Today’s Topic: Economic impact of agriculture, agribusiness grows to $78 billion

by | May 20, 2014

Southern Farm Network logoAgriculture Commissioner Steve Troxler sits down each week with Southern Farm Network’s Rhonda Garrison to discuss “Today’s Topic.”

Agriculture and agribusiness’ value to our state’s economy continues to grow, according to the latest analysis by N.C. State University economist Mike Walden.

The industry contributes $77.9 billion to our state’s economy, according to Walden’s study. That’s an increase of $900 million from the previous study. Walden used data from 2012, which was a record year for several crops in the state. These yields were reflected in a $1.2 billion increase in the economic impact from farming. That number rose to $16.1 billion.

The increases in the farming numbers were offset by decreases in wholesaling and retailing within agriculture and food industries.

There were some other positives in the report, namely increases in our fiber and forestry industries, which combined for nearly $12 billion in economic impact.

By contributing nearly $78 billion to our gross state product, this industry is far and away North Carolina’s leading economic engine. The military is second at $48 billion, and tourism is third at $20 billion.

Click on the audio player below to listen to Commissioner Troxler and Rhonda discuss the latest economic impact figures for agriculture and agribusiness. To see more details about Walden’s analysis, click here.

[Audio:http://info.ncagr.com/blog/wp-content/uploads/Troxler_5-20.mp3|titles=Today’s Topic for May 20]

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