SC outpaces Nation in Manufacturing Growth

South Carolina has one of the fastest growing economies in the U.S. and has one of the fastest growing manufacturing sectors in the region and nation, according to a recent U.S. Commerce Department report. South Carolina’s Real GDP growth rate of 2.7% put it above the national average of 2.5% and the southeastern regional average of 2.1%. The report, released by the U.S. Department of Commerce’s Bureau of Economic Analysis, ranked South Carolina’s economy as the 12^th fastest growing in the nation, and tied with North Carolina as the fastest growing state on the East Coast. In addition, South Carolina had the fastest growing manufacturing GDP on the East Coast. “South Carolina is outpacing the region and nation in GDP growth metrics,” said South Carolina Gov. Nikki Haley. “This tells me that our strategy is working: grow manufacturing, grow jobs. The race is on.” South Carolina’s 2012 Real GDP growth rate compares favorably with the rate from the previous year, which was 2.2%. Gross domestic product is the market value of final goods and services produced within a region. Manufacturing played an important role in South Carolina’s GDP increase. The U.S. has seen growth in its manufacturing sector for three straight years, as has South Carolina. Since January 2011, South Carolina has recruited more than $9 billion in capital investment and more than 23,000 jobs in the manufacturing sector.