October 19, 2010

Charleston's Knowledge Economy Remains Strong In 2010

Charleston Digital Corridor Release

Software Companies and Defense Industry Demonstrate Robust Growth

CHARLESTON, S.C. – October 19, 2010 – In its Annual Wage and Job Growth Survey, the Charleston Digital Corridor is pleased to report that the companies comprising Charleston's knowledge economy continue to demonstrate strength in earnings and job growth. The average annual wage for companies participating in the 2010 survey is $75,896. This number represents twice the State average of $37,040 and almost two times the Charleston Regional average of $37,955, according to the latest figures available from the US Bureau of Labor Statistics.

Amidst the anemic national job growth picture,sixty-one percent (61%) of the companies participating in the survey reported that they have added jobs and expect to continue hiring. This is consistent with the companies in the CharlestonWORKS™ portal, where currently 77 companies of the 175 (44%) represented in the portal are hiring.

"We are very pleased that the Digital Corridor's laser-focused effort to nurture and grow knowledge-based companies continues to demonstrate success," said Charleston Mayor, Joseph P. Riley, Jr. "Charleston has rapidly become the model for industry-driven business development," he added.

_**Annual Average Wages for South Carolina (SC), the Charleston Metropolitan Statistical Area (CMSA and the Charleston Digital Corridor (CDC)

_**CMSA: US Bureau of Statistics, Charleston-North Charleston-Summerville, SC National Compensation Survey 2010, Annual Mean Earnings Estimates (May 2010)

SC: US Bureau of Labor Statistics, State Occupational Employment and Wage Estimates, South Carolina, Annual Mean Wage Estimate (May 2009)

Charleston Digital Corridor Wage Survey (October 2010)


About the Charleston Digital Corridor
The Digital Corridor is a creative initiative to attract, nurture and promote Charleston's knowledge economy through a combination of technology enabled initiatives and business incentives, private business support and member-driven programming.

Ernest Andrade