What is agriculture's share of the overall U.S. economy? (2024)

FAQs

What is agriculture's share of the overall U.S. economy? ›

What is agriculture's share of the overall U.S. economy? Agriculture, food, and related industries contributed roughly $1.530 trillion to U.S. gross domestic product (GDP) in 2023, a 5.6-percent share.

Keep in mind that America's farm families represent only two percent of the population and feed the other 98 percent with the fruits of their labor. This is a consequential demographic shift from our nation's first 100 years when most Americans lived and worked on farms.

Like most other developed nations, the U.S. economy is largely based on services. Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP.

U.S. agriculture accounts for 30% of U.S. jobs and $7.43 trillion in economic impact.

In 2022, agriculture contributed 4.27 percent, industry contributed approximately 27.22 percent and services contributed about 63.97 percent to the global gross domestic product. See global GDP for comparison.

Agriculture, food, and related industries contributed roughly $1.530 trillion to U.S. gross domestic product (GDP) in 2023, a 5.6-percent share. The output of America's farms contributed $203.5 billion of this sum—about 0.7 percent of U.S. GDP.

Which are the top 10 agriculture-producing States? The top 10 agriculture-producing States in terms of cash receipts in calendar year 2023 are (in descending order): California, Iowa, Nebraska, Texas, Illinois, Minnesota, Kansas, Indiana, North Carolina, and Missouri.

The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources. Americans have the sixth highest average household and employee income among OECD member states. In 2021, they had the highest median household income.

The manufacturing industry continues to boom. Annual manufacturing construction spending made the largest contribution to GDP ever driven by the building of houses and factories. For more information, see today's statement by President Biden on the fourth quarter 2023 GDP report.

Basic Info. US GDP as % of World GDP is at 25.22%, compared to 24.00% last year. This is lower than the long term average of 28.74%.

Does the US government pay farmers not to grow food? ›

CRP is a land conservation program administered by the Farm Service Agency (FSA). In exchange for a yearly rental payment, farmers enrolled in the program agree to remove environmentally sensitive land from agricultural production and plant species that will improve environmental health and quality.

Agriculture has been a cornerstone of U.S. exports and one of world trade's dependable staples. In 2021, agriculture and food-related industries contributed 5.4 percent of U.S. GDP and provided 10.5 percent of U.S. employment.

Agricultural land (% of land area) in United States was reported at 44.36 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources.

Agriculture of North America

The various peoples who developed North America have made it a world economic leader and, in general, a well-used and productive continent. Agriculture, though no longer the principal economic activity (except in some of the southern Latin countries), is still important.

Agriculture and its related industries provide 10.4 percent of U.S. employment. In 2022, 22.1 million full- and part-time jobs were related to the agricultural and food sectors—10.4 percent of total U.S. employment.

Key Takeaways. China is the world's largest grain producer, yet is more dependent on food imports. Much of India's output is produced by subsistence farmers and consumed locally. The U.S. is the world's top food exporter thanks to high crop yields and extensive agricultural infrastructure.

Just 6 percent of U.S. land is developed. That matters when we talk about affordability.

Overview. Agriculture is the world's largest industry. It employs more than one billion people and generates over $1.3 trillion dollars worth of food annually. Pasture and cropland occupy around 50 percent of the Earth's habitable land and provide habitat and food for a multitude of species.