MUSC center drives $860M economic impact in South Carolina

As large of an economic driver the Medical University of South Carolina is, one center is taking the lead in its economic impact. 

According to a study by Joey Von Nessen, a research economist at the University of South Carolina Darla Moore School of Business, MUSC’s Hollings Cancer Center generates $860 million annually, contributing over 4,000 jobs across the state of South Carolina. 

“As the only National Cancer Institute-designated cancer center in South Carolina, Hollings is uniquely positioned to attract a highly educated workforce that is at the forefront of cancer research and care – efforts that benefit residents of our state,” Dr. Raymond DuBois, director of Hollings Cancer Center, said in a news release. “And with this study, we are able to see how that expertise also benefits the state monetarily through our impact on job creation, purchasing and even state tax contributions.” 

The cancer center also generates $17.5 million in state tax revenue and has an average salary that is about 63% higher than the state average, according to the study.  

According to the release, the cancer center is positioned to attend to the large population increase in the state. MUSC recently announced a second cancer hospital to be constructed in the footprint of the current Rutledge Tower annex. 

“Our new cancer hospital, scheduled for completion within five years, will significantly expand this economic impact as we hire more researchers, providers and staff – and increase our capacity to care for more patients,” DuBois said. 

Key findings of the report include:

• Total economic impact of Hollings Cancer Center: The combination of direct, indirect and induced effects leads to a total economic impact of approximately $860 million, associated with 4,021 jobs across South Carolina.
• Economic contributions to state tax revenue: Hollings Cancer Center significantly affects state tax revenue through the economic activity it supports. Every dollar in new economic activity generated within South Carolina also generates new tax revenue for the state. The annual economic activity currently supported by Hollings, in turn, is estimated to generate $17.5 million in state tax revenue each year.
• Contributions to the knowledge economy: Hollings Cancer Center attracts highly skilled professionals and fosters innovation in cancer research. As the state’s only NCI-designated cancer center, Hollings drives economic growth, supports thousands of high-wage jobs and positions South Carolina as a leader in health care innovation.
• Job quantity: Hollings’ focus on cutting-edge academic research enhances cancer prevention and treatment, with a uniquely high employment multiplier of 2.8, creating 18 additional jobs for every 10 at its research facilities. This surpasses the state’s health care industry average, making Hollings’ expansion a key driver of long-term economic growth.
• Job quality: The contribution of Hollings Cancer Center to high employment quality is evident in the wage levels among all jobs supported by Hollings’ research facilities throughout South Carolina. The average annual wage of these employees exceeds the overall average in South Carolina by approximately 63%.

Click here to read the full report.