A new study from the National Oilseed Processors Association and the United Soybean Board highlights how the soybean industry impacts the U.S. economy.
This 33-page study analyzes the soybean value chain’s impact on the U.S. economy based on data from crop years 2019/20 to 2021/22. The data shows the total economic impact from the U.S. soybean sector averaged $124 billion, including $85.7 billion from soy production and $9.8 billion from soybean processing. The U.S. soy sector accounts for approximately 0.6 percent of the U.S. gross domestic product. There are more than 500,000 individuals involved in soy farm decision-making. This includes 223,000 paid, full-time equivalent jobs and an additional 62,000 family members, beyond growers, who reside on farms and are integral to soybean farming operations. The total wage impact of the sector averaged $10 billion.
USB Chair and Missouri farmer Meagan Kaiser says, “It’s reaffirming to see that the U.S. soybean industry has such a tremendous impact on U.S. farmers and the economy overall.”