Statewide and Regional Impact
The 2019 Update to the 2017 Economic Impact Study includes a detailed examination of TRICARE-related spending in South Carolina. When added to the previous estimates, this brings the total economic impact of South Carolina's military community to $25.3 billion annually.
The economic impact of the military community on the state of South Carolina is substantial. In 2017, South Carolina's military presence generated $24.1 billion in annual economic activity, along with 181,847 jobs and $884.1 million in annual tax revenue.
The Regional Economic Models, Inc. (REMI) 2019 study examines the impact that exempting military pension income from South Carolina income tax would have on the state's economy, as well as state and local net government revenues. The report assumes the implementation of a full exemption following the 2020 sunset of SC Act 272 of 2016.