A recent report commissioned by the United Soybean Board highlights the economic importance of domestic animal agriculture to the nation as a whole and to the state of South Dakota. For the report, estimated economic impacts were calculated by a modeling process that quantified the effects U.S. animal agriculture has on employment, income, and taxes for the entire economy. These include impacts created by all employment connected to the U.S. livestock and poultry industries – including activities from associated industries. For example, total employment in U.S. animal agriculture includes not only jobs in livestock production (such as ranching), but also jobs in the feed industry. Some employment in manufacturing, marketing, finance, insurance, transportation, food retail and wholesale, for example, also support U.S. animal agriculture and those estimated impacts are included in this report.
Livestock and Poultry Industries Benefit U.S. Economy
Highlights of the report include estimates of the positive impacts from U.S. animal agriculture to the domestic economy in 2012. These are:
- 1,851,000 jobs
- $346 billion in total economic output
- $60 billion in household income
- $15 billion in income taxes paid, and
- $6 billion in property taxes paid
These estimates of U.S. total economic output, income, and taxes are contributions originating directly from the nation’s animal livestock industry. These values can be compared to estimates associated with other industries to help assess the importance of domestic livestock and poultry production to the U.S. economy. It is also crucial to note that these annual estimates have increased over time as animal agriculture in the U.S. has gained economic importance.
Livestock and Poultry Industries Benefit SD Economy
The report also contains estimates of the positive impacts from South Dakota animal agriculture to the state’s economy in 2012. These are:
- 29,020 jobs
- $7.3 billion in total economic output
- $1.1 billion in household income
- $235 million in income taxes paid, and
- $149 million in property taxes paid
Again, these estimates are not limited to those that occurred strictly in the state’s livestock and poultry production industry, but include impacts from all related industries that are directly traced to originating from South Dakota animal agriculture. Essentially, without animal agriculture in South Dakota, the benefits to the state’s economy listed above would cease to exist.