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SC Commissioner Weathers: Economic Impact of Agribusiness in SC

Posted on Posted in Daily Ag Summary, Featured Stories, SC Ag Commissioner Hugh Weathers, Top Ag Headlines

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.