Seven percent of the nation’s economy and more than 29 percent of American jobs are linked to the food and agriculture sectors, according to the new Feeding the Economy report.
John Bode, President and CEO of the Corn Refiners Association, says the report showcases the economic impact of the industry. “It shows that the food and agriculture sector is big, and its impact is tremendous, but also it reaches into the American economy in ways that surprise so many people,” he says. “It starts with the American farmer who is best in the world and produces more sustainably than any other farmers in the world and then a supply chain through food processing all the way to consumers with food retail and restaurants. It’s an amazingly large and complex system. It also highlights how food and agriculture overcame pandemic-related disruptions.”
“The other big takeaway, I thought, was that except for the restaurant industry, jobs in the agriculture-related industry have recovered from the shock of the pandemic,” Bode says. “The report captures how the agriculture-related economy is responding and shows that the jobs are generally back to pre-pandemic levels, even though supply chain disruptions continue to be substantial.”
The U.S. food and agriculture sectors contribute $7.4 trillion dollars a year to the nation’s economy.
Other study highlights include:
-Total Jobs: 43,464,211
-Total Wages: $2.3 trillion
-Total Taxes:$718.2 billion
-Exports:$182.9 billion
According to Bode, we tend to underestimate how important agriculture and its related industries are to the American economy as a whole. The industry is in it together and we should be working together to promote American agriculture-related industries and that includes a development of our export markets.
This is the sixth annual Feeding the Economy report, commissioned by 30 food and agriculture groups and includes individual state data, as well.
Editor’s Take:
As we often point out, agriculture and the food industry are big, I mean really big business! This latest Feeding the Economy report quantifies what we have been saying all along. That is why we want all CAD members to be very proud of being part of an industry that is the backbone and driving force of our overall economy. Without this amazing system, we simply could not be the nation we are today. Your participation in CAD and subsequently in AgRally, AgTruckTrader.com and AgPack are ways that we can all showcase and support agriculture for what it means to America!
