The total economic impact of the U.S. soybean industry on the national economy is approximately $115 billion, according to a newly released study. The National Oilseed Processors Assn. (NOPA) and the United Soybean Board (USB) partnered in commissioning LMC International Ltd., an independent economic consulting firm that specializes in the global agricultural commodity and agribusiness sectors, to develop the study.
Using data from crop years 2014-15 to 2016-17, the study analyzed the soybean value chain’s impact to the U.S. economy.
Along with the $115 billion economic impact, the study also found:
- The soybean sector supported an average of 357,000 people, comprising 280,000 paid, full-time equivalent jobs, as well as an additional 78,000 family members beyond the growers themselves, who support and are supported by soybean farming operations.
- The total wage impact of the sector averaged $11.6 billion.
Economic impacts highlighted in the study were quantified in terms of revenue, wages, jobs and the number of people dependent on the sector — all focused on the production, distribution and use of soybeans and soybean products spanning the value chain, from soybean farming and production to consumers and exports.
Findings were presented, with educational intent, at the national and state levels as well as by congressional district.
The study also included one-page summaries for 39 key states where the soybean industry primarily operates. Results showed that the industry had the largest impact on Iowa’s economy, at $6.21 billion, with Illinois coming in a close second at $6.11 billion. After that, the industry contributed $3.96 billion to Minnesota’s economy and $3.4 billion to Indiana’s economy.
The full report can be found here.