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Nov. 5, 2024 Source: U.S. Poultry & Egg Association news release The 2024 Poultry and Egg Industry Economic Impact Study measures the combined impact of the chicken, turkey, egg and other poultry growing and processing industries (including renderers, hatcheries, integrated feed producers and secondary processors) in 2024, hereafter the poultry and egg industry. The industry as defined below contributes $663.64 billion in total to the US economy, or 2.29 percent of GDP and, through its production and distribution linkages, impacts firms in all 546 sectors of the US economy. The production process is defined in this study to include farms that hatch and/or raise chickens, turkeys, and other commercially produced fowl, and farms that produce eggs both for consumption and for hatcheries. Processing for this study was defined to include primary processing and secondary value-added processing. Primary processing includes the slaughtering and butchering of live birds, packing of primary products (i.e., breasts, thighs or whole birds), rendering of fats and separation of other poultry materials like feathers and offal, integrated feed producers, genetic poultry labs, and poultry by-product meal producers. Secondary processors are defined as any value-added processing, manufacturers of poultry-based nuggets, sausages, patties and other manufactured food products. The firms that raise or convert poultry and eggs into products employ 525,442 people in production, sales, primary processing, packaging, direct distribution and value-added processing. Other firms are related to the poultry and egg industry as suppliers. These firms produce and sell a broad range of items including coops, barns, fuel, packaging materials, or machinery. In addition, supplier firms provide a broad range of services, including personnel services, financial services, advertising services, consulting services and transportation services. Finally, a number of people are employed in government enterprises responsible for the regulation of the poultry industry. All told, the poultry and egg industry is responsible for 854,093 supplier jobs with these firms, generating $282.35 billion in economic activity. Industries are linked to each other when one industry buys from another to produce its own products, and an economic analysis of the poultry and egg industry will take additional linkages into account. While it is inappropriate to claim that suppliers to the supplier firms are part of the industry being analyzed, the spending by employees of the industry and those of supplier firms whose jobs are directly dependent on egg and poultry sales and production should surely be included. This spending on everything from housing, to food, to educational services and medical care makes up what is traditionally called the induced impact or multiplier effect of the industry. In other words, this spending and the jobs it creates is induced by the production and processing of poultry and eggs. We estimate that the induced impact of the industry generates 633,025 jobs and an economic output of $133.82 billion, for a multiplier of about 1.20. An important part of an impact analysis is the calculation of the contribution of the industry to the public finances of the community. In the case of the poultry and egg products industry, this contribution comes from the traditional direct taxes paid by the firms and their employees. In total, these taxes provide $54.05 billion in revenues to the federal, state and local governments. This is in addition to sales taxes, restaurant taxes and other taxes paid by consumers who eat poultry and egg products. To read the entire report click here. Tweet |
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