November 22, 2022

Charleston’s Tech Economy Strengthens In 2022

Charleston Digital Corridor

In its Annual Wage & Job Growth Survey, the Charleston Digital Corridor is pleased to announce that the average per-capita wage at companies participating in the 2022 survey is $116,149 – the largest year-over-year growth in average wages since the CDC started surveying its members in 2003.

This number once again represents more than twice the State of South Carolina's average wage of $47,490 and Charleston Region average wage of $51,850 according to the latest (May 2021) data available from the US Bureau of Labor Statistics.

Key workforce and workspace insights from the 2022 survey:

  • 60% of companies reported adding jobs in 2022
  • 100% expect to continue hiring into 2023
  • 65% of companies have over half of their staff working primarily remote – with over 90% of respondents expecting this number to either remain the same or increase in 2023
  • Less than 10% of companies reported a reduction in their physical office space in 2022
  • Several companies benefitted from capital infusions in 2022 to fund growth and acquisition

"Amidst the national atmosphere of recession and layoffs at tech companies, it's reassuring to see in this survey the resilience and upward momentum of Charleston's tech companies who continue to add jobs, raise capital and generate revenue growth," said Charleston Digital Corridor Director, Ernest Andrade.

QuicksortRx, a software company focused on simplifying hospital pharmacy purchasing, is just one example of an early-stage company who has performed extremely well in 2022. The company, which has experienced 3x year-over-year revenue growth and more than doubled their staff, expects to see continued growth into 2023.

"Our business model is focused on bringing major savings to our hospital clients," said QuicksortRx Co-Founder and CEO, Jonathan Yantis. "It has been a remarkable growth year for us. The current 'balance sheet recession' being experienced by many businesses has provided us with a great tailwind and validated our business model," he added.