Animal Ag Supports National Economy

Lizzy SchultzAg Group, economics, Farming, Livestock, Production, Research, soybeans

unitedsoybeanlogo A new soy-checkoff-funded study has found that animal agriculture plays a signifiant role in the support of the nation’s economy. The analysis shows animal ag, U.S. soy’s top end user, increased gross national product by $123 billion in economic output, improved household earnings by over $21 billion and added 645,629 jobs from 2004-2014.

According to the Economic Analysis of Animal Agriculture, U.S. animal agriculture’s support of the national economy during 2014 along included:

$440.7 billion in economic output, 2,363,477 jobs, $76.7 billion in earnings, and $19.6 billion in income taxes. Every one of those figures had increased from 2013.

“The fact that our animal ag sector is growing is very beneficial for U.S. soybean farmers,” says Mike Beard, a soy checkoff farmer-leader who grows soybeans and raises hogs on his farm in Frankfort, Indiana. “With 97 percent of soybean meal going to animal ag, the strength of poultry and livestock production are incredibly important to the U.S. soybean industry.”

During 2014, U.S. animal agriculture consumed an estimated 27.9 million tons of soybean meal, using 1.2 billion bushels of U.S. soybeans. This soybean meal was fed primarily to broilers, who consumed 464 million bushels, hogs, who 327 million bushels, and dairy cows, who were recorded to consume 112 million bushels.

The report concluded that U.S. soybean farmers shouldn’t let their support for the animal ag industry weaken, especially as poultry and livestock farmers face many pressures. The pressures undoubtedly threaten the profitability of all soybean farmers as well.

See more information on the report here