Folly Beach has a tremendous impact on the local, state, and national economy. While we believe that our beach and natural resources are priceless, it is important to also understand a dollar amount that we contribute in tax revenue, job creation, and wages.
We have been fortunate to work with the College of Charleston’s Office of Tourism Analysis to conduct a study of these economic impacts including their direct and secondary effects. Their findings include information provided below.
Did you know:
- Folly generates $117 million in sales annually?
- Folly creates 1,200 jobs and $40 million in salaries?
- Every year, Folly visitors generate $22 million in taxes; $17 million state/local, $5 million federal?
- The beach protects $500 million in property, beach access, and infrastructure, which generates $11.6 million in property taxes for the state and local governments?
- Beach renourishment is an investment: For every $1 invested in beach restoration, the beach generates $37 in return?
- The total annual economic value for recreational beach users at Folly Beach was estimated to be nearly $4.5 million?
To see the reports:
For a snapshot of the study’s highlights: Economic Impact One Page Summary
To read the executive summary: Folly Beach Economic Impact, Executive Summary
To read the full report: Economic Impact Study, Full Report
