By C. Grant Jackson
‘s announcement last month of a $5 million training grant from the was a win for Columbia’s insurance technology and services cluster.
The insurance technology and services cluster is a huge economic engine for the region. A study released last week by , the regional cluster organization, found that insurance technology and services has a $6.7 billion total annual economic impact in South Carolina. That represents 2.5% of the Gross State Product.
Most of that industry’s workers, about 15,000, are employed at firms in the Columbia cluster at an average salary of $62,000. The cluster’s total annual sales are $4.9 billion.
The study was conducted through Business in Motion, a joint project of the Navigating from Good to Great Foundation and the . The results were reviewed and estimates and data were validated by Joseph Von Nessen, research economist at .
The study, the first attempt to quantify the regional industry, delivered findings that bode well for continued growth of the industry. Of the companies surveyed:
§ 70% plan to expand locally in the next 12-18 months
§ 100% are expecting sales to grow over the next 12 months
§ 55% said they expect to increase their workforce in the next 18 months and 45% said they would at least maintain current levels....
Continue reading at the Columbia Chamber of Commerce.