Projected real estate debt more than double nonreal estate debt in 2023; both increased steadily since 2000

Bar chart showing nonreal estate and real estate debt, in 2023 dollars, from 2000 through forecasted amounts for 2022 and 2023.

USDA’s Economic Research Service projects that U.S. farm debt is expected to rise to a record level in 2023, with interest rates as the fastest-growing production cost. However, when measured using solvency and liquidity ratios, the potential impact of higher interest expenses is minimal.

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