Estimating the Overall Economic Loss to the South Carolina Peach Industry due to the March 2017 Freeze

Cody White, Michael Vassalos and Nathan Smith

No 266717, 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida from Southern Agricultural Economics Association

Abstract: South Carolina is the 2nd largest peach producing state in the United States, which in turn makes the peach industry a major contributor to the state’s economy ranking 8th in production value in 2016. According to the South Carolina Department of Agriculture (SCDA), the peach industry annually has up to a $300 million impact to the South Carolina economy and has an annual value of nearly $70 million. An unseasonably warm winter at the beginning of 2017 produced an early bloom for the peach crop causing severe damage when record low temperatures occurred in March. Original estimations from the SCDA indicated that about 85-90% of the state’s peach crop was destroyed due to the freeze. The objective of the paper is to determine the economic impact that occurred to the South Carolina peach industry and to the state’s economy due to the freeze. In particular, losses will be examined in both consumer and producer surplus. The data is obtained from farmers’ responses to surveys and from the USDA National Agricultural Statistics Service. Also, the regional economic analysis from the loss is determined using IMPLAN input-output models.

Keywords: Agribusiness; Agricultural and Food Policy; Community/Rural/Urban Development (search for similar items in EconPapers)
Pages: 10
Date: 2018-01-17
New Economics Papers: this item is included in nep-agr
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Persistent link: https://EconPapers.repec.org/RePEc:ags:saea18:266717

DOI: 10.22004/ag.econ.266717

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