A new soy-checkoff-funded study, notes that the animals that feed us are also feeding our economy. The analysis shows animal ag, U.S. soy’s top end user, increased gross national product by $123 billion in economic output, improved household earnings by over $21 billion and added 645,629 jobs from 2004-2014.
From the United Soybean Board:
ST. LOUIS (March 29, 2016) – The animals that feed us are also feeding our economy, according to a new soy-checkoff-funded study. The analysis shows animal ag, U.S. soy’s top end user, increased gross national product by $123 billion in economic output, improved household earnings by over $21 billion and added 645,629 jobs from 2004-2014.
According to the Economic Analysis of Animal Agriculture, during 2014 alone, U.S. animal agriculture’s support of the national economy included:
• $440.7 billion in economic output
• 2,363,477 jobs
• $76.7 billion in earnings
• $19.6 billion in income taxes
Those figures all increased from 2013.
“The fact that our animal ag sector is growing is very beneficial for U.S. soybean farmers,” says Mike Beard, a soy checkoff farmer-leader who grows soybeans and raises hogs on his farm in Frankfort, Indiana. “With 97 percent of soybean meal going to animal ag, the strength of poultry and livestock production are incredibly important to the U.S. soybean industry.”
During 2014, U.S. animal agriculture consumed an estimated 27.9 million tons of soybean meal, or the meal from about 1.2 billion bushels of U.S. soybeans. This soybean meal was fed primarily to:
• Broilers: 464 million bushels
• Hogs: 327 million bushels
• Dairy cows: 112 million bushels
The report concluded that U.S. soybean farmers shouldn’t let their support for the animal ag industry weaken. Poultry and livestock farmers face many pressures, which also threaten the profitability of all soybean farmers.
The 70 farmer-directors of USB oversee the investments of the soy checkoff to maximize profit opportunities for all U.S. soybean farmers. These volunteers invest and leverage checkoff funds to increase the value of U.S. soybean meal and oil, to ensure U.S. soybean farmers and their customers have the freedom and infrastructure to operate, and to meet the needs of U.S. soy’s customers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.
For more information on the United Soybean Board, visit www.unitedsoybean.org.