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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, 2007-2009
 
United States

Component accounts 1/
2007
2008
2009
1999-2008
(10-year)
average
Change
from
2008
to
2009
Deviation
of 2009
from
10-year
average
 
08/31/10
$ billion
  Value of crop production 151.1 185.1 169.0 118.4 16.0 50.7
   Food grains 13.6 18.7 14.4 9.4 4.3 5.0
   Feed crops 42.3 58.9 50.2 29.3 8.7 20.9
   Cotton 6.5 5.2 3.5 5.0 1.7 -1.5
   Oil crops 24.6 28.7 31.9 18.1 -3.2 13.8
   Fruits and tree nuts 18.7 19.3 19.0 15.0 0.3 4.0
   Vegetables 19.3 21.0 20.6 17.2 0.4 3.4
   All other crops 25.2 25.0 24.1 22.3 0.9 1.8
   Home consumption 0.1 0.1 0.1 0.1 0 -0.1
   Value of inventory adjustment 2/ 0.9 8.2 5.3 1.4 2.9 3.9
  Value of livestock production 138.4 140.3 119.2 114.8 21.1 4.4
   Meat animals 65.1 65.0 58.6 57.7 6.4 0.9
   Dairy products 35.5 34.8 24.3 25.8 10.5 -1.5
   Poultry and eggs 33.1 36.8 32.5 26.9 4.4 5.5
   Miscellaneous livestock 4.9 4.8 4.3 4.4 0.5 0
   Home consumption 0.3 0.3 0.3 0.2 0 0.1
   Value of inventory adjustment 2/ -0.4 -1.6 -0.8 -0.3 -0.7 -0.6
  Revenues from services and forestry 38.1 42.0 42.7 31.4 0.7 11.3
   Machine hire and customwork 2.7 3.0 4.0 2.6 1.0 1.4
   Forest products sold 0.7 0.7 0.7 1.0 -0.1 -0.4
   Other farm income 14.2 17.7 17.3 11.7 -0.4 5.6
   Gross imputed rental value of farm dwellings 20.6 20.5 20.7 16.1 0.2 4.6
  Value of agricultural sector production 327.6 367.3 330.9 264.5 -36.4 66.4
less: Purchased inputs 184.3 203.0 190.0 144.2 -13.0 45.8
   Farm origin 73.4 79.8 77.0 57.2 -2.8 19.8
    Feed purchased 41.9 46.9 45.0 30.4 -1.9 14.6
    Livestock and poultry purchased 18.8 17.7 16.5 16.8 -1.3 -0.3
    Seed purchased 12.6 15.1 15.5 10.0 0.4 5.5
   Manufactured inputs 46.3 55.0 49.0 34.8 -6.1 14.1
    Fertilizers and lime 17.7 22.5 20.1 12.8 -2.4 7.4
    Pesticides 10.5 11.7 11.5 9.1 -0.2 2.4
    Petroleum fuel and oils 13.8 16.2 12.7 9.3 -3.5 3.4
    Electricity 4.3 4.5 4.6 3.6 0 0.9
   Other purchased inputs 64.6 68.1 64.0 52.2 -4.1 11.8
    Repair and maintenance of capital items 14.3 14.8 14.7 12.0 -0.1 2.7
    Machine hire and customwork 3.8 4.1 3.9 3.9 -0.2 0
    Marketing, storage, and transportation expenses 10.3 10.1 10.3 8.3 0.1 2
    Contract labor 4.4 4.7 3.9 3.3 -0.9 0.6
    Miscellaneous expenses 31.7 34.4 31.3 24.8 -3.1 6.5
plus: Net government transactions 0.9 0.9 1.2 8.9 0.3 -7.7
+  Direct Government payments 11.9 12.2 12.3 17.3 0 -5.1
-  Motor vehicle registration and licensing fees 0.6 0.6 0.6 0.5 0 0.1
-  Property taxes 10.3 10.7 10.4 7.9 -0.3 2.5
  Gross value added 144.3 165.3 142.1 129.1 -23.1 13.0
less:  Capital consumption 27.0 28.7 30.1 23.3 1.4 6.8
  Net value added 117.2 136.6 112.0 105.9 -24.6 6.2
less:  Payments to stakeholders 46.9 50.0 49.8 42.5 -0.2 7.4
    Employee compensation (total hired labor) 24.2 25.0 24.9 20.3 -0.1 4.6
    Net rent received by nonoperator landlords 7.6 9.6 9.8 8.8 0.2 1.0
    Real estate and nonreal estate interest 15.1 15.4 15.2 13.4 -0.3 1.8
  Net farm income 70.3 86.6 62.2 63.4 -24.4 -1.2
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.

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Updated date: August 31, 2010