|By Business Wire||
|April 21, 2014 02:37 PM EDT||
SCRA today announced that its 2013 economic impact on South Carolina, collected through a study led by the University of South Carolina’s Moore School of business, was $1.35 billion. The 2013 totals were up over a $110 million from 2012. Overall, SCRA’s 31 year cumulative output total now stands at over $16.65 billion.
USC Division of Research Director Dr. Douglas Woodward led the study, which incorporated all SCRA operations in South Carolina from its three sectors: SCRA Technology Ventures, SCRA Applied R&D and SCRA R&D Facilities. The numbers show that SCRA extended its significant contributory role in all three business sectors, continuing to successfully manage federal and corporate R&D contracts, house and equip high-tech start-up companies at its three innovation centers and invest in and grow South Carolina's technology-based economy.
"We are pleased to once again be quantified as a leading force in advancing South Carolina's Knowledge Economy,” said SCRA CEO Bill Mahoney. "SCRA has delivered substantive outcomes throughout the past year, continually fulfilling our dual mission through delivering high-tech solutions to our federal and corporate clients and ensuring South Carolina’s Knowledge Economy gains strength. We are delighted to work with Dr. Woodward and USC's Moore School to measure our economic output, which helps us faithfully fulfill our mission by measuring our support for technology companies and our creation of Knowledge Economy jobs in South Carolina.”
In its 31 year history, SCRA has grown significantly, with record revenues of $266 million achieved in 2013, up 25 percent from last Fiscal Year. Normalized operating earnings were up 15 percent and backlog was up 11 percent. All numbers indicate strong sustained Applied R&D business, the proceeds of which will enable ongoing incremental execution of SCRA's public mission on behalf of technology-based economic development.
SCRA is an applied research corporation with over 31 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: our Technology Ventures sector helps early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages national and international R&D programs worth nearly $2 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops. Multiple economic impact studies show SCRA’s cumulative output into South Carolina’s economy to be $16.65 billion.