A new study shows the economic impact on the U.S. economy from the soybean sector averaged $115.8 billion, based on data from 2014-15 and to 2016-17.
The National Oilseed Processors Association Thursday announced the study, The Economic Impact of the U.S. Soybeans and End Products on the U.S. Economy. The study examines the value of the American soybean industry.
NOPA partnered with the United Soybean Board in commissioning an independent economic consulting firm to develop the study.
The study found 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, across the value chain.
Find the report online at www.nopa.org.