CoEE Program doubles state’s lottery investment
Members of the South Carolina Centers of Economic Excellence (CoEE) Review Board delivered a holiday present Tuesday (Dec. 14) to the General Assembly and the people of South Carolina: According to the latest program totals, the CoEE program has resulted in $363 million in non-state investment into the South Carolina economy and created 4,717 new jobs.
The money that has been invested in the state is more than double the $180 million in S.C. Education Lottery proceeds that the General Assembly appropriated for the program between fiscal year 2003 and fiscal year 2008. (No additional funds have been appropriated since fiscal year 2008.) The $363 million are actual dollars that have been received and invested in the South Carolina economy and represent a 2-to-1 return on investment for the state.
The $363 million is derived from a variety of sources including corporations, foundations, non-profits, federal agencies and private individuals. Investment from corporations and foundations accounts for more than two-thirds of the total, with individual corporate investments of more than $500,000 totaling more than $51 million. In addition to the $363 million already received, in excess of a half billion dollars in additional corporate investment and federal grants have been committed to South Carolina because of CoEE program but not yet received.
The more than 4,700 CoEE-related jobs have been created in part by companies that have invested or expanded in South Carolina because of the CoEE program, by start-up companies that have been launched based on CoEE research and at research universities in the form of positions funded by out-of-state grants or investors.
The average salary of jobs created by the CoEE program is $63,000—more than twice the 2009 per capita income in the state.