USC Beaufort generates $141 million in statewide economic impact, new study finds

The University of South Carolina Beaufort contributes $141.3 million annually to South Carolina’s economy and supports more than 1,200 jobs, according to a new economic impact study released by the University of South Carolina’s Darla Moore School of Business.

The study, which reviewed the USC system’s eight campuses, found USCB’s presence supports 1,236 jobs and $63.6 million in labor income across the state. In Beaufort County alone, the university accounts for roughly one in every 51 jobs and $1 out of every $47 in labor income.
USCB Chancellor Al Panu called the findings a reflection of the university’s role in the region’s growth.

“We have been a cornerstone of economic prosperity in the Lowcountry since our founding as a four-year university 20 years ago,” Panu said in a statement. “As we continue to grow strategically to meet the educational needs of the region, we anticipate even greater days ahead for our community.”

The findings are part of a broader report examining the entire USC system, which now contributes $7.4 billion annually to the state’s economy — a 35 percent increase from $5.5 billion when the system’s economic impact was first studied eight years ago. The last report in 2021 estimated the system’s contribution at $6.2 billion.

“The University of South Carolina has been vital to the growth and prosperity of the Palmetto State for two centuries and continues to demonstrate its role as a leader in boosting South Carolina’s economy and workforce,” Gov. Henry McMaster said in the release. McMaster is a USC alumnus with degrees in history and law.

Systemwide, USC supports 61,700 jobs and generates $3 billion in labor income annually — equal to about one in every 39 jobs and $1 out of every $50 earned in the state, according to the study. The system’s operations also yield $224.6 million in annual state tax revenue.

Thad Westbrook, chairman of the USC Board of Trustees, said the university system is fulfilling its mission to prepare students for the workforce while benefiting communities throughout South Carolina.
“Working together as a university system, we’re ensuring our students are career-ready while also producing significant economic benefits to the entire state,” Westbrook said.

The Darla Moore School’s research also pointed to future growth through initiatives such as a new neurological hospital and rehabilitation center, and the SC Nexus energy technology collaboration. The university has also launched a new internship program that placed nearly 1,000 students in companies across the state since 2023.

USC economist Joseph Von Nessen, who led the study, found that for every 1 percent increase in USC’s graduate retention rate, the state gains $18.8 million in new economic activity.
Campuses outside Columbia contribute $1.5 billion in combined economic impact, support 11,000 jobs and generate $550 million in labor income. Nearly two-thirds of USC alumni in the state live outside the Columbia metro area, the study found.

The full report is available through the University of South Carolina’s Darla Moore School of Business.