Research highlights contribution of foods and ag industries to nation’s economic system | 2021-03-25

WASHINGTON — The pivotal roles performed by the nation’s agriculture and foods industries as businesses, taxpayers and companies of the foods and sustenance needed to energy the entire economic climate have been the topics of an illuminating new research commissioned by 33 food stuff and agriculture corporations, together with the American Bakers Association and the Countrywide Grain and Feed Association, and released on March 23.

The 2021 Foodstuff and Agriculture Industries Economic Influence Analyze was done by John Dunham & Associates. Its conclusions might be viewed at www.FeedingTheEconomy.com.

The research believed the range of positions in food and agriculture-linked industries, the wages and added benefits paid to their workforce, and the price their creation provides to the economic climate. It also estimated the financial influence of suppliers that assist the food stuff and agriculture industries, as properly as that of downstream industries that are supported by the investing of those directly utilized by the foods and agriculture industries and by these utilized by corporations dependent on all those industries.

The analyze located foods and agriculture industries directly hire about 19.3 million Individuals who make wages and benefits totaling about $683.45 billion. The research indicated direct employment of the meals and agriculture industries was equivalent to 12.9% of all US work.

The price additional to the financial system by the manufacturing of those people straight used in the food stuff and agriculture industries was estimated at $2.7 trillion annually.

The review believed the food items and agriculture industries are liable for building 10.74 million employment in providing industries that, in flip, lead about $2,255.9 billion in economic exercise.

The analyze even more located paying by those people utilized in the food stuff and agriculture industries and in corporations instantly dependent on the sector produced a even further 10.67 million downstream careers and $2,017.3 billion in economic influence.

In all, the examine indicated the livelihoods of 40.7 million Us citizens ended up straight or indirectly dependent on the foodstuff and agriculture industries. People American staff collectively ended up paid out $2.04 trillion in wages and gains.

The study’s evaluation furnished not only countrywide overviews but also breakouts of the food items and agriculture sectors’ financial influence by condition and congressional district.

“Throughout the world wide pandemic, America’s meals and agriculture sectors have labored tirelessly feeding America’s people and our financial state,” claimed Robb MacKie, president and main govt officer of the American Bakers Association. “We could not be extra very pleased of our association’s baking and supplier members who fueled our fantastic nation regardless of unprecedented worries. We hope policymakers will look at this impressive economic impact as they make vital conclusions and shape policy.”

Mr. MacKie said the ABA was delighted to be a portion of the start of the up-to-date analysis on the FeedingTheEconomy.com website.

“This data reinforces the former Council for Economic Progress analyze that mentioned the foods and beverage market as the major producing sector of our economy obtaining a considerable constructive trade balance influence,” Mr. MacKie additional. “The baking business generates additional than $154 billion in economic activity yearly and employs just about 800,000 remarkably expert folks in extra than 1,600 services.”

Mike Seyfert, president and CEO of the National Grain and Feed Association, stated, “On this Nationwide Ag Day, the NGFA celebrates the noble goal this nation’s grain, feed, processing and export sector performs in reworking the American farmer’s bounty into safe and sound, wholesome, sustainable and economical human and animal meals.

“As the COVID-19 pandemic evidently shown, a trusted meals and fiber offer chain is critically vital to meeting the demands of households and firms throughout the nation. The new Feeding The Economic climate report emphasizes the huge contribution of our sector in also feeding and rising the nation’s financial state.”