Structure and Finances of U.S. Farms: Family Farm Report, 2007 Edition
by Robert Hoppe
, Penni Korb, Erik O'Donoghue
, and David E. Banker
Economic Information Bulletin No. (EIB-24) 58 pp, June 2007
U.S. farms are diverse, ranging from small retirement and residential farms to enterprises with annual sales in the millions. Nevertheless, most U.S. farms—98 percent in 2004—are family farms. Even the largest farms tend to be family farms. Large-scale family farms and nonfamily farms account for 10 percent of U.S farms, but 75 percent of the value of production. In contrast, small family farms make up most of the U.S. farm count, produce a modest share of farm output, and receive substantial off-farm income. Many farm households have a large net worth, reflecting the land-intensive nature of farming.
Keywords: Contracting, family farms, farm businesses, farm financial performance, farm-operator household income, farm operators, farm structure, farm type, million-dollar farms, small farms
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See the companion brochure, America’s Diverse Family Farms, 2007 Edition (EIB-26)