30 Billion Reasons Why

Blessed with incredible natural bounty and beauty, South Carolina's natural resources are essential for economic development and contribute nearly $30 billion and 230,000 jobs to the state's economy, according to a recently completed study. The 2009 study, "Underappreciated Assets: The Economic Impact of South Carolina's Natural Resources" (Adobe PDF file - file size 10M) by the University of South Carolina Moore School of Business, finds that well- managed natural resources are essential for economic development.

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In 2008, natural resources-based industries in South Carolina supported $29.1 billion in total economic impact, including 235,431 jobs and $7.8 billion in labor income.

As our economy recovers and expands in the years ahead, these impacts will grow larger.

Overall Economic Impact of Natural Resources on SC
2008	Total
Labor Income	$7,768,344,539
Employment	235,431
Total Impact	$29, 048,260,568

The manufacture of boats in 2008 generated more than 9,500 jobs and substantial additional benefits as seen below.

Boat Building Economic Impact
2008	Direct	Indirect **	Induced**	Total
Value Added*	$238,480,532	$59,871,255	$98,124,181	$396,475,980
Labor Income	$169,376,459	$33,196,887	$50,385,476	$252,958,816
Employment	7,125	875	1,528	9,546
Output	$404,344,731	$103,204,477	$166,584,421	$674,133,609

• * Net overall contribution to the State's economy (gross state product)
• ** These effects stem from payroll and local purchases.

In 2008, commercial marine fisheries accounted for $16.7 million in revenue. Major South Carolina fisheries are shrimp, shellfish, crabs and offshore finfish.

Commercial Fisheries Economic Impact
2008	Total
Value Added *	$14,052,557
Labor Income	$12,579,182
Employment	661
Total Impact	$33,939,909

* Net overall contribution to the State's economy (gross state product)