EngenuitySC Releases 2019-2020 Midlands Regional Competitiveness Report
Staff Report From South Carolina CEO
Tuesday, January 28th, 2020
EngenuitySC, a nonprofit that works to make the Columbia, South Carolina region a standout choice for top talent and competitive companies, has released its 2019-20 Midlands Regional Competitiveness Report. The report is a major annual initiative of EngenuitySC, which is governed by some of the region’s highest-ranking leaders in business, government and education. View the report here: http://www.engenuitysc.com/competitiveness-report/.
Dominion Energy sponsored an event on Jan. 27 at Central Energy in the BullStreet District, official results (showing a mix of improvement and regression across five indicators of economic competitiveness) were announced by Dr. Joseph Von Nessen, research economist in the Division of Research at the University of South Carolina’s Darla Moore School of Business
After a keynote address on regional collaboration by Jay Byers, CEO of the Greater Des Moines Partnership, the EngenuitySC 2019 Vision Award was given to Dr. Harris Pastides.
An Overview of the Competitiveness Report
The report analyzes economic competitiveness in the Columbia metropolitan statistical area (MSA) compared with that of nine other metropolitan regions in the Southeast, including Raleigh, North Carolina, Charleston, South Carolina and Lexington, Kentucky. The report measures success based on five major indicators of economic competitiveness: talent, entrepreneurial/business environment, innovation, industry clusters and livability. The index for each indicator shows how the MSAs compare to both peers and to the national average. Research for the report is gathered and analyzed by Dr. Doug Woodward, director of the Division of Research at UofSC’s Darla Moore School of Business, along with Dr. Von Nessen and team.
Key Report Findings
Notable positive trends for Columbia in this year’s report include the following results: an increase in STEM salaries of almost $1,500, indicating continued growth; a decrease of over one minute in average commute times; a five-year growth rate in arts, entertainment and recreation employment that outpaces all of our competitors; and significant improvement in violent crime rates. Columbia also saw its highest ranking to date for its entrepreneurial and business environment, driven in part by strong long-term growth in business establishments.
Notable negative findings included a slight decrease in regional GDP per capita; decreases in research and development funding and a continued downward trend in the Gallup Well-Being Index, a five-part measure of community success.
Keynote Address by Jay Byers
A keynote address on the efficiency and impact of cooperation and collaboration was delivered by Jay Byers, CEO of the Greater Des Moines Partnership. Des Moines is a nationally recognized exemplar for successful regional economic development through a collaborative approach.
Dr. Harris Pastides Honored with EngenuitySC Vision Award
Dr. Harris Pastides was recognized as the organization’s 2019 Vision Award winner. Pastides, who served as President of the University of South Carolina for 11 years before retiring in 2019, also served as EngenuitySC board founding co-chair during his presidency. The Vision Award is presented annually by EngenuitySC’s board, many of whom were present at the event.
“Few leaders have had a longer-lasting and more profound impact on EngenuitySC, the region and our state than Harris Pastides,” said Lee Bussell, chairman of the EngenuitySC board. “He has been a part of the EngenuitySC journey since the very beginning. We would not be where we are today without his commitment and contribution. The Vision Award is a small token of our gratitude for all he has done, and we wish him well in his retirement.”
EngenuitySC’s Role in the Region: Progress Through Partnerships
Structured as a neutral and independent project management team, EngenuitySC is known for achieving progress through partnerships using a unique, highly effective process. The Midlands Regional Competitiveness Report is one of the primary deliverables from EngenuitySC every year. Through the creation and publication of the report, EngenuitySC measures the Columbia, S.C., region’s most useful success metrics for economic growth year after year. EngenuitySC is the trusted expert for measurement of the region’s performance against other regions in the ongoing competition for talent, new businesses, research and development dollars, industry growth and quality of life.
"Every year, the findings of this report reignite interest in our region’s performance and pace of growth,” said Meghan Hickman, executive director of EngenuitySC. “Our hope is that it also inspires us all to continue down the path of progress we’ve started together. At EngenuitySC, we believe there is power — and progress — in partnerships. We are just beginning to scratch the surface of discovering what is possible for our community and maximizing our potential. There is no doubt that the best is yet to come for Columbia.”