Economic activity associated with the aquaculture industry in the state of Indiana

Megan Christine Broughton, Purdue University

Abstract

Over the past few years, Indiana's aquaculture industry has seen steady growth, which is positively affecting Indiana's economy as a whole. A quantitative assessment of these economic impacts is necessary for further investments to be made into the industry. By purchasing inputs, employing local residents, and selling products locally, the aquaculture industry in Indiana not only affects the local economy directly but indirectly as well. The aquaculture industry in Indiana ranges from small-scale producers growing fish in their back yards to large-scale producers growing fish to sell in national and international markets. This industry includes the production of ornamental fish, fish for human consumption (food fish), and recreational fish that are used to stock private and public ponds and lakes. Fish are produced in both man-made ponds and indoor tank systems throughout the state. The different types of fish that are produced include, but are not limited to, yellow perch, tilapia, bait fish, hybrid striped bass, marine shrimp, freshwater fish, ornamentals, and trophy fish. Economic data such as annual cost structures and sales was collected from a sample of fish farmers in Indiana and used to assess the overall economic impact of the industry using IMPLAN (IMpact Analysis for PLANning). The direct, indirect, and induced economic impacts of the aquaculture industry were estimated. The industry supports 280 jobs within the aquaculture industry and other supporting industries. Of those 280 jobs, 169 of them are employed directly by the producers in the aquaculture industry. The aquaculture industry generates $3,731,842 worth of labor income within the industry and a total of $7,541,867 worth of labor income in the aquaculture industry and other supporting industries. The aquaculture industry also generates $19,484,193 worth of added value within the aquaculture industry and other supporting industries; $12,062,060 of the total added value is within the aquaculture industry alone. The value of output generated within the aquaculture industry is $23,599,676 and a total value of $37,892,895with other supporting industries. A change in sales to final demand of $1.00 by the aquaculture industry results in additional change in local output of $0.61 and for every new direct job in the aquaculture industry, there is an additional 0.66 jobs in the local economy. A $1.00 change in added value in the aquaculture industry results in an additional $0.62 change in added value in the local economy.

Degree

M.S.

Advisors

Quagrainie, Purdue University.

Subject Area

Agricultural economics

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