Solution
Komalavalli answered on
Nov 30 2021
6
Introduction:
States that lie along the Atlantic Ocean is refers to East coast region of United States. This is also known as Atlantic coast or Eastern Seaboard. It contains 14 states along the shoreline; they are 1 South Carolina, 2 Georgia, 3 Virginia, 4 Connecticut, 5 New Hampshire, 6 Delaware, 7 North Carolina, 8 Florida, 9 Rhode Island, 10 Maine, 11 Massachusetts, 12 New York, 13 Maryland, and 14 New Jersey.(1)
According to 2011 census East coast region had a total population of over 120 million people, which is about 36% of the total United State population .This is region is considered to be one of the most populous state in the country.
State
Pop
Growth
Florida
2,16,46,155
1.63%
New York
1,94,91,339
-0.26%
Georgia
1,06,27,767
1.03%
North Carolina
1,04,97,741
1.10%
New Jersey
89,22,547
0.16%
Virginia
85,71,946
0.64%
Massachusetts
69,39,373
0.54%
Maryland
60,62,917
0.33%
South Carolina
51,47,111
1.24%
Connecticut
35,67,871
-0.13%
New Hampshire
13,63,852
0.55%
Maine
13,42,097
0.28%
Rhode Island
10,56,738
-0.05%
Delaware
9,75,033
0.81%
Source: World Population Review
From the above table top 3 states that has most population in the East coast region are Florida with 2,16,46,155 population with a increase in growth rate (1.63%) of the population compared to the previous year , New York with 1,94,91,339 population with a decrease in growth rate (0.26%) of the population compared to the previous year and Georgia with 1,06,27,767 population with a increase in growth rate (1.03%) of the population compared to the previous year. In East coast region the 3 states that has least population are Maine with a population of 13,42,097 and their growth rate is 0.28% , Rhode Island with a population of 10,56,738 and their growth rate is -0.05%, Delaware with a population of 9,75,033 and their growth rate is 0.81%.Here we will drive into the discussion about the economy of South Carolina state that has 2nd highest growth rate of population 1.24% with population of 51,47,111.It is next to the state Florida 1.60% [1].The rise in south Carolina population is due to increase in migrant population. There are few other factors rather than migrants, they are low cost of living – cost of goods and services in these state is 9.6 cent less than other states in US, expansion of jobs and warm climatic condition for growth in South Carolina population.[2]
Gross domestic product of this state is $234 billion in 2018; it is ranked as 26th state in the country. Unemployment in this state was 2.9% in September 2019.Reason for an unemployment rate to be low is either people stopped looking for jobs or by the added jobs of 8,700 jobs in manufacturing sector representing 7.4% of all added jobs in manufacturing sector of U.S [3]. Gross domestic Product of this state was $230.4 billion it has 4.7% GDP growth rate in the past five years, which is considered to be the 11 largest increases in the US for the past 5 years.
Major industries of South Carolina:
Seaports of this states is a major contributor to the economic growth, employment of a state. It is also one of the major contributors for interstate and international business. It provides a unique viable advantage for maintaining and attracting export oriented industries container shipped .This port contributed to the attraction for the establishment of manufacturing industries in this state. An economic impact of South Carolina Ports Authority of the state is estimated to be $63.4 billion. It contributed for the employment of around 224,963 and $12.8 billion labor income. 51.8 % of the state wide economic impact is associated with this port and it is concentrated within the upstate region of South Carolina. This is because ports primary user are manufacturers.
State Budget:
Total budget amount for the 2019-2020 was $29.8 billion, it is a 19% increase compared to the budget of last year in the state. Budgetary spending includes 3 categories; they are 1.General funds, 2.Other funds, 3. Federal funds.
Major Industries that contribute to South Carolina Economy:
Top industries in South Carolina are Aerospace, Manufacturing, Automotive, Agribusiness and technology industries.
Advanced Manufacturing Industries:
South Carolina becomes one of the world’s top manufacturers of complex goods and it also becomes a leader in advanced manufacturing industry. Over past 10 years average manufacturing employment growth rate was 10%.It tops the export sales of tires and passenger vehicles. Since 2011 there are 32 foreign countries represented the new manufacturing projects. Around 66,000 new manufacturing jobs were announced for the period 2011-2018.In 2018 64 manufacturing industries announced its expansion in the state. [4]
Agriculture:
Leading agriculture commodity production are greenhouse nurseries, cotton, soybeans, eggs, wheat, cattle and
oilers. There are about 25,000 farms in South Carolina which cover an area about 4.9 million acres. Capital investment about $485.3 million was involved in agribusiness firms, this contributed around 9.1% of the total economic output in the state in the year 2018.This directly supported for 68,000 jobs. [5]
Tourism:
It is one of the state’s biggest industries, which generated about $15 billion and it is responsible for more than 10% jobs in South Carolina. Coastal area has a major tourism destination like Grand Strand –This is a beach in Myrtle beach consist of over 400 hotels and 100 golf courses....