Charleston Marine Manufacturing Corp. Navy Yard complex generates nearly $1B in economic impact in Charleston County

By Jason Thomas

An inaugural report has revealed for the first time the massive economic and jobs impact of the Charleston Marine Manufacturing Corp. Navy Yard Industrial Campus.

CMMC unveiled its first comprehensive economic impact study, revealing a contribution of approximately $960.1 million annually to the Charleston County economy, according to a news release. Providing data on employment, growth trends, and heightened demand across industries served by CMMC tenants, this analysis illustrates a broad assessment of CMMC’s total economic influence on Charleston County, the tri-county region and the state of South Carolina.

Established in 1993 in the aftermath of the Naval Base closure, CMMC has played an important role in fostering a multifaceted business community by attracting, retaining and growing its tenant base within the marine, manufacturing, creative and logistics industries, the release stated.

“In the wake of the Naval Base closure, CMMC emerged as a beacon of economic resilience, fostering growth and opportunity within our community,” stated Charleston County Economic Development Executive Director Steve Dykes in the release. “The unveiling of this comprehensive economic impact study underscores the pivotal role CMMC plays in fueling Charleston County’s economy. As we celebrate its nearly $1 billion annual contribution, we acknowledge CMMC’s enduring legacy in shaping our economic landscape and propelling our future prosperity. We are proud to have CMMC as an economic development partner.”

The study — conducted by Joseph C. Von Nessen, research economist at the University of South Carolina’s Darla Moore School of Business — summarizes how the growth of the advanced manufacturing and logistics industry clusters have been among the state’s strongest over the last decade, placing CMMC and its tenants at the center of South Carolina’s economic growth trends, the release stated.

The study’s findings highlight the importance of CMMC and its tenants to the county’s economy and serve as a reminder of the campus’s strong potential for growth. Additional key findings of the study include:

• For the broader Charleston tri-county region (including Berkeley, Charleston, and Dorchester counties) and South Carolina as a whole, CMMC’s economic impact expands to $1 billion and $1.1 billion, respectively;
• The dynamic business activities at CMMC result in an employment multiplier effect of 2.4; meaning that for every 10 jobs created by CMMC tenants, another 14 jobs are created elsewhere in South Carolina; and
• 3,694 jobs supported by CMMC and its tenants pay an average annual wage of $74,537, representing an 18% premium over the average annual wage across all jobs in Charleston County.

“This economic impact study not only highlights the significant role CMMC plays in driving the economic growth of Charleston County and South Carolina but also shines a light on the collective strength and potential of our amazing tenants,” CMMC CEO Elias Deeb said in the release. “As we look ahead, CMMC remains committed to fostering innovation, supporting job creation, and contributing to the prosperity of our community.”

Said North Charleston Mayor Reggie Burgess: “The CMMC Navy Yard Industrial Campus stands as a pillar of economic strength and innovation in North Charleston, contributing nearly a billion dollars annually to the County’s economy. This underscores CMMC’s role as a cornerstone of our community’s growth. As we celebrate these outstanding achievements, we are inspired by CMMC’s unwavering commitment to bolster North Charleston as a leading force in South Carolina’s vibrant economic landscape.”

Source Link: Charleston Regional Business Journal