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The Economic Benefits of SEACOOS: An Initial Assessment

SEACOOS Fall Workshop November 10-11, 2004 Charleston, SC. The Economic Benefits of SEACOOS: An Initial Assessment. Chris Dumas Department of Economics and Finance UNC-Wilmington and John Whitehead Department of Economics Appalachian State University for

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The Economic Benefits of SEACOOS: An Initial Assessment

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  1. SEACOOS Fall Workshop November 10-11, 2004 Charleston, SC The Economic Benefits of SEACOOS:An Initial Assessment Chris Dumas Department of Economics and Finance UNC-Wilmington and John Whitehead Department of Economics Appalachian State University for SEACOOS Extension and Education Workgroup

  2. Study Scope Study Region: NC, SC, GA, FL (both East & West) Study Methodology: For consistency, we follow similar studies by Kite-Powell and Colgan for the Gulf of Maine (2001), and Lynch, Harrington and O’Brien for the Gulf of Mexico (2003) 1% assumed improvement (cost reduction or benefit increase) in various benefit categories. Benefit Categories considered in Gulf of Maine study: Maritime shipping, Commercial Fishing, Recr. Boating & Fishing, Search & Rescue, Oil Spill Prevention Additional Benefit Categories in SEACOOS region: Beach recreation, Coastal erosion mgmt., Hurricane evacuation, Recreational cruises, Maritime accidents (other than oil spills)

  3. Study Results Region-wide Annual Benefits ($2003):

  4. Study Results Annual Benefits By State ($2003): Annual Benefits--Public vs. Private ($2003):

  5. Study Results Comparison of Annual Benefits By Region ($2003):

  6. A Few Caveats These benefit estimates are PRELIMINARY assessments based on ASSUMED, though conservative (1%), changes in costs or benefits due to the availability of SEACOOS data. Benefits to agriculture or construction are not included in this SEACOOS assessment (beyond the scope of this study). More research needed here. Recreational cruise industry benefits may be overestimated (Ken Wieand of USF estimated $2.7 million/yr vs. our $27 million/yr estimate.). More research needed here.

  7. SEACOOS DVD Project • Showcase SEACOOS researchers, institutions (11) and projects • Focus on workgroups and system-building • Educate about SEACOOS and ocean obs, importance of sound science for public info • Audience – partners, info users, students, legislators • Currently filming in GA, SC, NC. FL in January

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