Annual Food and Agriculture Industry Study Highlights Critical Role of Food & Ag Sectors In Bolstering The U.S. Economy

FOR IMMEDIATE RELEASE
March 19, 2024

Washington, D.C. – Today, 32 food and agriculture groups released the eighth annual Feeding the Economy report, a historic farm-to-fork economic impact study that helps to estimate the direct and indirect economic contributions of the food and agriculture industries on jobs, wages, economic output, and business taxes.

The 2024 report’s findings show that the total economic impact for the food and agriculture-related industries grew 11.8% over the last year, reaching $9.63 trillion. This represents 20.01% of total U.S. output. The study also drills down to highlight the impact of this sector to include:

  • Total Jobs: 48,665,870 (up 19.53% since the 2020 report)
  • Total Wages: $2.77 trillion (up 33.82% since the 2020 report)
  • Total Taxes: $1.25 trillion (up 36.91% since the 2020 report)
  • Exports: $181.36 billion (down 2.70% since the 2020 report)

There were almost the same number of jobs in agriculture (2.49 million) and manufacturing agricultural products (2.46 million). The number of direct jobs in food and agriculture was up almost 800,000 since the 2020 report (up 20%).  

From the 2020 Feeding the Economy report to now, food and agriculture manufacturing jobs grew at a faster rate than any other job category. As a result, manufacturing of agricultural production now accounts for almost 20% of America’s manufacturing jobs, over twice as many as automobile manufacturing. The report shows the significant role that the food and agriculture sectors play in supporting the U.S. economy and helps the public and policymakers better understand how these industries continue to promote those contributions.

This year’s report can be found at www.FeedingTheEconomy.com.

Sponsoring organizations from the food and ag industries who helped make the 2024 study and website possible provided commentary on this year’s findings. The full list of sponsoring organizations include:

  • American Bakers Association
  • American Beverage Association
  • American Farm Bureau Federation
  • American Feed Industry Association
  • American Frozen Food Institute
  • American Peanut Council
  • American Soybean Association
  • Association of Equipment Manufacturers
  • Consumer Brands Association
  • Corn Refiners Association
  • CropLife America
  • Edible Oil Producers Association
  • FMI
  • Global Cold Chain Alliance
  • International Fresh Produce Association
  • Meat Institute
  • National Association of State Departments of Agriculture
  • National Association of Wheat Growers
  • National Corn Growers Association
  • National Grain and Feed Association
  • National Grocers Association
  • National Milk Producers Federation
  • National Oilseed Processors Association
  • National Pork Producers Council
  • National Restaurant Association
  • Peanut and Tree Nut Processors Association
  • Plant Based Products Council
  • SNAC International
  • The Sugar Association
  • U.S. Dairy Export Council
  • U.S. Grains Council
  • United Soybean Board

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© 2024 Feeding the Economy