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Study examines soybean industry impact

Study examines soybean industry impact

Total economic impact on the U.S. economy from the soybean sector averaged $115.8 billion.

A new study, The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy, examines the value of the American soybean industry.

The National Oilseed Processors Association partnered with the United Soybean Board in commissioning LMC International Ltd, an independent economic consulting firm that specializes in global agricultural commodity and agribusiness sectors, to develop the study.

This 31-page study analyzes the soybean value chain’s impact to the U.S. economy, based on data from crop years 2014/15 to 2016/17. As highlighted in the report summary, during this period:

  • The total economic impact on the U.S. economy from the soybean sector averaged $115.8 billion.
  • 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 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 are quantified in terms of revenue, wages, jobs and number of people dependent on the sector — all focused on the production, distribution and use of soybeans, and soybean products, spanning across the value chain, from soybean farming and production to consumers and exports. Findings are presented, with educational intent, at the national and state levels, as well as by congressional district. The study also includes one-page summaries for 39 key states where the soybean industry primarily operates.

Source: National Oilseed Processors Association, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 

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