Study reveals SRS economic impact
A recent economic impact study of operations at the Savannah River Site (SRS) validates what has been known for years. SRS plays a major role in the region's economy.
What was not known, though, was the extent of the current economic impact on the overall region.
Last fall, the Savannah River Site Community Reuse Organization (SRSCRO) commissioned the O'Connell Center for Executive Development at the University of South Carolina Aiken, in conjunction with Augusta State University and Claflin University, to do an economic impact study to examine both SRS's value to the economy, as well as its overall impact on five SRSCRO counties.
What the comprehensive study revealed is that when economic multipliers are factored in, the economic ripple effect of the Savannah River Site is massive.
The study, "The Economic Impact of the Savannah River Site on Five Adjacent Counties in South Carolina and Georgia," includes Aiken, Barnwell, and Allendale counties in South Carolina, and Richmond and Columbia counties in Georgia.
Following are some key points about the economic impacts of the Savannah River Site:
- SRS employs 10,967 highly skilled technical personnel with an average salary of approximately $85,000 per year. Furthermore, 9,258 SRS workers reside in the five-county region.
- 50% of the SRS workers live in Aiken County
- Every worker from the five-county area creates an additional 1.5 jobs in the region.
- Every $100 million change (up or down) in SRS spending results in an approximately $50.6 million change in SRS expenditures in the five-county region, and plus or minus 466 SRS employees for the region.
- The total yearly budget of SRS for Fiscal Year 2010 was $2.353 billion. Of that, $1.191 billion was spent in the five-county region (through payroll and procurement). These expenditures generated an additional $1.195 billion in output, through the output multiplier effect of 2.003 [$1.191B x 2.003 output multiplier = $2.386 B].
The SRS Community Reuse Organization is a 501(c) (3) private non-profit organization charged with developing and implementing a comprehensive strategy to diversify the economy of a five-county region in the Central Savannah River Area (CSRA) of South Carolina and Georgia. SRSCRO counties include Aiken, Allendale and Barnwell in South Carolina and Richmond (Augusta) and Columbia counties in Georgia.
The SRSCRO is governed by a 22-member board of directors appointed by local governments, chambers of commerce, and members of the South Carolina and Georgia Congressional Delegations. The organization's overall objective is to create an environment conducive to technology based startups and business expansions, and to attract new ventures to the region.