Ag economy

“I’m Garth Taylor at the University of Idaho and I’m going to talk to you a little bit about Idaho Financial conditions for the year 2021.”

Every year the University of Idaho puts together a report about the financial condition of Idaho agriculture. Ag Economist Garth Taylor makes a presentation to Idaho legislators, so they can use that information when setting the state’s budget.

“It speaks to what agriculture is in the state of Idaho. We’re big, but we’re also growing.”

Taylor says Idaho’s Ag economy is growing at a faster rate than the rest of Idaho’s economy.

“It’s production agriculture, it’s grandma and grandpa on the tractor. It’s the farmers, not your processors. It’s your farmers that are growing faster than the state’s economy, that a phenomenon.”

That despite all the difficulties of the past year.

“Just go through the list, drought, covid, supply chains, export disruptions, government payments. Just tick them off, any one of these things would upset any other… (Industry) The resilience of Idaho agriculture is manifest this year in every facet of possible conditions, to where we broke all time record highs in cash receipts.”

2021 gross livestock and crop cash receipts are estimated at 8.8 billion dollars, 9% higher than in 2020.