Homegrown companies have huge economic impact
- August 31, 2011
- Research by David Neumark, economics professor, is featured in the Free Times August 31, 2011
From the Free Times:
To create the jobs necessary to work our way out of the lingering economic malaise, South Carolina needs to encourage, cultivate and nurture small and medium-sized, locally owned businesses at least as enthusiastically as we do large national and international ones like BMW, Boeing and Amazon.... According to Department of Research Director Doug P. Woodward, who co-authored the study with research economist Paolo Guimaraes and research analyst Veronica Watson (both from the Moore School), so-called "high-impact firms" - i.e., those that double their sales within a four-year period - tend to generate the majority of new jobs, both nationally and in the state.... When compared with the results of a similar national study conducted by University of California, Irvine, economist David Neumark, those figures appear to be in line with the rest of the country. However, the lopsided ratio might have even greater policy implications in South Carolina, which continues to shed jobs. In June, the state's unemployment rate stood at 10.5 percent. In July, that number spiked to 10.9 percent.
For the full story, please visit http://www.free-times.com/index.php?cat=1992912064025693&ShowArticle_ID=....