Key Takeaways:
- North Carolina’s agriculture and agribusiness industry had an economic impact of $111.1 billion, growing nearly $8 billion in the past year.
- The industry has grown by over $18 billion since 2022, showcasing its strength and resilience.
- North Carolina produces several key agricultural products, including sweet potatoes, tobacco, poultry, and eggs.
- Continued investment in agricultural research, food manufacturing, and legislative support have contributed to this growth.
- Agriculture Commissioner Steve Troxler emphasized the importance of supporting local farmers to ensure self-reliance in the food supply.
North Carolina’s Agriculture and Agribusiness Industry Hits $111.1 Billion Economic Impact
Agriculture Commissioner Steve Troxler announced today that the economic impact of North Carolina’s agriculture and agribusiness industry has reached $111.1 billion, marking nearly $8 billion in growth over the past year. This milestone represents the second consecutive year of strong growth for the sector.
Sustained Growth Amidst Economic Challenges
Speaking at the opening of the 2024 Got to Be NC Festival, Troxler highlighted the significant growth since 2022. “With last year’s increase of $10 billion, that represents over $18 billion in growth since 2022 when we were coming out of a pandemic and some challenging economic times,” he said. “It’s exciting to see numbers like these because it shows the strength and resiliency of agriculture and agribusiness in this state.”
Annual Economic Calculations
The economic impact figures are calculated annually by N.C. State University Economist Dr. Mike Walden, using data from the USDA’s National Agricultural Statistics Service and other multipliers.
Importance of Self-Reliance in Food Supply
Troxler emphasized the critical role of agriculture in ensuring food security. “If you remember one thing I say today, I hope you will remember that Agriculture IS our food supply,” he stated. “It is an important industry because it feeds us. We don’t ever want to have to rely on another country to feed us. We want to be self-reliant regarding our food supply, so we must support our farmers.”
Top National Rankings
North Carolina’s agriculture sector is bolstered by its leading national production rankings. The state ranks No. 1 in sweet potatoes, tobacco, poultry, and eggs. It is also second in Christmas trees, turkeys, and trout; third in hogs and cucumbers; fourth in peanuts and broilers; and fifth in cotton.
Factors Contributing to Growth
Troxler attributed the growth to several factors, including ongoing investment in agricultural research, efforts to expand and attract new food manufacturing, and legislative support. “This growth is also a result of our continued investment in agricultural research, our continued efforts to expand and attract new food manufacturing and to create more value-added opportunities, and the continued support of our legislators,” he noted.
Photo by Leslie Cross on Unsplash
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