ABA: food, ag sector ‘key component’ of US economy

WASHINGTON — The food and agriculture sector is a key component of the US economy, according to the 2024 “Feeding the Economy” report from the American Bakers Association (ABA). The report, which was issued on March 19 in conjunction with National Agriculture Day, measures the total economic impact of the food and agriculture industries using “direct and indirect economic activity” from these industries.

The report showed the food and agriculture sector support nearly 24 million of the more than 48 million jobs that are in those industries, which is more than 15% of US employment. The food and agriculture industries also have contributed more than $9.6 trillion into the economy, which is 20% of total US output. Of that amount, $2.77 trillion make up total wages ($990 billion of which are direct), $9.63 trillion make up total output ($3.82 trillion of which are direct), $1.25 trillion make up business taxes and $181 billion make up exports.

“The Feeding the Economy report affirms the vital role the food and agriculture sector plays in our nation’s economy,” said Eric Dell, president and chief executive officer of the ABA. “It’s a testament to the hard work and resilience of everyone involved in this industry, from the farm to the bakery and beyond.”

To read the full report, click here.