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Briefing Rooms

Farm Income and Costs: Farm Sector Income

Table-- Value added to the U.S. economy by the agricultural sector via the production of goods and services, 2006-2008F
 

United States

Component accounts 1/

2006
2007P
2008F
1998-
2007
(10-year)
average
Change
from
2007 to
2008
Deviation
of 2008
from
10-year
average
 
02/12/08
$ billion
  Value of crop production 118.0 149.7 175.5 109.8 25.9 65.8
   Food grains 9.1 12.6 15.6 8.3 2.9 7.3
   Feed crops 28.0 40.9 58.1 25.4 17.1 32.7
   Cotton 6.2 5.9 6.2 5.0 0.3 1.2
   Oil crops 18.2 22.8 32.4 16.8 9.5 15.6
   Fruits and tree nuts 17.0 16.6 17.7 14.1 1.0 3.5
   Vegetables 17.9 20.8 19.6 16.7 (1.2) 2.9
   All other crops 23.6 24.2 25.1 22.2 0.9 2.9
   Home consumption 0.1 0.1 0.2 0.2 0.1 0.0
   Value of inventory adjustment 2/ (2.0) 5.6 0.8 1.1 (4.8) (0.3)
  Value of livestock production 120.1 141.8 139.0 110.6 (2.8) 28.4
   Meat animals 63.7 66.0 64.6 55.7 (1.4) 8.9
   Dairy products 23.4 35.5 34.8 24.7 (0.8) 10.0
   Poultry and eggs 27.5 35.1 34.4 25.8 (0.7) 8.6
   Miscellaneous livestock 4.7 4.8 4.9 4.3 0.1 0.7
   Home consumption 0.3 0.3 0.3 0.2 0.0 0.2
   Value of inventory adjustment 2/ 0.5 0.1 (0.0) (0.1) (0.1) 0.1
  Revenues from services and forestry 37.6 42.2 43.6 31.1 1.4 12.4
   Machine hire and customwork 2.7 2.9 3.1 2.5 0.2 0.6
   Forest products sold 2.5 2.5 2.5 2.6 (0.0) (0.1)
   Other farm income 12.3 13.4 13.7 10.6 0.3 3.1
   Gross imputed rental value of farm dwellings 20.1 23.4 24.2 15.4 0.8 8.8
  Value of agricultural sector production 275.7 333.7 358.1 251.5 24.4 106.6
less: Purchased inputs 151.4 171.0 188.6 134.3 17.5 54.3
   Farm origin 59.8 69.5 76.0 53.2 6.5 22.8
    Feed purchased 30.5 38.1 45.0 27.8 6.9 17.3
    Livestock and poultry purchased 18.2 18.8 17.9 16.2 (0.9) 1.7
    Seed purchased 11.0 12.6 13.1 9.2 0.5 3.9
   Manufactured inputs 37.0 41.4 47.1 31.6 5.7 15.5
    Fertilizers and lime 13.3 16.0 19.0 11.4 3.0 7.6
    Pesticides 8.8 9.1 10.1 8.7 1.0 1.4
    Petroleum fuel and oils 11.1 12.4 14.0 8.1 1.6 5.9
    Electricity 3.7 3.9 4.1 3.4 0.2 0.6
   Other purchased inputs 54.7 60.2 65.4 49.5 5.3 16.0
    Repair and maintenance of capital items 12.4 13.6 14.8 11.4 1.2 3.4
    Machine hire and customwork 3.5 3.8 4.1 3.9 0.3 0.2
    Marketing, storage, and transportation expenses 9.0 10.0 10.9 7.9 0.9 3.0
    Contract labor 3.1 3.2 3.4 2.9 0.2 0.5
    Miscellaneous expenses 26.8 29.6 32.2 23.3 2.6 8.9
plus: Net government transactions 6.2 1.9 3.2 9.4 1.2 (6.3)
+  Direct Government payments 15.789 12.0 13.4 17.4 1.4 (4.0)
-  Motor vehicle registration and licensing fees 0.5 0.6 0.6 0.5 0.0 0.1
-  Property taxes 9.0 9.5 9.6 7.4 0.1 2.2
  Gross value added 130.5 164.5 172.7 126.7 8.2 46.0
less:  Capital consumption 26.1 26.9 28.6 22.4 1.7 6.2
  Net value added 104.4 137.6 144.1 104.3 6.5 39.8
less:  Payments to stakeholders 45.4 48.9 51.8 43.2 2.9 8.6
    Employee compensation (total hired labor) 21.3 22.9 23.9 19.4 1.1 4.5
    Net rent received by nonoperator landlords 9.3 10.3 12.0 10.4 1.7 1.7
    Real estate and nonreal estate interest 14.7 15.8 15.8 13.4 0.1 2.4
  Net farm income 59.0 88.7 92.3 61.1 3.6 31.2
1/ Value of agricultural sector production is the gross value of the commodities and services produced within a year. Net value-added is the sector's contribution to the National economy and is the sum of the of the income from production earned by all factors-of-production, regardless of ownership. Net farm income is the farm operators' share of income from the sector's production activities. The concept presented is consistent with that employed by the Organization for Economic Cooperation and Development.
2/ A positive value of inventory change represents current-year production not sold by December 31. A negative value is an offset to production from prior years included in current-year sales.
For additional years, click here.

Download as a spreadsheet.

For more information, contact: Roger Strickland

Web administration: webadmin@ers.usda.gov

Updated date: February 12, 2008