ABA: food and agriculture contribute $9.6T to the economy

The latest Feeding the Economy report highlights the value of the industries.

Photo: Alex Fu/Pexels

In conjunction with National Ag Day on March 19, the American Bakers Association (ABA) and 31 other food and agriculture organizations released the eighth annual Feeding the Economy report.

This comprehensive study reveals that the food and agriculture industries contribute more than $9.6 trillion to the U.S. economy, which accounts for 20% of the nation's total output. This sector directly supports nearly 24 million jobs, representing more than 15% of U.S. employment. Since the 2023 report, the economic output of these industries has grown by more than a trillion dollars.

Eric Dell, president and CEO of the American Bakers Association, emphasizes the importance of the findings, stating, "The Feeding the Economy report affirms the vital role the food and agriculture sector plays in our nation's economy. It's a testament to the hard work and resilience of everyone involved in this industry, from the farm to the bakery and beyond."

The report provides valuable insights into jobs, wages, and economic output, showcasing the food and agriculture sector's significant impact on local and nationwide economic activity. It also highlights the sector's resilience and reliability amidst ongoing global and domestic challenges, such as supply chain disruptions and the effects of recent international events.

Key findings from the 2024 report include:

Total employment: 48,665,609 jobs
Total wages: $2.8 trillion
Total taxes: $1.3 trillion
Total exports: $181.4 billion
Total economic output: $9.6 trillion

The full Feeding the Economy report, along with additional quotes from sponsoring organizations, is available at FeedingTheEconomy.com.

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Jenni Spinner is the chief editor of Snack Food and Wholesale with more than 25 years of experience in business-to-business communications. She has written extensively about food production, safety and packaging; pharmaceutical drug development; concrete and masonry construction; and more. She holds a Bachelor’s in Communications from the University of Illinois. Jenni can be reached at spinnerj@bnpmedia.com.