Economic headwinds aren’t stopping farmland growth. That’s coming up on This Land of Ours.
The Value of U.S. farmland continues to grow, despite economic headwinds. USDA economist, Shawn Arita, says this year’s growth in farmland values is stronger than some had expected.
“It’s still very, very strong growth. This is up again 7.4 percent. I think moving into this, there had been a lot of concern, again, with rising interest rates. The Fed had ramped it up at a very unprecedented level of acceleration to combat inflation. There’s the talk about possible recession and commodity prices easing and input prices are still elevated,” he said. “So, I think many of us were thinking, well, for the farmland values maybe this will lead to some softening, but, the 7.4 percent on top of the 12.4 percent we had last year, that’s still very, very strong. I would describe it as being very resilient to some of those headwinds that were in play.”
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Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.