July 29, 2024

 

Report highlights impact made by US pig farmers to country's economy

 

 

The United States' National Pork Producers Council (NPPC) released a new economic contribution report detailing the significant impact US pig farmers have on the country' agricultural and overall economy.

 

The report highlights the pork industry's value chain contributions and trends in production and industry structure.

 

"America's pork industry is a vital pillar of our nation's agricultural economy, contributing over US$62 billion annually and supporting hundreds of thousands of jobs across the country," said NPPC president Lori Stevermer. "Producers are committed to delivering wholesome, affordable, sustainable pork products that not only feed millions of families but also drive economic growth and innovation in rural communities."

 

Key takeaways in the report include:

 

    - The US pork industry supports an estimated 573,311 direct, indirect and induced jobs in the country;

 

    - In 2023, more than 60,000 pig farms sold more than 149 million hogs worth over US$27 billion in gross cash receipts;

 

    - The US pork industry supports more than US$37 billion in personal income and boosts economic activity in related services such as trucking, grain elevators, insurance, and other rural-based businesses;

 

Approximately 25% of US pork was exported abroad in 2023, amounting to nearly seven billion pounds of pork valued at over US$8 billion. Pork exports help support more than 143,000 US jobs.

 

The US pork industry generates significant economic activity through its purchase of inputs, according to NPPC. Feed inputs, such as corn and soybean meal, account for an estimated 52% of total US production costs with purchases valued at nearly US$13 billion annually.

 

"Last year brought significant financial challenges for US pork producers, marked by decreased gross cash receipts and a substantially higher average cost of production in 2023," said Holly Cook, NPPC's economist. "Despite these hurdles, this report demonstrates that the pork industry remains a vital contributor to the nation's economy and a key player in global trade."

 

- National Pork Producers Council