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:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
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—Jane Jacobs (b. 1916)