Washington, DC – A nationwide economic impact study released today found that more than one-fifth of the nation’s economy is linked, either directly or indirectly, to the food and agriculture sectors. Further, it found that more than one-fourth of all American jobs are similarly connected. This research, available at www.FeedingTheEconomy.com, was commissioned by a group of 23 food and agriculture organizations. Among the most important findings:
Total Jobs: 45,582,086
Total Wages: $2.06 trillion
Total Taxes: $913.13 billion
Exports: $154.4 billion
Total Food and Industry Economic Impact: $7.06 trillion
“The American Bakers Association is delighted to be a part of the launch of the updated research on the newly refreshed FeedingTheEconomy.com website,” said Robb MacKie, President and CEO of the American Bakers Association. “We encourage everyone to explore the new data and enhanced information.”
“This information reinforces the previous Council for Economic Development study that listed the food and beverage industry as the largest manufacturing sector of our economy having a significant positive trade balance impact,” MacKie iterated.
To measure the total economic impact of the sectors, the analysis also includes the indirect and induced economic activity surrounding these industries, which captures upstream and downstream activity. For example, when a farm equipment retailer hires new employees because farmers are buying more tractors, experts consider the new salaries as an indirect impact. Similarly, when a retail associate spends her paycheck, an induced economic impact occurs. Together, these impacts have a multiplier effect on the already formidable direct impact of food and agriculture.
Sponsoring Organizations include: American Bakers Association (ABA), American Beverage Association (ABA), American Farm Bureau Federation (AFBF), American Frozen Food Institute (AFFI), American Soybean Association (ASA), Biotechnology Innovation Organization (BIO), Corn Refiners Association (CRA), Grocery Manufacturers Association (GMA), Food Marketing Institute (FMI), North American Meat Institute (NAMI), National Association of State Departments of Agriculture (NASDA), National Association of Wheat Growers (NAWG), National Chicken Council (NCC), National Confectioners Association (NCA), National Corn Growers Association (NCGA), National Grocers Association (NGA), North American Millers Association (NAMA), National Automatic Merchandising Association (NAMA), National Restaurant Association (NRA), Snack Food Association (SNAC), The Fertilizer Institute (TFI), The Sugar Association (TSA), United Fresh Produce Association (UFFVA)