State Ranks Poorly On Economic Indicators
South Carolina ranks poorly on a number of key economic indicators, but its availability of cheap labor and right-to-work status keep it marginally competitive with other states.
The Palmetto State’s “Economic Outlook” ranked 25th in the nation according to a report conducted by the American Legislative Exchange Council, although that overall ranking included several disturbing figures that would seem to belie such a middle-of-the-road positioning.
For example, according to the study, South Carolina ranked 24th in the nation in job growth from 1996-2006, but 38th in income growth over that same time period.
The state also ranked poorly with respect to its top income tax rate (33rd), property tax burden (31st), liability system (37th) and educational freedom index (39th).
Balancing that out, though, the state’s corporate tax ranked ninth in the nation, and its minimum wage and “right-to-work” rankings ostensibly led the nation.
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Comments
By Just Say No to TV Lawyers on March 24th, 2009 at 9:59 am
Another example of the TV Lawyers harming our state’s business climate.
By question on March 24th, 2009 at 10:23 am
According to ALEC, Delaware has the best tort liability system, they are #1. Except for minor limits on punitive damages and attorney fees in medical malpractice cases enacted in 1986, Delaware has no tort reform, zip, zero, none. They still have joint and several liability (SC “reformed” that away a few years ago) and they have none of the other draconian proposals SC is considering, such as low arbitrary caps on noneconomic damages. To improve our liability system rankings, should we scrap all that tort reform and model ourselves on Delaware?
By GnuBerry on March 24th, 2009 at 10:28 am
25th is so poor.
By Just Say No to TV Lawyers on March 24th, 2009 at 10:55 am
Question – do away with TV Lawyers, stop taking 40-50% of injured victims’ awards, file lawsuits based on merit instead of how much a company is worth – that should help solve the problem.
But limits on punitive damages and attorneys’ fees sound like a very good idea. Let’s try it.
By Mike on March 24th, 2009 at 10:56 am
We’re so used to being ranked 48th, 49th, or dead last in every report or study that comes down the pike that 25th starts to look pretty good. Pretty sad.
By Old Bike Dude on March 24th, 2009 at 5:36 pm
Corp tax ranked 9th and minimum wage was 1st. So how’s that trickle down thing working for ya? Just a trickle huh? I thought so.