New Study Finds Impact of U.S. Soybean Industry on U.S. Economy to be $115B
A new study sponsored by the National Oilseed Processors Association (NOPA), a body representing owners and operators of oilseed crush facilities, has been released examining the value of the U.S. soybean industry.
NOPA partnered with the United Soybean Board to commission LMC International Ltd., an independent economic consulting firm specializing in global agriculture and agribusiness, to develop the study entitled “The Economic Impact of the U.S. Soybeans and End Products on the U.S. Economy”.
Based on data from 2014-2017, the total economic impact of the U.S. soybean industry averaged $115.8 billion. The industry supported 357,000 people through 280,000 full-time jobs, for a total wage impact of $11.6 billion, as well as another 78,000 family members that are supported by farming operations. The full study can be accessed here.