Ag News
National report highights agriculture economic importance
Posted on Mar 28, 2024 at 16:02 PM
A national study shows Georgia’s food and agriculture sectors generated 1.59 million total jobs statewide that paid $85.68 billion total wages to these jobholders in 2023. The 2024 Feeding the Economy report was released March 19 on National Agriculture Day to highlight the importance of farming and its allied sectors to the U.S. economy.
According to the eighth annual report, Georgia’s food and agriculture sectors generated 769,012 direct jobs that paid $30 billion in wages to Georgia residents, generated $38.77 billion in taxes and $5.18 billion in exports in 2023. Food and agriculture had a total output of $311.99 billion with a direct output of $124.17 billion.
Here are the key findings for each of Georgia’s 14 congressional districts:
1st District – 113,474 jobs, $5.6 billion in wages, $19.5 billion economic impact
2nd District – 112,733 jobs, $6.1 billion in wages, $ 25.6 billion economic impact
3rd District – 90,971 jobs, $4.8 billion in wages, $16.6 billion economic impact
4th District –101,725 jobs, $5.6 billion in wages, $19 billion economic impact
5th District – 236,340 jobs, $13.6 billion in wages, $46.8 billion economic impact
6th District – 122,245 jobs, $6.8 billion in wages, $24.6 billion economic impact
7th District – 110,192 jobs, $6.1 billion in wages, $20.5 billion economic impact
8th District – 122,020 jobs, $5.9 billion in wages, $23.6 billion economic impact
9th District – 128,163 jobs, $7.2 billion in wages, $30.1 billion economic impact
10th District – 90,718 jobs, $4.7 billion in wages, $17.7 billion economic impact
11th District – 117,898 jobs, $6.4 billion in wages, $22.8 billion economic impact
12th District – 98,197 jobs, $5.1 billion in wages, $18.6 billion economic impact
13th District – 83,306 jobs, $4.4 billion in wages, $14.7 billion economic impact
14th District – 67,423 jobs, $3.4 billion in wages, $11.9 billion economic impact
To measure the total economic impact of the food and ag industries, the analysis includes the direct and indirect economic activity surrounding these industries, capturing both 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 an indirect impact. Similarly, when a retail associate spends her paycheck, an induced economic impact occurs.
On the national level, the 2024 report’s findings show that the total economic impact for the food and agriculture-related industries grew 11.8% over the last year, reaching $9.63 trillion. This represents 20.01% of total U.S. output. The study shows that last year in the U.S., the agriculture and food sector generated:
· Total Jobs: 48,665,870 (up 19.53% since the 2020 report)
· Total Wages: $2.77 trillion (up 33.82% since the 2020 report)
· Total Taxes: $1.25 trillion (up 36.91% since the 2020 report)
· Exports: $181.36 billion (down 2.70% since the 2020 report)
From the 2020 Feeding the Economy report to now, food and agriculture manufacturing jobs grew at a faster rate than any other job category. As a result, manufacturing of agricultural production now accounts for almost 20% of America’s manufacturing jobs, over twice as many as automobile manufacturing. The report shows the significant role that the food and agriculture sectors play in supporting the U.S. economy and helps the public and policymakers better understand how these industries continue to promote those contributions. This year’s complete report can be found at http://www.FeedingTheEconomy.com . It was sponsored by a group of 32 food and agriculture groups including American Farm Bureau, of which Georgia Farm Bureau is a member.
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