The smell of money.

Submitted by Suanne Z. Thamm

Reporter - News Analyst

June 22, 2017 1:43 p.m.

Newcomers and visitors to Nassau County and Fernandina Beach are not always aware of much about our two local mills other than their smokestacks occasional occasionally emit whiffs of unusual, chemical based odors. When they ask locals about the smell, they are often told with a smile, “Why, that’s the smell of money.” And the locals are spot on.

Source: Nassau County Economic Development Board

A study produced by the University of Florida/Institute of Food and Agricultural Sciences in late 2016 provided an in-depth view of the value and contributions to the local and regional economy of the mills. The 26-page sponsored project report, entitled Economic Impacts of Rayonier Advanced Materials and WestRock Forest Product Manufacturing Operations in Fernandina Beach, Florida, is available in its entirety on the web at http://nassaufloridastudy.com/wp-content/uploads/2017/05/Economic-Impacts-of-Rayonier-and-WestRock.pdf .

The report presents the combined results of an economic impact analysis completed for both companies. The analysis considered annual operating revenues, direct employment, and capital improvement expenditures during 2013-15. Rayonier Advanced Materials had direct employment of 340 fulltime equivalent jobs, and capital improvements valued at $48.6 million during 2013-2015. WestRock directly employed 869 persons in the linerboard mill and box plant operations, and made capital improvements valued at $48.0 million during 2013-2015.

Some of the more interesting graphs and findings are presented below.

In commenting on this study, Nassau County Economic Development Executive Director Laura DiBella wrote, “According to the study, forest product manufacturers WestRock and Rayonier Advanced Materials support over 4,000 local jobs and contribute $1.2 billion annually to the local economy—accounting for 21.3% of Nassau County’s GDP. The study demonstrates the importance of local manufacturing in creating jobs, generating economic activity and reducing the tax burden on Nassau County residents.”

Editor's Note: Suanne Z. Thamm is a native of Chautauqua County, NY, who moved to Fernandina Beach from Alexandria,VA, in 1994. As a long time city resident and city watcher, she provides interesting insight into the many issues that impact our city. We are grateful for Suanne's many contributions to the Fernandina Observer.