The Economic Impact of Sustainability
The demand for sustainable technologies is rising among businesses across the United States and in South Carolina.
There is a risk to the economy and future of South Carolina if the demand for these technologies is not met.
To determine the specifics, Sustain SC commissioned an economic impact report led by Joseph C Von Nessen, Ph.D., a Research Economist at the University of South Carolina. The study surveyed companies from across South Carolina with a range of locations, sizes, and industry types.
The purpose of the study was to determine the specific sustainable technology needs of South Carolina businesses and to then quantify the potential economic benefits for South Carolina if those needs were met.
According to the study, 46-percent of survey respondents indicated that their revenue projections over the next decade would be negatively impacted without sufficient access to sustainable technologies. The lack of access comes at a considerable cost, generating losses of between $30.2 billion and $101.2 billion in total economic activity for South Carolina. Solar energy, renewable natural gas, landfill and/or organic waste innovations, and electric vehicle infrastructure were the most commonly cited needs.
~46%
About 46% of survey respondents indicate that their revenue projections over the next decade would be negatively impacted without sufficient access to sustainable technologies*.
$100.2B
UP TO
Up to $100.2 billion in economic activity losses for SC over the next 10 years if sufficient access to sustainable technologies* lacks.
6.8%
6.8% of surveyed firms report that they are “very likely” to relocate their existing SC facilities elsewhere if they are unable to meet their sustainable technology* requirements.
~67%
About 67% percent of survey respondents also reported that their employees will need to have sustainability-related expertise in the future.
*The most commonly cited categories of sustainable technology needs among all businesses surveyed were Solar Energy, Renewable Natural Gas, Landfill and/or Organic Waste Innovations, and Electric Vehicle Infrastructure.
