The total economic impact of the soybean sector on the U.S. economy averaged $115.8 billion from 2014-17, according to a new study by the National Oilseed Processors Association (NOPA).
The trade association, which represents owners/operators of oilseed crush facilities, partnered with the United Soybean Board to conduct the study with LMC International Ltd.
The 31-page study, “The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy,” analyzes the soybean value chain’s impact to the U.S. economy.
Some highlights include:
- The soybean sector supported an average of 357,000 people, comprising 280,000 paid, full-time equivalent jobs as well as an additional 78,000 family members, beyond growers themselves, who support and are supported by soybean farming operations.
- The total wage impact of the sector averaged $11.6 billion.
Economic impacts highlighted in the study are quantified in terms of revenue, wages, jobs and number of people dependent on the sector - all focused on the production, distribution and use of soybeans, and soybean products, spanning across the value chain, from soybean farming and production to consumers and exports.
Findings are presented, with educational intent, at the national and state levels, as well as by congressional district. The study also includes one-page summaries for 39 key states, including Illinois, where the soybean industry primarily operates. The study is available online.