WASHINGTON, DC, US — The soybean sector has a total economic impact of $115 billion on the US economy, according to a new study from the United Soybean Board and the National Oilseed Processors Association.
The support is substantial even in the face of lower commodity prices and efficiency gains in the sector, the groups said. The 31-page study analyzes the soybean value chain’s impact to the US economy, based on data from crop years 2014-15 to 2016-17.
Other key findings of “The Economic Impact of US Soybeans and End Products on the US Economy” include:
- 357,000 people are supported by the soybean sector, including 280,000 paid full-time equivalent jobs, as well as an additional 78,000 family members, beyond growers, who support and are supported by soybean farming operations.
- Total wage impact of the sector averaged $11.6 billion.
- The industry provided direct benefits to 39 states.