental||5,331||4,505||18.3%|
|Transport and warehousing||3,253||2,747||18.4%|
|Arts and entertainment||1,862||1,582||17.7%|
|Agriculture and forestry||1,107||1,045||5.9%|
|Mining and oil extraction||123||116||6.0%|
The Retail trade sector employs the most workers in the state of South Carolina . The number of jobs has increased 10.3% since the end of the recession from 223,849 to 247,016. The table below illustrates the change in employment in each sector:
|Accommodation and food services||223,939||181,928||23.1%|
|Finance and insurance||69,088||68,233||1.3%|
|Transport and warehousing||63,703||45,089||41.3%|
|Arts and entertainment||30,130||26,608||13.2%|
|Real estate and rental||29,703||27,380||8.5%|
|Agriculture and forestry||10,753||11,349||-5.3%|
|Mining and oil extraction||1,679||1,339||25.4%|
The 16 sectors that employ the most people all had employment growth. Two of the 3 smallest sectors had a reduction in the number of workers. The Utilities sector lost 3% of their workers and Agriculture and forestry lost 5.3% of their workers since 2009. Several sectors outpaced the rest of the state including Waste services which grew 43.9%, Transport and warehousing which increased by 41.3% and Company management which grew by 39.4% led the growth in the state. In spite of a contraction in the number of businesses in the Construction sector, the sector grew by 13.7% in the number of employees to over 100,000.
The sector with the highest wages is the Utilities sector at $1,799. Prior to the recession, the sector’s average weekly wage was $1,380. This is an increase of $419 per week or 30.4%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,281||$995||28.7%|
|Mining and oil extraction||$1,248||$802||55.6%|
|Real estate and rental||$850||$630||34.9%|
|Transport and warehousing||$807||$700||15.3%|
|Agriculture and forestry||$706||$529||33.5%|
|Arts and entertainment||$379||$333||13.8%|
|Accommodation and food services||$339||$279||21.5%|
Wage growth in all sectors was good in South Carolina with Mining and oil extraction increasing 55.6% to become the 6th highest paid sector in the state. Several other sectors experienced increases of over 30% including Utilities (+30.4%), Construction (+33.1%), Real estate and rental (+34.9%) and Agriculture and forestry (+33.5%) leading the wage growth.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 103.2%. The top industry that has contracted the most is Residential building construction which has contracted by 18.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Computer systems design and related services||3,268||1,608||103.2%|
|Management consulting services||2,880||1,877||53.4%|
|Wholesale trade agents and brokers||2,824||3,274||-13.7%|
|Offices of lawyers||2,558||2,344||9.1%|
|Residential building construction||2,342||2,868||-18.3%|
|Offices of physicians||2,306||2,389||-3.5%|
|Gasoline stations with convenience stores||2,153||2,022||6.5%|
|Insurance agencies and brokerages||2,082||1,745||19.3%|
|Offices of real estate agents and brokers||1,960||1,681||16.6%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is General warehousing and storage which has grown 166.9%. The industry that has added the lowest percentage of employees is General medical and surgical hospitals which has has grown by 3.0% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|Temporary help services||67,509||32,547||107.4%|
|Supermarkets and other grocery stores||39,702||37,110||7.0%|
|Offices of physicians||38,432||30,670||25.3%|
|General medical and surgical hospitals||35,421||34,380||3.0%|
|Hotels and motels, except casino hotels||29,508||25,304||16.6%|
|Management of companies and enterprises||20,237||14,521||39.4%|
|General warehousing and storage||19,600||7,344||166.9%|
|Nursing care facilities, skilled nursing||18,299||17,525||4.4%|
|Gasoline stations with convenience stores||16,620||15,812||5.1%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Petroleum refineries which has grown 208.7%. The average weekly wage in the Health and welfare fundsindustry has grown by 9.5% since the recession. This is the industry with the lowest wage growth among top industries in South Carolina . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Health and welfare funds||$6,933||$6,334||9.5%|
|Investment banking and securities dealing||$3,975||$3,276||21.3%|
|Computer and software merchant wholesalers||$2,157||$1,669||29.2%|
|Commodity contracts dealing||$2,066||$855||141.6%|
|Other financial vehicles||$2,061||$934||120.7%|
|Electric power generation||$2,014||$1,519||32.6%|
|Commodity contracts brokerage||$1,967||$1,669||17.9%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 61 to 81, which is an increase of 32.8%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 18,939 to 19,573, which is an increase of 3.3%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||78,338||64,004||22.4%|
|More Than 1,000 Employees||81||61||32.8%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 108,359 to 149,991, which is an increase of 38.4%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 123,699 to 129,488, which is an increase of 4.7%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||112,162||104,528||7.3%|
|More Than 1,000 Employees||149,991||108,359||38.4%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $690 to $1,055, which is an increase of 52.9%.
The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $889 to $1,052, which is an increase of 18.3%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$1,055||$690||52.9%|
|More Than 1,000 Employees||$1,338||$1,065||25.6%|
This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.