A new study supported by USSA members estimates food and agriculture’s contribution to the U.S. economy. The eighth annual Feeding the Economy report, released by 32 food and agriculture groups, reveals that the economic impact of the food and agriculture-related industries grew by 11.8% in the past year, reaching $9.63 trillion – a fifth of total U.S. output.
The study, which was sponsored by the American Feed Industry Association, the American Peanut Council, the U.S. Dairy Export Council, and the U.S. Grains Council, also found that:
- The total number of jobs supported by food and agriculture rose to 48,665,870, an almost 20% increase since the 2020 report;
- Total wages in the sector grew to $2.77 trillion, up 33.82% since the 2020 report;
- Food and agriculture manufacturing jobs grew at a faster rate than any other job category since the 2020 Feeding the Economy report. Almost one in five of all manufacturing jobs in the United States are related to agricultural production, twice as many as those in the automobile manufacturing industry;
- The sector contributed $1.25 trillion in taxes, an increase of 36.91% since the 2020 report.
Commenting on the findings, Krysta Harden, President and CEO of the U.S. Dairy Export Council said, “The 2024 Feeding the Economy report shows that America’s food and agriculture sector is a thriving, integral component of the U.S. economy with economic output growing by more than a trillion dollars since the 2023 report.”
Josh Gackle, American Soybean Association president and a soybean farmer, added that the study “demonstrates that agriculture not only provides food, feed, fuel, and fiber domestically and globally but is also a significant contributor to the U.S. economy. And, the food security provided by U.S. agriculture provides economic security.”