(The Center Square) – South Carolina is ranked No. 29 in the country in economic outlook in the 18th annual Rich States, Poor States ranking.
Fifteen state policy variables are measured in the ALEC-Laffer State Economic Competitiveness Index, released Tuesday by the American Legislative Exchange Council. Better scores go to states spending and taxing less to attain higher growth rates.
A year ago, South Carolina was 24th. The drop of five spots was matched by four other states and eclipsed only by the 10-spot drops of Mississippi and Virginia.
South Carolina is No. 8 in economic performance rank, a measure that measures 2013-23 for state gross domestic product (11th), absolute domestic migration (5th), and nonfarm payroll employment (8th).
In the 15 variables, South Carolina is top five nationally in just three: estate/inheritance tax levied (none, tied 1st); minimum wage ($7.25 an hour, tied 1st); and right to work (yes, tied 1st). The state was 20th or worse in nine measurements.
The worst categories were each 44th: personal income tax progressivity ($21.43) and state tort system costs (2.54%)..
Among nearby states in the South, Tennessee was No. 2, North Carolina No. 4, Georgia No. 13, Florida No. 15, and Virginia No. 32.
