American grain and feed industry contributes $402 bln to the nation’s economy

The grain and feed sector in the United States generates $401.7 billion in economic impact, representing 1.3% of the country’s GDP, according to a new report from the National Grain and Feed Association (NGFA).

The study, produced by John Dunham & Associates and available on the NGFA website, is interactive and allows users to explore data at the national, state, and congressional levels, revealing the industry’s full economic footprint.

The report, published on September 17, defines the grain and feed industry as any business involved in the production, processing, distribution, and industrial use of grain and feed. It takes into account the number of jobs in these sectors, wage levels, and overall economic contribution.

According to the report, the American grain and feed industry generates a positive economic impact in every state and county in the country. There are 9,683 businesses in this sector in the United States, and the 175,737 employees of these companies earn an average of $84,768 annually.

The industry supports 1.16 million jobs—including direct, related, and induced employment. They generate $85.9 billion in wages and benefits and pay $32.7 billion in taxes to federal, state, and local governments.

“Grain and feed companies transform America’s harvest into economic opportunity,” said Mike Seifert, president and CEO of NGFA. “This new research confirms what many of us have long known: our industry is vital to rural communities, food security, and the U.S. economy.”

NGFA represents nearly 700 companies involved in grain and oilseed processing, including elevators, feed mills, exporters, traders, and related industries.

Tags: margin, compound feed, grain, USA