SC Commissioner Weathers: Economic Impact of Agribusiness in SC
A new analysis is just out showing the economic impact of agribusiness in South Carolina.
- New study by Dr. Joey Von Nessen, a research economist with the University of South Carolina Darla Moore School of Business
- The agribusiness industry has a $51.8 billion economic impact on South Carolina each year.
- Agribusiness is responsible for:
- 259,215 jobs
- $12.3 billion in annual labor income
- Agribusiness in South Carolina grew 40 percent between 2010 and 2020.
- This is the realization of major goal for us.
- In 2009, the state’s industry and government leaders set a strategic vision to grow the economic impact of agribusiness to $50 billion annually by the year 2020.
- Impact was $34 billion in 2006.
- The “50 by 20” plan has guided us over the past nearly decade and a half as we:
- expanded the Certified South Carolina program
- created the Agribusiness Center for Research and Entrepreneurship (ACRE) to nurture and fund new agribusiness entrepreneurs
- developed new expansion and export opportunities to grow South Carolina agribusinesses
- We didn’t reach this goal by accident; it took collaboration, strategic planning, and a lot of hard work.
- This is everyone’s win. Every farmer and agribusiness in the state.