South Carolina 7th in economic performance rankingsApril 29, 2022
South Carolina ranked seventh in terms of economic performance and 26th in economic outlook in a new report.
The Rich State, Poor States ranking from the American Legislative Exchange Council (ALEC) ranked Utah, North Carolina, Arizona, Oklahoma and Idaho atop the list for economic outlook, while New York, New Jersey, California, Vermont and Minnesota were at the bottom of the list.
The ranking weighed 15 different policy variables.
In the economic performance rankings, South Carolina was fifth in absolute domestic migration, seventh in non-farm payroll and 11th in state gross domestic product.
South Carolina was tied for the top spot in the country with the lowest state minimum wage ($7.25, equal to the federal minimum) and being a right-to-work state and not collecting estate and inheritance taxes.
“The Economic Outlook Ranking is a forecast based on a state’s current standing in 15 state policy variables,” The report said. “Each of these factors is influenced directly by state lawmakers through the legislative process. Generally speaking, states that spend less — especially on income transfer programs — and states that tax less — particularly on productive activities such as working or investing — experience higher growth rates than states that tax and spend more.”
South Carolina’s lowest rankings came in personal income tax progressivity (43rd), top marginal personal income tax rate (38th), state liability system (37th), average workers’ compensation costs (37th) and debt service as a share of tax revenue (36th).
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