Investor Presentaiton
Table 6 - Economic Impact of Agribusiness on South Carolina: Forestry Component
Labor Income
Economic Output
Employment
Direct Effect
48,255
$2,922,888,463
$14,769,889,934
Indirect Effect
31,418
Induced Effect
20,460
Total Impact
100,133
$1,758,984,763
$897,034,155
$5,578,907,381
$5,526,752,954
$2,928,093,541
$23,224,736,429
Each year, as Table 5 denotes, the agriculture
component of South Carolina's agribusiness cluster
generates a total statewide economic impact of
approximately $28.6 billion. This is associated with
roughly 159,082 jobs and over $6.7 billion in labor
income. The approximately $17.4 billion in direct
economic output leads to an additional $11.2 billion
through the economic multiplier effect. Table 5 also
highlights the multiplier effects associated with all labor
income and employment impacts. The $11.2 billion in
additional economic output associated with all indirect
and induced effects is estimated to generate 61,950
additional jobs in South Carolina to fill the increased
demand for industry related local suppliers and for
increased household spending, which also supports an
additional $3.1 billion in labor income.
In a similar fashion, Table 6 breaks down the direct,
indirect, and induced effects of the forestry component
of South Carolina's agribusiness cluster. The total
statewide impact of this forestry component is $23.2
billion annually. Approximately $14.8 billion in direct
economic output generates an additional $8.4 billion
in economic output via the economic multiplier effect.
This $8.4 billion, in turn, supports approximately 51,878
additional jobs and $2.6 billion in labor income. In
sum, the $23.2 billion impact generated by the forestry
component supports 100,133 South Carolina jobs and
nearly $5.6 billion in annual labor income.
SCDA
1879
GRICULTURE
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