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SOUTH CAROLINA Small Businesses Small Business Employees 406,536 (MBDA)

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SOUTH CAROLINA
406,536
Small Businesses
777,012
Small Business Employees
99.4%
of South Carolina Businesses
46.7%
of South Carolina Employees
EMPLOYMENT
29,867
net new jobs
DIVERSITY
83,201
minority-owned
businesses
TRADE
5,158
small business
exporters
OVERALL SOUTH CAROLINA ECONOMY
•
In the third quarter of 2017, South Carolina grew at an annual rate of 2.9%, which was slower than the overall US growth
rate of 3.4%. South Carolina’s 2016 growth rate of 1.8% was down from the 2015 rate of 3.1%. (Source: BEA)
•
In January 2018, the unemployment rate was 4.3%, down from 4.5% in January 2017. This was above the January 2018
national unemployment rate of 4.1%. (Source: CPS)
EMPLOYMENT
Figure 1: South Carolina Employment by Business Size
(Employees)
fewer than 20
20 to 99
100 to 499
more than 500
0.0
500.0K
1.0M
1.5M
2000 2005 2010 2015
•
South Carolina small businesses employed 777,012 people,
or 46.7% of the private workforce, in 2015. (Source: SUSB)
•
Firms with fewer than 100 employees have the largest share
of small business employment. Figure 1 provides further
details on firms with employees. (Source: SUSB)
•
Private-sector employment increased 1.0% during the 12-
month period ending in January 2018. This was below the
increase of 1.7% during the prior 12-month period. (Source:
CPS)
•
The number of proprietors increased in 2016 by 2.4% rela-
tive to the previous year. (Source: BEA)
•
Small businesses created 29,867 net jobs in 2015. Firms
employing fewer than 20 employees experienced the largest
gains, adding 15,828 net jobs. The smallest gains were in
firms employing 100 to 499 employees, which added 6,371
net jobs. (Source: SUSB)
The Small Business Profiles are produced by the US Small Business Administration’s Office of Advocacy. Each report incorporates the most up-to-date
government data to present a unique snapshot of small businesses. Small businesses are defined for this profile as firms employing fewer than 500
employees. Net small business job change, minority small business ownership, and exporter share statistics are based on the 2015 Statistics of US
Businesses (SUSB), 2012 Survey of Business Owners (SBO), and 2015 International Trade Administration (ITA) data, respectively.
SBA Office of Advocacy 165 South Carolina Small Business Profile, 2018
INCOME AND FINANCE
• The number of banks decreased by 3 between June 2016 and June 2017 to 55 banks. (Source: FDIC)
•
In 2016, 64,122 loans under $100,000 (valued at $980.3 million) were issued by South Carolina lending institutions reporting
under the Community Reinvestment Act. (Source: FFIEC)
•
The median income for individuals self-employed at their own incorporated businesses was $45,199 in 2016. For individuals
self-employed at their own unincorporated firms, this figure was $20,649. (Source: ACS)
Median income represents earnings from all sources. Unincorporated self-employment income includes unpaid family workers, a very small percent of
the unincorporated self-employed.
EMPLOYER BUSINESS OWNER DEMOGRAPHICS
Figure 2: South Carolina Employees per Business by Owner’s Demographic, 2015
Male
F
emale
Nonminor
ity
Minor
ity
Non
veteran
V
eteran
Some
other race
Nativ
e American-Alaskan
Hispanic
Ha
waiian-Pacific Islander
Asian
Afr
ican American
All
Firms
0 5 10 15 20 25
Figure 2 shows the average number of employees per employer business by owner’s demographic group according to the Annual Survey of Entrepreneurs
(ASE). Unshaded bars display US values; data were withheld because they do not meet Census Bureau publication standards or could disclose
information regarding individual businesses.
TURNOVER A MONG ESTABLISHMENTS WITH EMPLOYEES
Figure 3: South Carolina Quarterly Startups and Exits
2,000
2,200
2,400
2,600
2,800
1995 2000 2005 2010 2015
startups exits
•
In the third quarter of 2016, 2,769 establishments started
up, generating 12,127 new jobs in South Carolina. Startups
are counted when business establishments hire at least
one employee for the first time. (Source: BDM)
•
In the same period, 2,615 establishments exited resulting
in 9,061 jobs lost. Exits occur when establishments go from
having at least one employee to having none, and then
remain closed for at least one year. (Source: BDM)
•
Figure 3 displays quarterly startups and exits from 1992 to
2016. Each series is smoothed across multiple quarters to
highlight long-run trends. (Source: BDM)
The BLS data covers only business establishments with employees. BLS
refers to startups as births and exits as deaths. These terms are distinct
from the BLS openings and closings categories. Openings include sea-
sonal re-openings and closings include seasonal shutterings. Quarterly
startup and exit values may not align with Figure 3 due to smoothing.
SBA Office of Advocacy 166 South Carolina Small Business Profile, 2018
INTERNATIONAL TRADE
•
A total of 6,119 companies exported goods from South Carolina in 2015. Of these, 5,158, or 84.3%, were small firms; they
generated 10.3% of South Carolina’s $29.4 billion in total exports. (Source: ITA)
SMALL BUSINESS EMPLOYMENT BY INDUSTRY AND COUNTY
Table 1: South Carolina Employment by Industry, 2015
Industry
Accommodation and Food Services
Health Care and Social Assistance
Retail Trade
Manufacturing
Other Services (except Public Administration)
Construction
Administrative, Support, and Waste Management
Professional, Scientific, and Technical Services
Wholesale Trade
Finance and Insurance
Arts, Entertainment, and Recreation
Real Estate and Rental and Leasing
Transportation and Warehousing
Educational Services
Information
Management of Companies and Enterprises
Agriculture, Forestry, and Fishing and Hunting
Utilities
Mining, Quarrying, and Oil and Gas Extraction
Industries not classified
Total
Small Business
Employment
133,124
103,507
74,608
73,947
70,787
64,059
53,278
52,852
37,521
22,206
20,744
17,940
16,823
16,819
7,081
4,635
3,659
2,630
454
338
777,012
Total Private
Employment
207,690
224,365
236,944
224,665
79,254
75,682
172,442
82,841
73,764
67,755
26,284
24,990
57,916
32,229
33,880
24,483
3,900
11,836
993
338
1,662,251
Small Business
Employment Share
64.1
46.1
31.5
32.9
89.3
84.6
30.9
63.8
50.9
32.8
78.9
71.8
29.0
52.2
20.9
18.9
93.8
22.2
45.7
100.0
46.7
Figure 4: South Carolina Small Business Employment by County, 2015
Small Business
Employment (%)
29
to 44
44 to 49
49
to 60
60
to 75
SBA Office of Advocacy 167 South Carolina Small Business Profile, 2018
SMALL BUSINESSES BY INDUSTRY
Table 2: South Carolina Small Businesses by Industry and Firm Size, 2015
Industry
1-499 Employees
1-20 Employees Nonemployer
Total Small Firms
Firms
Other Services (except Public Administration) 10,477 9,715 59,571 70,048
Retail Trade 10,034 9,173 28,266 38,300
Professional, Scientific, and Technical Services 9,100 8,468 38,237 47,337
Construction 8,853 8,113 36,015 44,868
Health Care and Social Assistance 7,354 6,218 23,787 31,141
Accommodation and Food Services 7,325 5,411 5,701 13,026
Administrative, Support, and Waste Management 4,759 4,180 34,574 39,333
Real Estate and Rental and Leasing 3,984 3,738 37,347 41,331
Wholesale Trade 3,521 2,805 5,505 9,026
Finance and Insurance 3,055 2,810 9,868 12,923
Manufacturing 2,994 2,080 4,365 7,359
Transportation and Warehousing 1,930 1,650 15,295 17,225
Arts, Entertainment, and Recreation 1,445 1,181 15,723 17,168
Educational Services 1,042 820 8,770 9,812
Information 588 486 3,451 4,039
Agriculture, Forestry, and Fishing and Hunting 501 457 2,612 3,113
Utilities 75 44 254 329
Mining, Quarrying, and Oil and Gas Extraction 44 38 90 134
Total 77,105 67,614 329,431 406,536
Figure 4 and Tables 1 and 2 display data from the 2015 SUSB. Table 2 includes additional data from the 2015 Nonemployer Statistics (NES).
REFERENCES
The Small Business Profiles, source data, and methodology are available at https://go.usa.gov/xQT4w.
ASE Annual Survey of Entrepreneurs, US Census Bureau
BEA Bureau of Economic Analysis, US Department of Commerce
BDM Business Employment Dynamics, BLS
BLS Bureau of Labor Statistics, US Department of Labor
CPS Current Population Survey, BLS
FDIC Call Reports, Federal Deposit Insurance Corporation
FFIEC Federal Financial Institutions Examination Council
ITA International Trade Administration, US Department of Commerce
NES Nonemployer Statistics, US Census Bureau
SBO Survey of Business Owners, US Census Bureau
SUSB Statistics of US Businesses, US Census Bureau
SBA Office of Advocacy 168 South Carolina Small Business Profile, 2018
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