Ag 2022 numbers

Idaho farmers had a better 2022 than U of I economists originally believed. Production agriculture is growing faster than the state's economy. We're part of the dynamic of one of the fastest growing economies in the nation is agriculture is contributing that. Speaker1: Those words from University of Idaho agricultural economist Garth Taylor. And backing up his claims, new USDA data show a University of Idaho Extension Agriculture Economics report released early this year significantly underestimated Idaho food producers 2022 profits while overstating increases to their production costs. U of I Agricultural economists presented financial conditions of Idaho AG 2022 to the State Legislature on January 5th, concluding Idaho agricultural cash receipts set a record that year, rising 28% from $8.6 billion to 11 billion. They also calculated a record 58% increase in net farm income, with producers profits reaching $3 billion from 1.9 billion in 2021. The reality was even better for Idaho producers than the rosy numbers. U of I had previously released, Dr. Taylor said that we had underestimated an all time record and now 2022 is the best year by far that we've ever had in Idaho agriculture.