While the number of farms and amount of farmland declined, revenue from agricultural products in the U.S. rose 33 percent from 2007 to 2012, to $394.6 billion, according to a preliminary report of the 2012 Census of Agriculture, taken every five years.
Agriculture Secretary Tom Vilsack said that the data provide "a snapshot of a strong rural America that has remained stable during difficult economic times." A full report, along with state and county data, will be released later.
"Conducted since 1840, the Census of Agriculture accounts for all U.S. farms and ranches and the people who operate them," says an Agriculture Department release. "The census tells a story of how American agriculture is changing and lays the groundwork for new programs and policies that will invest in rural America; promote innovation and productivity; build the rural economy; and support our next generation of farmers and ranchers."
From 2007 to 2012, the average value of a U.S. farm increased from $137,807 to $187,093, the largest rose in the history of the census. However, farmland values have been dropping recently, and experts last week predicted that they could drop 20 to 25 percent over the next few years. Corn Belt farmland value rose 20 percent from 2009 to 2013, leading some to fear a bubble was approaching. The same fear was felt with rising prices in Northern Plains and Great Lakes states. Farmland prices fell from 2012 to 2013 in some areas in the Midwest and Southeast.
The census found that 2012 crop sales amounted to $212.4 billion, exceeding sales of livestock ($182.2 billion) for the only second time (1974 was the only other). The department projected Thursday that corn and soybean prices, which were at record or near-record highs in recent years, were would drop significantly this year.
The census found that farmers continue to get older, with the average age rising from 57.1 in 2007 to 58.3 in 2012. The U.S. had 2.1 million farms in 2012, down 4.3 percent from 2007, and the amount of farmland dropped from 2007 to 2012 from 922 million acres to 915 million acres. But the percentage drop in farmland acreage was the smallest since 1950. To read the preliminary report, click here.
Agriculture Secretary Tom Vilsack said that the data provide "a snapshot of a strong rural America that has remained stable during difficult economic times." A full report, along with state and county data, will be released later.
"Conducted since 1840, the Census of Agriculture accounts for all U.S. farms and ranches and the people who operate them," says an Agriculture Department release. "The census tells a story of how American agriculture is changing and lays the groundwork for new programs and policies that will invest in rural America; promote innovation and productivity; build the rural economy; and support our next generation of farmers and ranchers."
From 2007 to 2012, the average value of a U.S. farm increased from $137,807 to $187,093, the largest rose in the history of the census. However, farmland values have been dropping recently, and experts last week predicted that they could drop 20 to 25 percent over the next few years. Corn Belt farmland value rose 20 percent from 2009 to 2013, leading some to fear a bubble was approaching. The same fear was felt with rising prices in Northern Plains and Great Lakes states. Farmland prices fell from 2012 to 2013 in some areas in the Midwest and Southeast.
The census found that 2012 crop sales amounted to $212.4 billion, exceeding sales of livestock ($182.2 billion) for the only second time (1974 was the only other). The department projected Thursday that corn and soybean prices, which were at record or near-record highs in recent years, were would drop significantly this year.
The census found that farmers continue to get older, with the average age rising from 57.1 in 2007 to 58.3 in 2012. The U.S. had 2.1 million farms in 2012, down 4.3 percent from 2007, and the amount of farmland dropped from 2007 to 2012 from 922 million acres to 915 million acres. But the percentage drop in farmland acreage was the smallest since 1950. To read the preliminary report, click here.
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