FMI Sponsors Seventh-Annual Feeding the Economy Analysis
Arlington, VA – On National Ag Day, a national day of recognition of agriculture’s role in society, FMI – The Food Industry Association joins 24 other food and agriculture groups to release the seventh-annual Feeding the Economy economic impact report, which analyzes the food and agriculture sector’s impact on local and nationwide economic activity year over year.
FMI President and CEO Leslie Sarasin commented on this research, saying, “FMI is proud to sponsor this research to help shed light on U.S. food and agriculture’s $8.6 trillion contribution to the American economy, which has increased nearly 22% since 2019.”
All 50 states displayed increased economic output in the 2023 report compared to the 2022 report, largely reflecting a rebound in national economic activity. The largest gains in total output were from Hawaii (31%), North Dakota (26%), New York (23%), Nevada (22%), and Florida (21%). Key findings from national data include:
Total Jobs: 46,283,917 (up 1.5% since the 2019 report)
Total Wages: $2.61 trillion (up 26.2% since the 2019 report)
Total Taxes: $947.93 billion (up 3.8% since the 2019 report)
Exports: $202.2 billion (up 24.4% since the 2019 report)
Total Food and Ag Industry Economic Impact: $8.6 trillion (up 21.8% since the 2019 report)
Sarasin continued, “Americans say that farmers (53%) and primary food stores (46%) are on their side when it comes to helping them stay healthy, according to our most recent national survey among grocery shoppers.
“The food supply chain remains committed to doing everything it can to keep food price volatility at bay. We all play a role in improving food access and affordability across this nation, and this research conveys the important role that food retailers, food makers and agriculture play in our nation’s economic prosperity to both policymakers and consumers.”