- Human Capital
- Innovative Activity
- Entrepreneurial Environment
- Industry Strength.
Building Wealth for the Long Term
Wednesday, September 11, 2013on
The 2013 Regional Economic Scorecard, funded in part by the Chamber’s ACCELERATE! initiative, was released to a group of the region’s top business and community leaders today. The Scorecard focuses on how economically competitive the region is compared to peer and target regions across the Southeast. The ultimate measure of an economy’s competitive position is Per Capita Personal Income (PCPI). While simple, the measure is not simplistic. PCPI is produced by the U.S. Bureau of Economic Analysis and is used by economists across the globe. Greenville’s PCPI relative to the nation has fallen for ten out of the past eleven years. The decline follows a period of about fifteen years during which our PCPI grew faster than the nation. To put this in real dollar terms, the gap between Greenville County’s PCPI in 2011 and the U.S. PCPI was worth $1.7 billion. This shows how significantly underperforming our economy has been. We can do better and we know how to do better. What drives PCPI growth? Again, there is a simple, but not simplistic, answer: