Published March 21, 2013
The South Carolina Manufacturing Extension Partnership reported that its efforts to help small- and medium-sized businesses expand their operations led to an annual economic impact of $238.4 million in 2012.
The private, nonprofit group that operates under the U.S. Department of Commerce added that its work led to the creation of 401 jobs in South Carolina, the retention of 1,391 other positions and capital investment of $50.4 million.
All companies that engage in projects with the partnership — also known as SCMEP — were surveyed to determine quantitative and qualitative impacts on how it helped improve their performance and achieve their goals in terms of dollars earned, saved and invested, the partnership said.
The client companies were surveyed by the National Institute of Standards and Technology through an independent third-party organization.
“The importance of obtaining this objective data is to ensure that SCMEP stays on-target in working to help small and mid-size South Carolina businesses enhance their global competitiveness by driving top-line growth, improving productivity, and developing their organizations’ capabilities,” the partnership said.
The economic impact study also found that the client companies generated $170 million in new and retained sales, and $14.1 million in new product sales. The 261 manufacturers that were served during the year reported $14.4 million in cost savings.