New Report – 15% of Minnesota Economic Output From Agriculture
St. Paul, MN (KROC-AM News) - A new report highlights the economic impact of the agriculture sector of Minnesota's economy.
The Minnesota AgriGrowth Council today released the 2020 Economic Contribution Study of Minnesota Agriculture and Forestry. The report estimates agriculture contributes over $37 billion in value and over 388,000 jobs to the state's economy. That works out to nearly 10-percent of the overall value of Minnesota's economy and over 10-percent of the state's jobs.
“Agri-food and forestry are an integral part of Minnesota’s economy, and we’ve seen that demonstrated even more this year as our industry innovated, collaborated and overcame numerous challenges to ensure that Minnesotans get the food, fuel and fiber they need to keep our economy moving and families fed,” said Tamara Nelsen, Executive Director of AgriGrowth. “Altogether, this study paints a complete and detailed picture of what agriculture means to our state.”
Agriculture-related sales are estimated to exceed $105 billion and create over $21 billion in household income. The report also estimates Minnesota’s agriculture sector generates over $4.3 billion in taxes for the state and local governments, while almost $3 billion in taxes is collected by the federal government.
In Olmsted County, the report estimates agriculture and forestry are responsible for over 8600 jobs and adds about $720 million in value to the local economy. The state and local taxes generated in Olmsted County by agriculture activities is estimated at over $80 million.