FOR IMMEDIATE RELEASE
January 6, 2003

STUDY REVEALS STUNNING IMPACT OF S.C. PORTS ON STATE

CHARLESTON, SC – If South Carolina’s ports were to disappear, the impact on the state would be enormous and far-reaching, according to a new study by the Center for Economic Forecasting at Charleston Southern University.

South Carolina would lose 281,660 jobs paying $9.4 billion, along with $2.5 billion in state and local taxes. According to the study, the Ports Authority’s total impact on the state was $23 billion in 2002.

“No matter how it is measured, the impact of the South Carolina State Ports Authority on every region of our state is tremendous,” said Dr. Parish.

Every region of the state has a lot at stake when it comes to Port operations. The study defined six regions and produced results for each. The total regional economic impact ranged from $2 billion in the Beaufort region to $144 billion in the Upstate.

The report was conducted to provide an unbiased and conservative measure of the Ports Authority’s role as a catalyst for development of the state’s economy. “But it also should serve as an important tool in planning for South Carolina’s future,” said Dr. Parish.

The full report, including regional impacts, can be accessed through the South Carolina State Ports Authority’s web site at http://www.scspa.com. To receive a printed copy, e-mail your name, company and address to bmiller@scspa.com.

ABOUT THE PORT ECONOMIC IMPACT STUDY

The printed document entitled “The Economic Impact of the South Carolina State Ports Authority” was produced from a study conducted by the Center for Economic Forecasting (CEF) under the guidance of Dr. Al Parish. Dr. Parish is director of the CEF, as well as professor of business administration and economics and director of graduate studies in the School of Business & Economics at Charleston Southern University. He received his Ph.D. in mathematical economics from the University of North Carolina (Chapel Hill) and his B.S. in mathematics and economics (summa cum laude) from the College of Charleston.

Dr. Parish performs econometric modeling of the regional economy, publishes the quarterly economic forecast in The Post and Courier, and publishes the annual Trident Economic Forecast. He is also president of Parish Economics, LLC, serving as an economics and financial consultant, expert witness, and media consultant to various corporations and individuals. In addition, he is also vice president of Battery Investments and owns Unlimited Hiring Possibilities.

The study itself used the latest version of the REMI model of Amherst, MA, which is considered the best in the industry and has never before been used in South Carolina or to evaluate a port. Unlike typical economic impact models that offer a “static” picture of impact, this model is dynamic and looks at economic impact over a 35-year period and incorporates jobs created directly and indirectly by an entity.

To measure the Ports Authority’s positive impact, it was assumed that the Port ceased operations at the end of 2002. This scenario provides the measure for determining the Port’s importance to the state economy. So that a true census was undertaken, the survey instrument was provided to all port users (companies importing and exporting) and port industry firms (primarily waterfront companies providing transportation services, such as ocean carriers, motor carriers and others).

The SCSPA did not commission or pay for the study. The SCSPA purchased the REMI model for the CEF and aided in collection of information used to perform the analysis. The CEF will reimburse the SCSPA for the cost of the model from the revenues of others using the new model.

For more information, contact:
Byron D. Miller
S.C. State Ports Authority
PO Box 22287
Charleston, SC 29413-2287
phone:843.577.8197
http://www.scspa.com