South Carolina ranks in top half of Rich States, Poor States economic outlook
(The Center Square) – South Carolina’s economic outlook ranks 24th in the U.S. in the American Legislative Exchange Council Center for State Fiscal Reform’s 2021 Rich States, Poor States competitive index.
The report uses 15 equally weighted policy variables to rank the economic competitiveness of states, including various tax rates, regulatory burdens and labor policies.
The index also ranks each state in economic performance by examining data over the past 10 years in cumulative GDP growth, cumulative domestic migration and nonfarm employment growth.
South Carolina’s 24th-place ranking in economic outlook for 2021 an an eight-spot improvement from its ranking in 2020. In the 15 policy variables used to determine economic outlook, North Carolina ranked in the top 15 for top marginal corporate income tax rate (13th), sales tax burden (13th), no estate/inheritance tax levied (first), recently legislated tax changes (12th), minimum wage (first at $7.25 an hour), being a right-to-work state and tax expenditure limits (15th).
The state ranked sixth in economic performance, finishing ninth in cumulative GDP growth, fifth in cumulative domestic migration and ninth in nonfarm employment growth.
The American Legislative Exchange Council is the largest nonpartisan, voluntary membership organization of state legislators in the United States. It is governed by state legislators who comprise the Board of Directors and is advised by the Private Enterprise Advisory Council, a group of private, foundation and think tank members.
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