Savannah River Site Generates $2.4 Million Annual Economic Impact
The U.S. Department of Energy’s Savannah River Site (SRS) continues to generate an economic impact of roughly $2.4 billion per year in the regional economy, according to the latest Economic Impact Study released today by the SRS Community Reuse Organization (SRSCRO).
The five-county region studied includes Aiken, Allendale and Barnwell Counties in South Carolina, and Columbia and Richmond Counties in Georgia.
The analysis also estimates the consequences of the potential impact of future job fluctuations and future workforce transition, and adds research to identify how communities in the region can prepare for anticipated changes in the makeup of the SRS workforce. Details of the study will also be presented at local events across the five-county region during the week of August 28, 2017.
“This study is a good collection of factual analysis that updates and confirms much of what we see about the SRS role as a driver of the local economy,” said Sanford Loyd, Chairman of the SRSCRO.
Economic highlights of the study include the following:
- For 2016, SRS organizations spent $1.2 billion in the region in the form of wages, benefits and other direct expenditures. This spending generated an additional $1.2 billion spent in the five-county region; the total of $2.4 billion is 11 percent of the Gross Regional Product.
- SRS employed 8,566 residents of the five-county region in 2016 (over 80 percent of the Site’s total workforce). Spending associated with SRS generated an additional 10,139 jobs in other employment sectors (retail, building services, employment services, real estate, and restaurants, for example). In all, the Site is responsible for approximately 18,705 jobs in the regional economy – 7.9 percent of the region’s employment base. The average job at SRS pays approximately 2.3 times the regional average.
- The projected impact of a 1,000 job loss or gain at SRS would be a total regional job impact of 1,700, and a loss or gain of $200 million in output.
- In 2016, SRS generated $91 million in state and local taxes, $291 million in federal taxes, and $6.5 million in Payments in lieu of taxes. (Payment in Lieu of Taxes helps to offset property tax losses for SRS property located in South Carolina counties.)
- Federal government related employment (including SRS and the approximated 26,000 employees of Fort Gordon) is by far the largest employment sector in the five-county region.