Bushels by the billions
Study shows agriculture contributes more than $37 billion to Minnesota’s economy By Drew Lyon
The numbers don’t lie: Agriculture is a huge economic generator in Minnesota. And, after a difficult stretch in which farm income had dropped to levels not seen in a quarter-century, the state of agriculture in Minnesota is healthy entering the 2021 growing season. Farm income in 2020 reached levels not seen since 2012. “We’re hopeful; everybody is an optimistic mood. We’re doing a lot better than expected after the start of 2020,” said commodities expert Kent Thiesse, a senior vice president at MinnStar Bank. “We’re in very good shape right now on the crop production side of things.” In late 2020, AgriGrowth and more than two dozen leading Minnesota agricultural stakeholder groups, including the Minnesota Soybean Research & Promotion Council, released the 2020 Economic Contribution Study of Minnesota Agriculture and Forestry. This comprehensive new report demonstrates the significant contribution agriculture has toward Minnesota’s economy, from adding $37.1 billion in value to the state’s economy to creating more than 388,000 jobs. About one in 10 Minnesota jobs are agriculture-related, and about 25 to 33% of Minnesota’s GDP is driven by agriculture, making it the state’s second largest industry. Minnesota continues to be ranked third nationally in soybean production. “Agriculture plays such a vital role in Minnesota’s economy,” MSR&PC CEO Tom Slunecka said. “While we 14 - Soybean Business - MAY - JUNE - 2021
in the industry are aware of the importance, this study really hits home just how impactful agriculture is in providing jobs and economic benefits to the state.” The study was conducted by Decision Innovation Solutions to show the overall economic contribution of agriculture to Minnesota’s economy with further breakdowns by county and industry. “Agri-food and forestry are an integral part of Minnesota’s economy, and we’ve seen that demonstrated even more this year as our industry innovated, collaborated and overcame numerous challenges to ensure that Minnesotans get the food, fuel and fiber they need to keep our economy moving and families fed,” said Tamara Nelsen, executive director of AgriGrowth. “Altogether, this study paints a complete and detailed picture of what agriculture means to our state.”
Ag: Driving Minnesota's economy
Breakout box/infographics • $37.1 billion in total value added • 388,134 jobs • $105.6 billion in output (sales) • $21.4 billion in household income • Crop production and related industries contributed $8.7 billion in value added and 84,648 jobs
