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Briefing Rooms

Farm Income and Costs: Farm Sector Income Forecast

Value-added to the U.S. economy by the agricultural sector via the production of goods and services, 2004-2008F
  United States

Component accounts 1/
2004
2005
2006
2007
2008F
1998-
2007
(10-year)
average
Change
2007
to
2008
 
08/28/2008
      $ billion      
  Value of crop production 124.4 115.2 119.2 150.8 188.8 110.1 38.0
   Food grains 8.9 8.6 9.1 12.8 20.4 8.3 7.7
   Feed crops 27.4 24.7 29.4 42.5 63.8 25.7 21.3
   Cotton 4.8 6.3 5.6 6.2 5.6 5.0 (0.6)
   Oil crops 17.9 18.5 18.5 22.6 33.3 16.8 10.6
   Fruits and tree nuts 15.5 17.4 17.2 17.8 19.2 14.2 1.4
    Vegetables 16.2 17.0 18.5 20.0 21.3 16.7 1.3
   All other crops 23.0 23.4 24.3 25.1 26.1 22.4 1.0
   Home consumption 0.1 0.1 0.1 0.1 0.1 0.2 0.1
   Value of inventory adjustment 2/ 10.7 (0.8) (3.5) 3.8 (1.0) 1.0 (4.8)
  Value of livestock production 124.4 126.5 119.0 138.1 146.1 110.1 8.0
   Meat animals 62.4 64.8 63.6 65.0 68.3 55.5 3.3
   Dairy products 27.4 26.7 23.4 35.4 35.9 24.7 0.5
   Poultry and eggs 29.5 28.7 26.5 32.6 36.9 25.5 4.3
   Miscellaneous livestock 4.3 4.6 4.8 4.9 5.0 4.3 0.1
   Home consumption 0.2 0.3 0.3 0.3 0.4 0.2 0.1
   Value of inventory adjustment 2/ 0.6 1.3 0.5 (0.1) (0.3) (0.1) (0.3)
  Revenues from services and forestry 33.9 35.0 38.4 40.3 42.3 31.0 2.0
   Machine hire and customwork 3.4 2.8 2.7 2.5 2.9 2.5 0.4
   Forest products sold 2.4 2.5 2.5 2.4 2.4 2.6 (0.0)
   Other farm income 11.3 10.9 12.3 11.8 12.2 10.5 0.4
   Gross imputed rental value of farm dwellings 16.8 18.8 20.9 23.6 24.9 15.5 1.2
  Value of agricultural sector production 282.7 276.7 276.6 329.2 377.3 251.2 48.0
less: Purchased inputs 137.4 144.0 153.6 171.4 207.1 134.4 35.7
   Farm origin 57.5 56.9 61.0 68.8 81.8 53.3 12.9
    Feed purchased 29.7 28.0 31.4 38.1 47.9 27.9 9.8
    Livestock and poultry purchased 18.1 18.5 18.5 18.8 18.6 16.2 (0.2)
    Seed purchased 9.6 10.4 11.0 11.9 15.3 9.2 3.4
   Manufactured inputs 31.6 35.4 37.5 43.7 59.5 31.9 15.8
    Fertilizers and lime 11.4 12.8 13.3 16.7 26.4 11.5 9.7
    Pesticides 8.6 8.8 9.0 10.0 10.7 8.8 0.7
    Petroleum fuel and oils 8.2 10.3 11.3 13.0 18.1 8.2 5.1
    Electricity 3.4 3.5 3.8 3.9 4.2 3.4 0.3
   Other intermediate expenses 48.3 51.6 55.2 58.9 65.8 49.3 7.0
   Repair and maintenance of capital items 11.9 11.9 12.5 13.6 15.3 11.5 1.7
   Machine hire and customwork 3.6 3.5 3.5 3.7 4.1 3.9 0.4
   Marketing, storage, and transportation expenses 7.2 8.8 9.0 9.8 11.0 7.9 1.2
   Contract labor 3.1 3.1 3.0 3.8 4.1 3.0 0.3
   Miscellaneous expenses 22.4 24.4 27.2 28.0 31.3 23.0 3.3
plus: Net government transactions 5.4 15.8 6.2 1.5 2.4 9.4 0.9
+  Direct Government payments 3/ 12.970 24.396 15.789 11.903 13.2 17.4 1.3
-  Motor vehicle registration and licensing fees 0.5 0.6 0.6 0.6 0.6 0.5 0.0
-  Property taxes 7.0 8.0 9.0 9.8 10.2 7.5 0.4
  Gross value added 150.7 148.6 129.2 159.3 172.6 126.2 13.3
less:  Capital consumption 23.1 24.9 26.1 26.9 28.4