STATE ECONOMIC PROFILE
South Carolina Economic Overview
$266.2b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.3%
13
5,452,346
POPULATION
Growth Rate 2019-24
State Growth Rank
1.1%
7
491,688
BUSINESSES
Growth Rate 2019-24
State Growth Rank
3.7%
9
Overview of the South Carolina Economy
In 2024, the state of South Carolina has a population of 5,452,346, having grown an annualized 1.1% over the five years to 2024, which ranks it 7th out of all 50 US states by growth rate. South Carolina's gross state product (GSP) in 2024 reached $266.2b, with growth of 2.3% over the 5 years to 2024. Businesses in South Carolina employed a total of 2,340,302 people in 2024, with average annual employment growth over the past five years of 1.6%. The top three sectors by total employment are Real Estate and Rental and Leasing, Manufacturing, Retail Trade, while the unemployment rate across the state in 2024 was 3.8%.
What is South Carolina's Gross Domestic Product (GDP)?
In 2024, South Carolina's GDP reached $266.2b, representing an increase of 2.3% from 2023. South Carolina's GDP has grown at an annualized rate of 2.4% over the five years to 2024. Moreover, South Carolina's trailing five-year GDP growth ranks it 13rd out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in South Carolina's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
South Carolina Industry Trends
What are South Carolina's Largest Industries by Revenue?
The largest industries by revenue in South Carolina are Health & Medical Insurance, New Car Dealers and Hospitals, which generated $20.9b, $18.0b and $14.4b in 2024.
STATE ECONOMIC PROFILE
Top Companies in South Carolina
Top 10 Companies Headquartered in South Carolina by Employment
The largest companies by employment in South Carolina are Walmart, Prisma Health and BMW Group, which employed 36,148, 28,761 and 11,000 people in 2024.
STATE ECONOMIC PROFILE
South Carolina Sector Statistics
In South Carolina, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is South Carolina's GDP by Sector?
The Real Estate and Rental and Leasing, Manufacturing and Retail Trade sectors contributed the most to South Carolina's GDP in 2024, representing a combined 41.5% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is South Carolina's Employment by Sector?
The Retail Trade, Administration, Business Support and Waste Management Services and Healthcare and Social Assistance sectors contributed the most to employment in South Carolina in 2024, representing a combined 37.5% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
South Carolina Employment Trends
2.3m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.4%
40
3.8%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
6.1%
45
What Employment Trends are Impacting South Carolina?
The state of South Carolina employs 2,340,302 people in 2024, which ranks it 23rd out of all 50 US states. Employment in South Carolina has grown at an annualized rate of 1.4% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in South Carolina include Retail Trade, Administration, Business Support and Waste Management Services and Healthcare and Social Assistance, which employed 326,335, 280,579 and 269,905 people in 2024, respectively. South Carolina's unemployment rate is 3.8% in 2024, which ranks it 29th out of 50 states. South Carolina's unemployment rate has trended upwards at a rate of 6.1% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in South Carolina, and compare them to the US economy, using the chart below.
$84.2k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
5.0
34
What is South Carolina's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. South Carolina's DPI in 2024 was $84.2k, compared to the US average of $129.8k, which places it 34th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in South Carolina's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
South Carolina Construction & Building Trends
$3,917.7tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-7.4%
2
$14.1tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
13.1%
49
48,830
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
6.5%
45
What can construction trends tell you about a state’s economy?
In South Carolina, non-residential construction was $3,917.7tn in 2024, which ranks it 2nd out of all US states. Residential construction was $14.1tn in 2024, which places South Carolina 49th in the United States. The number of building permits issued in South Carolina in 2024 was 48,830, representing a 6.5% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in South Carolina, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
South Carolina Population Statistics
Which Counties in South Carolina have the Largest Populations?
The counties with the highest populations in South Carolina are Greenville County, Charleston County and Richland County, which had populations of 569,574, 428,891 and 427,518 people in 2024.
STATE ECONOMIC PROFILE
South Carolina Demographics
Education Level South Carolina
Race in South Carolina
South Carolina State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 644 South Carolina Industry Reports.
