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

Author

Listed:
  • White, Cody
  • Vassalos, Michael
  • Smith, Nathan

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.

Suggested Citation

  • White, Cody & Vassalos, Michael & Smith, Nathan, 2018. "Estimating the Overall Economic Loss to the South Carolina Peach Industry due to the March 2017 Freeze," 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida 266717, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saea18:266717
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    References listed on IDEAS

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    1. repec:ags:jloagb:260048 is not listed on IDEAS
    2. Diersen, Matthew A. & Taylor, Gary, 2003. "Examining Economic Impact And Recovery In South Dakota From The 2002 Drought," Economics Staff Papers 32028, South Dakota State University, Department of Economics.
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    Keywords

    Agribusiness; Agricultural and Food Policy; Community/Rural/Urban Development;

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