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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
2007
2008F
1998-2007
(10-year)
average
Change
2007
to
2008
Difference
2008 from
10-year
average
 
  11/25/08 
    $ billion      
  Value of crop production 119.2 150.8 181.1 110.1 30.3 71.0
   Food grains 9.1 12.8 19.2 8.3 6.5 11.0
   Feed crops 29.4 42.5 60.2 25.7 17.7 34.5
   Cotton 5.6 6.2 5.1 5.0 (1.0) 0.1
   Oil crops 18.5 22.6 28.7 16.8 6.1 11.9
   Fruits and tree nuts 17.2 17.8 18.5 14.2 0.7 4.3
   Vegetables 18.5 20.0 22.0 16.7 2.1 5.4
   All other crops 24.3 25.1 26.1 22.4 1.0 3.8
   Home consumption 0.1 0.1 0.1 0.2 0.1 (0.0)
  Value of inventory adjustment 2/ (3.5) 3.8 1.1 1.0 (2.7) 0.1
  Value of livestock production 119.0 138.1 143.4 110.1 5.2 33.2
   Meat animals 63.6 65.0 67.0 55.5 2.0 11.5
   Dairy products 23.4 35.4 34.8 24.7 (0.6) 10.1
   Poultry and eggs 26.5 32.6 36.7 25.5 4.1 11.2
   Miscellaneous livestock 4.8 4.9 5.0 4.3 0.1 0.7
   Home consumption 0.3 0.3 0.4 0.2 0.1 0.2
   Value of inventory adjustment 2/ 0.5 (0.1) (0.5) (0.1) (0.5) (0.4)
  Revenues from services and forestry 38.4 40.3 42.4 31.0 2.2 11.5
   Machine hire and customwork 2.7 2.5 2.9 2.5 0.4 0.4
   Forest products sold 2.5 2.4 2.4 2.6 0.0 (0.2)
   Other farm income 12.3 11.8 12.3 10.5 0.6 1.9
   Gross imputed rental value of farm dwellings 20.9 23.6 24.8 15.5 1.2 9.4
  Value of agricultural sector production 276.6 329.2 366.9 251.2 37.7 115.7
less: Purchased inputs 153.6 171.4 205.3 134.4 33.9 70.9
   Farm origin 61.0 68.8 80.3 53.3 11.5 27.1
    Feed purchased 31.4 38.1 46.9 27.9 8.7 19.0
    Livestock and poultry purchased 18.5 18.8 18.2 16.2 (0.6) 2.0
    Seed purchased 11.0 11.9 15.2 9.2 3.3 6.1
   Manufactured inputs 37.5 43.7 58.9 31.9 15.3 27.1
    Fertilizers and lime 13.3 16.7 27.5 11.5 10.7 16.0
    Pesticides 9.0 10.0 10.9 8.8 0.9 2.1
    Petroleum fuel and oils 11.3 13.0 16.4 8.2 3.4 8.2
    Electricity 3.8 3.9 4.2 3.4 0.3 0.8
   Other purchased inputs 55.2 58.9 66.0 49.3 7.2 16.8
    Repair and maintenance of capital items 12.5 13.6 15.6 11.5 2.0 4.1
    Machine hire and customwork 3.5 3.7 4.2 3.9 0.4 0.2
    Marketing, storage, and transportation expenses 9.0 9.8 10.9 7.9 1.1 3.0
    Contract labor 3.0 3.8 4.1 3.0 0.3 1.1
    Miscellaneous expenses 27.2 28.0 31.3 23.0 3.3 8.3
plus: Net government transactions 6.2 1.5 1.7 9.4 0.2 (7.7)
+  Direct Government payments 15.789 11.903 12.5 17.4 0.6 (4.9)
-  Motor vehicle registration and licensing fees 0.6 0.6 0.6 0.5 0.0 0.1
-  Property taxes 9.0 9.8 10.2 7.5 0.4 2.7
  Gross value added 129.2 159.3 163.3 126.2 3.9 37.1
less:  Capital consumption 26.1 26.9 28.4 22.3 1.5 6.1
  Net value added 103.1 132.5 134.9 103.9 2.4 31.0
less:  Payments to stakeholders 44.6 45.7 48.0 42.8 2.3 5.2
    Employee compensation (total hired labor) 21.2 21.8 22.7 19.2 0.9 3.4
    Net rent received by nonoperator landlords 9.4 8.8 10.6 10.2 1.8 0.4
    Real estate and nonreal estate interest 14.0 15.1 14.7 13.3 (0.3) 1.4
  Net farm income 58.5 86.8 86.9 61.1 0.1 25.8
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.

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Updated date: November 25, 2008