New Report Shows College Has Major Economic Impact on Region

A new report confirms what a lot of people already know: Charleston is a college town. 

“The Impact of Publicly Supported Higher Education on the Charleston Region” report released today by the Charleston Regional Development Alliance shows that Charleston’s four public colleges and universities provide billions of dollars in economic, social and community impact to the region and the state.Randolph_Towell

The report also notes that the College of Charleston is at the center of this economic and social boom.

The CRDA study shows that College of Charleston contributes over $542 million annually to the Charleston economy including over 6,000 jobs to the region.

“The College has always recognized the importance of its relationship with the City of Charleston,” says College of Charleston President P. George Benson. “ Our histories are intertwined and our futures are interdependent.”

When it comes to the impact of the higher education participants’ talent attraction, the study reveals that the College of Charleston and the other institutions are major attractors and producers of young talent, with more than 6,000 out-of-state students in attendance and 6,100 degrees and certificates awarded in the year 2011.

Overall, The study’s major economic impact findings show that higher education in Charleston is responsible for $4.4 billion in business activity, 41,000 jobs, and $2.1 billion in labor activity.  This translates to $145.7 million in South Carolina tax revenues, and approximately 10% of the Charleston region’s $28 billion GDP.