Economy
Columbia enjoys a diversified economy, with the major employers in the area being South Carolina state government, the Palmetto Health hospital system, Blue Cross Blue Shield of SC, Palmetto GBA, and the University of South Carolina. The corporate headquarters of Fortune 1000 energy company, SCANA, are located in the Columbia suburb of Cayce. Other major employers in the Columbia area include Fort Jackson, the U.S. Army's largest and most active initial entry training installation, Richland School District One, Humana/TriCare, and the United Parcel Service, which operates its Southeastern Regional Hub at the Columbia Metropolitan Airport. Major manufacturers such as Square D, CMC Steel, Spirax Sarco, Michelin, International Paper, Pirelli Cables, Honeywell, Westinghouse Electric, Harsco Track Tech, Trane, Intertape Polymer Group, Union Switch & Signal, Solectron, and Bose Corporation Technology have facilities in the Columbia area. There are over 70 foreign affiliated companies and fourteen Fortune 500 companies in the region. The gross domestic product (GDP) of the Columbia metropolitan statistical area as of 2010 was $31.97 billion, the highest among MSAs in the state.
Several companies have their global, continental, or national headquarters in Columbia, including Colonial Life & Accident Insurance Company, the second-largest supplemental insurance company in the nation; the Ritedose Corporation, a pharmaceutical industry services company; AgFirst Farm Credit Bank, the largest bank headquartered in the state with over $30 billion in assets (the non-commercial bank is part of the Farm Credit System, the largest agricultural lending organization in the United States which was established by Congress in 1916); First Citizens Bank of South Carolina, the largest state-based commercial bank; South Carolina Bank and Trust; Nexsen Pruet, LLC, a multi-specialty business law firm in the Carolinas; Spectrum Medical, an international medical software company; Wilbur Smith Associates, a full-service transportation and infrastructure consulting firm; and Nelson Mullins, a major national law firm.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)