2-2 IAN Spectacular 2011

 Idaho Agricultural Cash Receipts Post Record Year in 2011. Idaho’s farmers and ranchers posted a record year in 2011, with a projected $7.4 billion in cash receipts, which was up 29 percent from the previous year, according to University of Idaho College of Agricultural and Life Sciences economists. Agricultural producers’ net farm income fared even better, soaring 88 percent in 2011 from the past year to $2.6 billion, according to economist Paul Patterson. Their report, “The Financial Condition of Idaho Agriculture: 2011 Projections,” was published by University of Idaho Extension and released Thursday. The annual report shows the economic importance of Idaho agriculture to the state’s economy.

Agricultural producers benefitted from strong prices and production that combined to outpace rising fuel and fertilizer prices and other costs. Here is U of I Ag economist, Dr. Paul Patterson: “In the 30 years that I have been with the University of Idaho, I have never seen so many of the agricultural commodities in the State of Idaho doing well simultaneously.” The 2011 farm year ranks as remarkable because both cash receipts and net income topped 1974 when valued in both inflation-adjusted or real dollars and today’s “nominal” dollars. Cash receipts adjusted for inflation rose 68 percent above the 42-year average. Net farm income was 92 percent above the 10-year average.