DATE: 29 August 2023
SECTOR: Agriculture
SOURCE: NOPA (National Oilseed Producers Association) and the United Soybean Board
TOPIC: Economic impact study (soybeans)
SUMMARY: An independent assessment of the U.S. soybean industry’s value to the economy
DESCRIPTION: This independent study quantifies the American soybean value chain’s contribution to the U.S. economy. Analyzing data from crop years 2019/20 and 2021/22, it measures the industry’s impact in terms of revenue, wages, jobs and the number of people dependent on the sector, calculating that it provides $124 billion to the U.S. economy. Other key findings include that the American soybean industry accounts for approximately 0.6 percent of the U.S. gross domestic product (GDP) – rising to 8 percent of the GDP in some states – and has a total wage impact of more than $10 billion.
Download report: The Economic Impact of U.S. Soybeans and End Products on the U.S. Economy – 2023 Update (nopa.org)
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