ABSTRACT

U.S. Farm Income [August 29, 2014]   [open pdf - 546KB]

"According to USDA's Economic Research Service (ERS), national net farm income--a key indicator of U.S. farm well-being--is forecast at $113.2 billion in 2014, down 14% from last year's record $131.3 billion. The 2014 forecast would be the lowest since 2010, but would remain $25 billion above the previous 10-year average. [...] At the farm-household level, average farm household incomes have surged ahead of average U.S. household incomes since the late 1990s. In 2012 (the last year for which comparable data were available), the average farm household income of $108,844 was about 53% higher than the average U.S. household income of $71,274. These data suggest a strong financial position heading into 2015 for the agricultural sector as a whole relative to the rest of the U.S. economy, but with substantial regional variation. However, declining prices for most major program crops signal tougher times ahead, and considerable uncertainty surrounds producer participation in the new safety net programs of the 2014 farm bill. Eventual 2014 agricultural economic well-being will hinge greatly on the final crop harvests and harvest-time prices, as well as both domestic and international macroeconomic factors, including economic growth and consumer demand."

Report Number:
CRS Report for Congress, R40152
Author:
Publisher:
Date:
2014-08-29
Series:
Copyright:
Public Domain
Retrieved From:
National Agricultural Law Center: http:nationalaglawcenter.org/
Format:
pdf
Media Type:
application/pdf
URL:
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