U.S. Farm Income Projected to Decline in 2009


U.S. farm income is projected to decline in 2009, according to a new report from the Agriculture Department’s Economic Research Service. The ERS report, “Agricultural Income Finance and Outlook,” shows all three measures of farm income are projected to decline in 2009.

Net farm income is projected to decline 34.5 percent, net cash income by 28.4 percent and net value-added income by 20 percent. Overall farm debt is expected to remain steady at $239 billion.

Average net farm income for farm businesses (intermediate and commercial operations, including non-family farms) is projected at $61,578 in 2009, down 10.6 percent from 2008. The largest declines in farm-business income are forecast for livestock farms, particularly dairy. Farm-operator household income is forecast at $76,065, down 3.5 percent compared to 2008. Household earnings from off-farm sources are projected to be similar to 2008, according to ERS.

Download the full report, Agricultural Income and Finance Outlook, Dec. 2009, online.

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One response to this post.

  1. […] Net farm income is forecast to be $77.1 billion in 2010, up $14.9 billion (24 percent) from a lower year in 2009. The 2010 forecast is $12.3 billion above the average of $64.8 billion in net farm income earned in […]

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