Income from farms in the United States is expected to decline 36 percent — to the lowest level in nine years — according to estimates from the U.S. Department of Agriculture.
Cheapening commodities and livestock, as well as crop surpluses, have been blamed for the loss in profits. Net income for 2015 is expected to reach $58.3 billion, down from 2014’s estimate of $91.1 billion. The income drop also represents a difference of 53 percent from the record high farm income of 2013, which was $123.7 billion.
In a statement, U.S. Secretary of Agriculture Tom Vilsack urged Americans to continue to support its agricultural history, and not to lose heart.
“Today's projections provide a snapshot of a rural America that continues to remain stable and resilient in the face of the worst animal disease outbreak in our nation's history and while the western United States remains gripped by drought,” Visack said. “Thanks to its ability to be competitive through thick and thin, American agriculture remains fundamentally sound, supporting and creating good-paying American jobs for millions.
“Since 2009, the USDA, under President Obama, has made historic investments in rural America and American agriculture. Two-thirds of all rural counties gained jobs over the past year and the overall economy continues a record-breaking pace of 65 straight months of private-sector job growth. The USDA and the Obama Administration will continue to stand with America's farming families, small businesses and rural communities as they build a brighter future for our country on the land that they love.”