Report shows increase in farm production expenditures slows in 2008

News Date: 08/12/2009

U.S. farm production expenditures totaled $307 billion in 2008, according to the Farm Production Expenditures 2008 Summary released August 6 by USDA’s National Agricultural Statistics Service (NASS) and Economic Research Service (ERS). Total farm expenditures for 2008 rose 8.3 percent from the revised 2007 total of $284 billion – a slower increase than the prior year.

The NASS expenditures report shows that the largest dollar increases per farm were feed up $2,325; fertilizer, lime and soil conditioners up $2,208; tractors and self propelled machinery up $1,286; and rent up $1,252. All other average increases were less than $1,200 per farm.

NASS revised its 2007 farm production expenditures estimates based on data collected during the 2007 Census of Agriculture. The revised 2007 farm production expenditures estimate increased $23.5 billion from the preliminary estimate to reflect current data on the number of farms in the United States. As reported in the Farms, Land in Farms, and Livestock Operations 2008 Summary, the number of farms in the United States in 2007 was 2,204,950, revised up from 2,075,510.

The increase in the number of farms had the greatest impact on the following farm production expenditure categories: livestock and poultry ($6.3 billion), feed ($3.8 billion), labor ($2.6 billion) and farm services ($2.5 billion).

For more information on U.S. farm production expenditures and income, visit the NASS website or the Economic Research Service website. Inquiries can also be made to Kevin Barnes at: (202) 720-6146. (Contact: Charlie Ingram)