U.S. food and agriculture contribute $8.6 trillion to the economy — and growing, report says
On National Ag Day, recognizing agriculture’s contributions to society, FMI – The Food Industry Association joined 24 other food and agriculture groups in releasing the seventh annual “Feeding the Economy” white paper, which outlines the food and agriculture sector’s impact on local and nationwide economic activity year over year.
“FMI is proud to sponsor this research to help shed light on U.S. food and agriculture’s $8.6 trillion contribution to the American economy, which has increased nearly 22% since 2019,” FMI President and CEO Leslie Sarasin said in a news release.
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Reflecting a rebound in national economic activity, all 50 states displayed increased economic output in the 2023 report, compared with the 2022 report.
The largest gains in total economic output include:
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Hawaii (31%)
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North Dakota (26%)
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New York (23%)
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Nevada (22%)
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Florida (21%)
The total food and agriculture industry economic impact comes to $8.6 trillion, up 21.8%* since 2019, according to the release.
Other national economic takeaways:
(*Increases are measured against the 2019 economic impact report.)
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Total jobs: 46,283,917, up 1.5%.*
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Total wages: $2.61 trillion, up 26.2%.*
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Total taxes: $947.93 billion, up 3.8%.*
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Exports: $202.2 billion, up 24.4%.*
Fifty-three percent of Americans say that farmers are “on their side when it comes to helping them stay healthy,” according to the economic impact report, Sarasin said in the release.
“The food supply chain remains committed to doing everything it can to keep food price volatility at bay,” Sarasin said. “We all play a role in improving food access and affordability across this nation, and this research conveys the important role that food retailers, food makers and agriculture play in our nation’s economic prosperity to both policymakers and consumers.”
