South Carolina Forestry Commission rate officials introduced the financial impact of the state’s forestry sector Thursday, citing a recently commissioned Economic Impact Analysis for Planning (IMPLAN) study.
The study said forestry and forest products-related industries generated the $23. 2 billion impact on the Palmetto State’s economy. The Forestry Commission study also revealed that forestry generates more than 100, 000 jobs and $5. 5 billion in labor income.
The results from the economic impact analysis of 2020 data were presented by study led by Dr. Joey Von Nessen, a research economist with the University of Sc Darla Moore School of Business, at the Forestry Association associated with South Carolina’s 2022 annual meeting.
The total financial output of forestry grew 9. 6% since the particular last report published within 2019. The particular other factors analyzed – employment, labor income plus value-added metrics – increased by 1 . 9%, 12. 5%, and 8. 0%, respectively.
“Forestry is the critical industry to our state. Among the manufacturing industries, forestry is ranked #1 in employment, #2 in work income plus value-added, and #3 in economic output, ” said State Forester Scott Phillips, executive director of the commission. “While our forests make significant contributions to the economic climate of our condition, they also produce clean air, clean water, wildlife habitat, beautiful scenery plus recreational opportunities that attract people to South Carolina, making our own forests an integral part of the fabric associated with life here. ”
According to Dr. Vonseiten Nessen, the particular growth in the industry was largely a factor of an increase within demand with regard to forest products, such as construction materials and sanitary paper products, plus the resulting rise in commodity prices.
“As much as forestry increased in 2020, I anticipate the economic impact in order to be even higher when we study 2021 data, ” said Dr . Tim Adams, resource development division movie director with the Forestry Commission. “Population growth and the producing demand regarding forestry items reached record levels inside that year, so we’re already excited about the follow-up report next year. ”
The full economic impact study is available on the particular SCFC website in the link below:
https://www.scfc.gov/wp-content/uploads/2022/11/Release-EconomicImpactOfSCForestry23Billion.pdf