Productivity and profitability potential for non-native Eucalyptus plantings in the southern USA
Stanturf J., T. M. Young, J. H. Perdue, D. Dougherty, M. Pigot, Z. Guo, and X. Huang.  2018.  Forest Policy and Economics, 97:210-222.

Abstract:
Short rotation woody crops (SRWC) provide a key feedstock solution for the emerging bioenergy industry. This study provides a geospatial economic analysis for Eucalypts grandis and Eucalypts benthamii SRWCs which is important for the strategical business planning process for the bioenergy industry. The 3PG model was used to estimate mean annual increment (MAI) for Eucalypts grandis and Eucalypts benthamii given the climate, environmental, and site conditions within their habitable growing regions. Land expectation value (LEV) and internal rate of return (IRR) were developed from the 3PG model mean annual increment (MAI) estimates. Site preparation costs, planting costs, fertilization costs, stumpage biomass price, and the discount rate were other key inputs for the LEV and IRR economic metrics. All 3-PG model yield and economic model results were spatially organized at the US Census Bureau 5-digit ZIP Code Tabulation Area (ZCTA) level in the use of GIS methods. Eucalypts grandis had a range of MAI results from 4.0-11.4 dT acre-1 year-1 with a mean of 8.1 dT acre-1 year-1 for the habitable region which excluded extreme coastal sites in Florida to include Key West (26.5), St. Petersburg (18.9), Tampa (15.2), Hialeah (15.0), Ft. Lauderdale (14.3) and Ponce Inlet, FL (14.9). Timber growth in these areas is unrealistic due to alternative use options. The lower end of the range output numbers come from the north Florida areas where annual frosting is prevalent. The LEV of Eucalypts grandis ranged from $-1264.3 to $1709.9 per acre with a mean of $423.78 per acre in FL. The estimated IRR ranged from -9.7% to 16.9% with a mean of 8.2%. The extreme coastal sites in Florida such as Key West, St. Petersburg, Tampa, Hialeah, Ponce Inlet, and Fort Lauderdale were also excluded in these estimates because of alternative land use options. Eucalypts benthamii MAI ranged from 0.8 to 18.6 dT acre-1 year-1, with a mean of 5.4 dT acre-1 year-1. Spatially, the east coast of North Carolina, southeast coast of South Carolina and Escambia areas in Florida have the highest yield production in the range from 35 m3/HaYr to 77 m3/HaYr equivalent to the range from 8.57 dT acre-1 year-1 to 18.6 dT acre-1 year-1. Central South Carolina and west Arkansas have the lowest yield production lower than 15 m3/HaYr (3.67 dT acre-1 year-1). Excluding the coastal sites Charleston City in South Carolina, Panama City and Sea Hag Marina in Florida because of alternative land use options, the LEV ranged from $-2707.5 to $1531.95 per acre. Spatially, the east coast of North Carolina and southeast coast of South Carolina have the highest LEV, while the rest of North Carolina and South Carolina, north Georgia, west Alabama, east Mississippi and south Arkansas have the lowest LEVs. IRR has a similar pattern for highest values, but only west North Carolina, north South Carolina and central Georgia display the lowest IRR values. The maximum estimated IRR was 15.9%.