Million-Dollar Farms in the New Century

Million-dollar farms—those with annual sales of at least $1 million—accounted for about half of U.S. farm sales in 2002, up from a fourth in 1982 (with sales measured in constant 2002 dollars). By 2006, million-dollar farms, accounting for 2 percent of all U.S. farms, dominated U.S. production of high-value crops, milk, hogs, poultry, and beef. The shift to million-dollar farms is likely to continue because they tend to be more profitable than smaller farms, giving them a competitive advantage. Most million-dollar farms (84 percent) are family farms, that is, the farm operator and relatives of the operator own the business. The million-dollar farms organized as nonfamily corporations tend to have no more than 10 stockholders.


Subject(s):
Issue Date:
2008-12
Publication Type:
Report
PURL Identifier:
http://purl.umn.edu/58623
Total Pages:
41
Series Statement:
Economic Information Bulletin
Number 42




 Record created 2017-04-01, last modified 2017-08-25

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