Net farm income is forecast at $81.6 billion in 2010, up 31 percent from 2009 and 26 percent higher than the 10-year average of $64.8 billion for 2000-2009, according to USDA’s Farm Income Report issued Tuesday. Net cash income at $92.5 billion would be a nominal record, 2.3 percent above the prior record attained in 2008.
USDA Secretary Tom Vilsack issued the following statement on the report:
“Today’s farm income report shows that America’s farmers and ranchers are helping to lead the country’s economic recovery. All three measures of farm sector earnings have experienced a rapid rebound in 2010 and other indicators – such as farm asset values – point to a sustainable recovery."
"According to today’s numbers, farmers are earning 31 percent more for their products than they made last year. And it is making a real difference for America’s farm families, whose household income should rise 7.8 percent in 2010 from 2009. That’s good economic news for rural America as our national economy continues to gain strength."
“A combination of factors has made these numbers possible including the successful implementation of the 2008 Farm Bill, the Obama Administration’s Recovery Act, and increased exports in the agricultural sector,” said Vilsack.
“The dedication of our farmers and ranchers is second to none. They have worked hard keep their debt low and to capitalize on a broader economic recovery. And their willingness to adapt, innovate and embrace new research and technologies has ensured their success for decades and ensures they will remain resilient in the years to come.”
Read the Farm Income Forecast.