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Animal Agriculture Economic Analysis: The National Overview United Soybean Board June 2013.

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Presentation on theme: "Animal Agriculture Economic Analysis: The National Overview United Soybean Board June 2013."— Presentation transcript:

1 Animal Agriculture Economic Analysis: The National Overview United Soybean Board June 2013

2 Objectives Gather information on and analyze the following: Animal agriculture production, by state and by product Usage of soybean meal in animal agriculture Quantify the economic impact of animal agriculture at the state and national levels 2

3 Animal Agriculture Database Sources  National Agriculture Statistics Service (NASS)  Census of Agriculture  Bureau of Economic Analysis, Dept. of Commerce Content of Excel files  Quantity and value of production, animal numbers  Soybean meal use  Economic impact: output, earnings, jobs, taxes 3

4 Most US Animal Agriculture Expanded Between 2002 and 2012 The economic downturn beginning in 2007 impacted production, but production has bounced back. Cattle production is down 2.8% over the period. Pork production is up 22.7%. Broiler production is up 12.4%. Turkey production is up 0.7%. Egg production is up 6.5%. Milk production grew steadily, by 17.8% 4

5 US Cattle & Calves Production, Cattle production is slowly declining.

6 US Cattle & Calves Production Shifts,

7 US Hogs & Pigs Production, Hog and pig output is advancing.

8 US Hogs & Pigs Production Shifts,

9 US Broiler Production, Broiler production is still growing.

10 US Broiler Production Shifts, * 10

11 US Turkey Production, Turkey output is again increasing slowly but cyclically.

12 Shifts in Turkey Production,

13 US Egg Production, Eggs have experienced slow, steady growth.

14 Shifts in Egg Production,

15 US Milk Production, Milk production is showing steady growth.

16 Shifts in Milk Production,

17 US Output Index, Cattle, Hogs, & Milk 17 All sectors, except cattle, experienced growth in volume.

18 US Output Index, Broilers, Turkeys, & Eggs 18 All sectors experienced growth in volume.

19 Animal Agriculture Can Boost State Economies Animal agriculture plays a major role in the economy of several states and is important for nearly all states. The impacts are many:  States benefit from the direct investment and jobs, both at the farm level and at the slaughter, processing, and manufacturing levels  They also benefit from multiplier effects on other sectors Animal agriculture is also the leading source of demand for soybean meal. Growth in output is usually concentrated in a small number of states for each species. 19

20 Multipliers Estimate Broader Economic Impact Regional Industrial Multiplier System from the Department of Commerce  Output and earnings multipliers = $ of total output and household earnings created by $1 of production in an industry  Employment multiplier = # of jobs per $1 million Four animal agriculture industries are  Beef cattle  Dairy cattle  Poultry and egg  Hogs and pigs/ other 20

21 Economic Impact of 2012 Animal Agriculture 21 * States in blue contain estimates.

22 Economic Impact, Continued 22 * States in blue contain estimates.

23 Impact of Changes in Animal Output, * States in blue contain estimates.

24 Impact of Changes, Continued 24 * States in blue contain estimates.

25 Change in Economic Impact,

26 Change in Wage Earnings,

27 Change in Number of Jobs,

28 Change in Income Tax Revenue,

29 State SBM Use By Segment, 1,000 tons, 2011/12 29 * States in blue contain estimates. States in green are withheld.

30 State SBM Use, Continued 30 * States in blue contain estimates. States in green are withheld.

31 Share of National SBM Use By State 31

32 Iowa 32

33 Animal Agriculture is Important to Iowa Iowa ranks 1 st in cash receipts from hogs and eggs, 6 th in cattle, 9 th in turkey, and 12 th in milk. In 2012, Iowa ranked 3 rd in the nation in cash receipts from livestock sales. Animal agriculture in Iowa consumes significant quantities of soybean meal. 33

34 Economic Multipliers for Iowa, Every million dollars of livestock product output in Iowa results in $ million in total economic output in the state, Generates $310,000-$460,000 in family income, And is responsible for 8-11 additional jobs.

35 Economic Impacts in Iowa 35 Animal agriculture in Iowa represents $22.6 billion in revenues, $3.7 billion in household income, 96,700 jobs, and yielded an estimated $1.05 billion in income taxes.

36 Iowa Output Index, Cattle are stable. Hogs are up almost 60%. Milk is up almost 20%. Broilers and turkeys are estimates. Eggs increased then stabilized. 36

37 Iowa Value of Production, 2012 ($1,000) 37

38 Iowa Cattle & Calves Production 38

39 39 Iowa Hogs & Pigs Production

40 Iowa Broilers Production 40

41 Iowa Eggs Production 41

42 Iowa Turkey Production 42

43 Iowa Milk Production 43

44 Iowa: Soybean Meal Use by Segment, 2011/12 44

45 Iowa: Soybean Meal Use for Feed in

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