More than a major pillar of state and national defense, the military is an integral component to South Carolina’s economy. A report recently issued by the South Carolina Department of Veterans’ Affairs underscores the significant role that the military plays in the state.
According to the report, the annual economic impact of South Carolina’s military community is $34.3 billion, a 35% increase from 2019. This translates to 254,095 jobs that are supported, either directly or indirectly, by the military community along with $14.6 billion in labor income for South Carolinians.
Additionally, South Carolina is home to eight major military installations and numerous other facilities, employing more than 68,000 U.S. Department of Defense personnel.
In a show of support and appreciation to the state’s military personnel, Gov. Henry McMaster recently signed the Workforce Enhancement and Military Recognition Act, which provides full income tax exemption for veterans’ military retirement pay. Reinforcing to the state’s reputation for being military-friendly, the law further encourages veterans to live, work and raise their families in South Carolina.