On National Ag Day, recognizing agriculture’s contributions to society, Food Marketing Institute (FMI) - ‘The Food Industry Association’ - joined 24 other food and agriculture groups in releasing the seventh annual “Feeding the Economy” white paper, which outlines the food and agriculture sector’s impact on local and nationwide economic activity year over year.
“FMI is proud to sponsor this research to help shed light on U.S. food and agriculture’s $8.6 trillion contribution to the American economy, which has increased nearly 22% since 2019,” FMI President and CEO Leslie Sarasin said in a news release.
Reflecting a rebound in national economic activity, all 50 states displayed increased economic output in the 2023 report, compared with the 2022 report.
The largest gains in total economic output include:
- Hawaii (31%)
- North Dakota (26%)
- New York (23%)
- Nevada (22%)
- Florida (21%)
The total food and agriculture industry economic impact comes to $8.6 trillion, up 21.8%* since 2019, according to the release.
Other national economic takeaways:
(*Increases are measured against the 2019 economic impact report.)
- Total jobs: 46,283,917, up 1.5%.*
- Total wages: $2.61 trillion, up 26.2%.*
- Total taxes: $947.93 billion, up 3.8%.*
- Exports: $202.2 billion, up 24.4%.*
Fifty-three percent of Americans say that farmers are “on their side when it comes to helping them stay healthy,” according to the economic impact report, Sarasin said in the release. “The food supply chain remains committed to doing everything it can to keep food price volatility at bay,” Sarasin said. “We all play a role in improving food access and affordability across this nation, and this research conveys the important role that food retailers, food makers and agriculture play in our nation’s economic prosperity to both policymakers and consumers.”
EDITOR’S TAKE:
Reports of this type, provide us with a look at just how expansive the food and agriculture industry is in this country. It also demonstrates the number of people who earn their livelihood directly from this great industry that provides us with food, fuel, fiber and feed for animals. I think we can all agree that not only does this industry contribute economically, but it provides safe, healthy and reasonably priced food to the entire nation. Although inflation has increased food prices in recent months, we still use less of our disposable income for food compared with any other nation on the planet! Once again, reports like this underscore just how important farmers and ranchers are to our overall well-being. After all, the entire food chain begins with farmers/ranchers. They are great customers for your trucks and they do have money to spend – contact them today through AgTruckTrader.com and don’t forget to mention AgPack®!
