GAVIN JACKSON/ WORLD MEDIA Sonoco Chairman and CEO Harris E. DeLoach Jr., Darla Moore School of Business economist Joey Von Nessen, and Sonoco President/CEO-Elect M. Jack Sanders discuss an economic impact study of Sonoco authored by Von Nessen, Tuesday in Columbia. The study found that Hartsville-based Sonoco, the 114-year-old global provider of consumer packaging, industrial products, protective packaging and packaging supply chain services, has a $1 billion impact on the state.
- Sonoco’s economic impact in South Carolina
Moore School study key findings
- Sonoco’s total economic impact on South Carolina is approximately $1 billion, which includes the creation of nearly 9,300 jobs and the generation of more than $473 million in income for South Carolinians that would not exist otherwise.
- The employment “multiplier effect” – the ratio of total employment supported throughout the state to direct employment created by a company’s or factory’s expenditures – is 1.9. This means that for every 10 jobs created by Sonoco, an additional nine jobs are created elsewhere in South Carolina’s economy. The labor income multiplier of 2.3 implies that for every dollar generated directly in labor income through Sonoco, an additional $1.30 in labor income is generated elsewhere in South Carolina.
- The average weekly earnings from jobs generated (directly or indirectly) by Sonoco is $980 per week. This is 35 percent above the overall state average of $724 per week and about 7 percent higher than the S.C. manufacturing industry average of $913 per week.
- While Sonoco’s impact is felt statewide, the company is the primary economic driver in Florence and Darlington, S.C., supporting more than 5 percent of the region’s economic activity.
- Sonoco’s $1 billion annual economic impact is estimated to generate an annual contribution of nearly $35 million to state tax revenue.
Posted: Tuesday, March 26, 2013 9:40 am
COLUMBIA, S.C. — The reach of Sonoco, the $4.8 billion international packaging industry giant based in Hartsville, is now known beyond its balance sheets and quarterly reports after a study released Tuesday illustrated the company’s economic impact to the state and the Pee Dee.
The impact study, conducted by Joey Von Nessen, an economist at USC’s Darla Moore School of Business, revealed the company has a $1 billion impact on the state, divided primarily between $403 million in the Upstate and $402 million in the Florence-Darlington area, though for different reasons.
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Tuesday, March 26, 2013 9:40 am.