EngenuitySC just released its 2021 Midlands Regional Competitiveness Report, an in-depth study that highlights the economic areas where Columbia is thriving + where it has room to improve in comparison to similar Southeastern cities.
The goal of the report? To help COLA be the best city that it can be – a.k.a. an awesome place to visit, live, learn, work + play.
What is it measuring? 📈
To do this, the report looks at five specific indicators of competitive communities:
- Talent | COLA’s ability to attract, develop + maintain a vibrant and skilled workforce
- Entrepreneurial + business development | Is it easy doing business here? Are startups supported + fostered?
- Innovative capacity | Our ability to support the creation of new ideas + products
- Industry clusters | What industries bring in jobs + are we able to sustain and grow these industries?
- Livability | COLA’s environment as a dynamic place to live, work, learn + play
Who are we being compared to? 📈
In the report, Columbia (and the greater Midlands area) is being compared to nine other Southeastern cities with a similar MSA (Metropolitan Statistical Area) to ours, which means that they have comparable populations + economic landscapes, as well as factors like major universities + similar technological strengths.
Our peer cities are Greenville-Anderson-Mauldin, Knoxville, Columbia, Charleston-North Charleston, Greensboro-High Point, Winston-Salem, Augusta-Richmond County, Lexington-Fayette, and Tallahassee. And, according to the report, the “aspirational MSA” we strive to be like is Raleigh, NC. (Oh hey, RALtoday. 👋)
What do the scores mean? 📈
The number for each indicator (like Entrepreneurial + Business Environment: 115) shows how each MSA compares to the national average. So, an index of 115 = 15% better than the U.S. average.
Where does Columbia stand this year?
Note: COVID-19 did not impact the data in this report.
💵 Across the board, Columbia has been competitive with its peers in GDP per capita, employment gains + household income.
🏆 This year, COLA ranked third in entrepreneurial + business environment with a higher percentage of small businesses than similar Southeastern cities.
🏪 Columbia also has one of the highest establishment growth rates among its peers, thanks to its “small business first” environment. Keep supporting our local businesses, COLA.
⭐ COLA’s ranking improved in the talent indicator, with increased growth in foreign-born talent contributing to a visible international community and competitive educational attainment.
🎨 Columbia’s arts, entertainment + recreation sector is growing faster than any other of the similar Southeastern cities included in the report. A big win – but let’s be honest, we didn’t need data to tell us that COLA is a fun and entertaining place to live.
🔬 Columbia improved in the innovative capacity area largely due to a series of record-breaking years for research funding at the University of South Carolina – in fact, research funding topped $279 million in FY20, which is up $52 million since FY11.
🏠 There’s been a population shift towards Lexington County, which has contributed to an uptick in commute times. Downtown housing has also increased in recent years, with over 1200 new residents in the Main Street District alone. This could mean more mass transit options in the future to reduce congestion + increase efficiency. 🚃
Interested in digging into the data yourself? See the full report on Engenuity SC’s website. Ⓟ
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