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Greenville SC Area Economic Summary – 2023

People walking in department store

Greenville Post – April 10, 2023

In the Greenville area, a fascinating economic landscape emerges, reflecting a microcosm of the American experience. The average weekly wage trails the national figure, standing at $1,068, compared to the U.S. average of $1,334. The region’s unemployment rate, however, seems to defy the odds, hovering below the national average.

Industries such as manufacturing, trade, and transportation are pillars of the local economy, while professional and business services have experienced a slight downturn. The Consumer Price Index reveals a tale of regional variation, with the South region witnessing a surge in food and energy costs, reflecting the unstoppable march of inflation.

Greenville’s workforce, the backbone of this economic tableau, earns less on average than their national counterparts across several occupations. Yet, they manage to keep their heads above water, with average annual expenditures on housing, transportation, and healthcare remaining comparable to the national average.

In this complex web of economic indicators, one cannot overlook the employer costs for wages and benefits. The South Atlantic region, which includes Greenville, has lower total compensation and benefits costs than the national average. This disparity raises questions about the trade-offs between cost of living, wages, and the overall quality of life in the region.

In summary, the Greenville area offers a unique economic narrative, blending resilience with the challenges of a shifting economic landscape. As the area navigates the ebb and flow of national trends, it provides valuable insights into the delicate balance of employment, wages, and the cost of living in today’s America.

  • The average weekly wage for all industries in the Greenville area in Q3 2022 was $1,068, compared to the U.S. average of $1,334.
  • Unemployment rates in January 2023 were as follows:
    • Pickens Co.: 3.5%
    • Laurens Co.: 3.0%
    • Greenville Co.: 3.2%
    • Anderson Co.: 3.1%
    • Greenville area: 3.9%
    • United States: 4.0%
  • The 12-month percent changes in employment for the Greenville area and the United States in January 2023 were as follows:
    • Greenville area: 3.0%
    • United States: 3.2%
  • Employment by industry sector in the Greenville area in January 2023 (in thousands):
    • Total nonfarm: 449.6
    • Mining, logging, and construction: 21.6
    • Manufacturing: 60.5
    • Trade, transportation, and utilities: 82.8
    • Information: 7.2
    • Financial activities: 21.6
    • Professional and business services: 72.0
    • Education and health services: 58.2
    • Leisure and hospitality: 47.4
    • Other services: 15.4
    • Government: 62.9
  • The 12-month percent changes in the Consumer Price Index (CPI-U) for the South region and U.S. city average in February 2023 were as follows:
    • South region: 6.4% (all items), 9.6% (food), 3.5% (energy)
    • U.S. city average: 6.0% (all items), 9.5% (food), 5.2% (energy)
  • The average hourly wages for selected occupations in the Greenville area and the United States in May 2021 were as follows:
    • All occupations: $23.25 (Greenville area), $28.01 (United States)
    • General and operations managers: $46.74 (Greenville area), $55.41 (United States)
    • Accountants and auditors: $35.83 (Greenville area), $40.37 (United States)
    • Registered nurses: $33.31 (Greenville area), $39.78 (United States)
    • Heavy and tractor-trailer truck drivers: $21.85 (Greenville area), $24.20 (United States)
    • Machinists: $18.16 (Greenville area), $23.57 (United States)
    • Retail salespersons: $13.21 (Greenville area), $15.35 (United States)
  • Average annual expenditures in the South region and the United States in 2021 were as follows:
    • Housing: $20,244 (South region), $22,624 (United States)
    • Transportation: $11,203 (South region), $10,961 (United States)
    • Food: $7,639 (South region), $8,289 (United States)
    • Healthcare: $5,107 (South region), $5,452 (United States)
    • Personal insurance and pensions: $6,876 (South region), $7,873 (United States)
    • All other items: $10,404 (South region), $11,729 (United States)
  • Employer costs per hour worked for wages and selected employee benefits in the South Atlantic region and theĀ United States in December 2022 were as follows:
    • Total compensation: $36.74 (South Atlantic), $40.23 (United States)
    • Wages and salaries: $26.49 (South Atlantic), $28.37 (United States)
    • Total benefits: $10.24 (South Atlantic), $11.86 (United States)
      • Paid leave: $2.76 (South Atlantic), $3.01 (United States)
        • Vacation: $1.42 (South Atlantic), $1.54 (United States)
      • Supplemental pay: $1.19 (South Atlantic), $1.49 (United States)
      • Insurance: $2.50 (South Atlantic), $3.00 (United States)
      • Retirement and savings: $1.06 (South Atlantic), $1.36 (United States)
      • Legally required benefits: $2.73 (South Atlantic), $3.01 (United States)
    • The 12-month percent changes in the Employment Cost Index (ECI) for the South Atlantic region and the United States in December 2022 were as follows:
      • South Atlantic: 4.4%
      • United States: 4.0%

    For more detailed economic information, you can visit the U.S. Bureau of Labor Statistics website at www.bls.gov/regions/economic-summaries.htm.

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