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Economist: CCED activity supports $26 billion in annual economic activity, 79,000 jobs in Charleston County
Summary
An updated Darla Moore School of Business study presented to Charleston County Council estimates CCED-related announcements generate about $26 billion annually and roughly 79,000 jobs countywide; the presenter said roughly 92% of that activity stays local and warned that a 25–75% decline could raise average homeowner tax bills if offsets are property-taxed.
Dr. Joey Von Nessen, a research economist at the Darla Moore School of Business, told Charleston County Council that an updated economic-impact study attributes about $26,000,000,000 in recurring annual economic activity in Charleston County to CCED-affiliated business announcements, supporting roughly 79,000 jobs either directly or indirectly.
Von Nessen said the study estimates that CCED-related activity represents about a quarter of the county’s overall economy—approximately 26% of GDP and close to 28% of total employment—and that the bulk of the economic activity remains in-county, which he quantified at roughly 92% retained locally. He described two primary channels for the impact: supply-chain effects that create demand for local suppliers and the household-spending multiplier from wages paid to newly hired employees.
The presentation also estimated a county return on investment tied to tax revenue: using FY24 data as a baseline, the study calculates that each dollar appropriated leverages about $10.88 in tax revenue. Von Nessen illustrated a hypothetical downside: if CCED-affiliated activity declined by 25%–75%, and the resulting tax shortfall were made up entirely through property taxes, the average homeowner would face an increase in property tax on the order of $950 per year under that scenario. He emphasized that the $950 figure is an illustrative result that assumes property taxes absorb the revenue gap, not a forecast of an automatic tax change.
Councilmembers questioned the counterfactual—how analysts determine whether investments would have occurred without incentives—and Von Nessen replied that outcomes depend on the industry and the design of incentive packages, and that different incentives have different trade-offs. Members also pressed whether the county has become ‘‘too dependent’’ on large employers; Von Nessen said Charleston’s diversified mix (manufacturing, logistics and health care) and large supply chains help spread benefits and support small businesses in many cases.
Why it matters: Councilmembers said the findings reinforce the county’s momentum but noted trade-offs. Several members urged continued vigilance to preserve historic communities and to weigh incentive costs against long-term community priorities. The presentation closed with Von Nessen urging continued investment in the county’s competitive strengths to sustain growth.
Next steps: The study was presented for council review; no formal action was taken at the presentation. Councilmembers asked staff to circulate the full report and supporting data for further consideration during budget and policy discussions.
