COLUMN: USC system is vital state's economic health

The University of South Carolina has been educating the leaders of the Palmetto State for more than two centuries. However, the benefits USC brings to our community can be felt well beyond the classroom. Our eight campuses and 155,000 alumni living in South Carolina have an annual positive economic impact of $4.1 billion on the state's economy.

These figures, from a study recently released by the Darla Moore School of Business Division of Research, confirm USC's role as an engine of economic growth. The Economic Impact of the University of South Carolina, prepared by economist Dr. Joseph C. Von Nessen, demonstrates that USC creates thousands of jobs and supplies the state with a well-educated work force, providing a better standard of living for all residents.

Nearly 53,000 jobs - about one in every 37 - in the state are connected directly or indirectly to the university's eight campuses.

South Carolina residents with bachelor's degrees earn about $15,000 a year more than people without degrees, resulting in a $1.29 billion economic impact from USC alumni through their higher wages and the money they spend on goods and services.

Moreover, as the number of college graduates in an area increases, the wages of all workers rise, creating an "economic spillover" of $1.62 billion.

When USC contracts with vendors, when alumni, faculty, and staff spend money, those dollars float through the local economy, creating a ripple effect that leads to a stream of increased wages and hiring.

USC Aiken supports jobs, increases household income and boosts the state's overall economy. The total economic impact of the USC Aiken campus and its alumni is more than $180 million. Included in that figure is a more than $55 million contribution to South Carolinians' household income. Furthermore, USC Aiken and its alumni support 2,163 jobs in the public and private sectors directly and indirectly through purchasing in the community.

As a whole, the University of South Carolina system does all of this while providing the taxpayer with a generous return on their investment - returning about $75 million more to the state's tax coffers than we receive in appropriations.

In the current economic environment, our school's relationship with our community is more important than ever. And, as South Carolina emerges from the worst financial crisis since the Great Depression, there is much cause for optimism.

USC President Harris Pastides recently announced a proposal that calls for the four regional campuses at Lancaster, Salkehatchie, Sumter and Union to become a Palmetto College - a virtual college that combines the offerings at these campuses with upper-level, online courses so students can get a bachelor's degree without leaving their communities.

This initiative, coupled with Pastides' pledge to improve student retention and graduation rates, not only will expand the numbers of educated citizens across the state, but also enhance their impact in communities throughout South Carolina - in education, research, the arts, health care and business.

In the years ahead, USC will work to ensure that it continues to have a positive impact on the lives of our citizens and the welfare of our communities.

As a living laboratory for innovation, the University of South Carolina is vital not only to the progress of education, but also to our economic security.

The University of South Carolina and its alumni have continued to drive South Carolina's economy amidst the financial turmoil of recent years. Our $4.1 billion annual economic impact is far-reaching, touching all regions and every county in the state. And, together with intangible benefits such as improved community health, leadership and lower crime rates, all of which are associated with an educated populace, it will assure brighter futures for all who call South Carolina home.

That is good news, indeed.

- Tim Simmons is chairman of the Aiken County Commission for Higher Education