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Aug. 5, 2015 Source: USDA news release U.S. farmers spent $397.6 billion on agricultural production in 2014, up 8.3 percent from 2013, the largest increase since 2008, according to the Farm Production Expenditures report, published today by the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS). Feed, already the largest expenditure category for U.S. farmers, also saw the largest increase since 2013. In 2014, producers spent $63.7 billion on animal feed, up 16 percent from the previous year. Farm services, livestock, poultry and related expenses, and labor were the other three major categories that saw an increase of 11.4 percent, 11.3 percent, and 8.6 percent respectively. Per farm, the average expenditures total $191,500 compared with $175,270 in 2013, up 9.3 percent. As in the previous year, crop farms account for the majority of production expenditures in 2014, although the gap between two sectors was significantly smaller than in the previous years. The average expenditure per crop farm totals $213,150 compared to $173,285 per livestock farm. Regionally, the largest increase in production expenditures was in the Plains regions, which includes states, such as Kansas and Texas. In that region, expenditures rose by $11.6 billion from 2013. For 2014, total expenditures by region are: *Midwest $124.0 billion *Plains $99.3 billion *West $85.6 billion *Atlantic $48.2 billion *South $40.5 billion The Farm Production Expenditures summary provides the official estimates for production input costs on U.S. farms and ranches. These estimates are based on the results of the nationwide Tenure, Ownership, and Transition of Agriculture Land (TOTAL), conducted by NASS. The entire Farm Production Expenditures 2014 summary is available here. Tweet |
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