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Agriculture Secretary Vilsack's Brief on 2023 Farm Income Forecast
Nebraska Ag Connection - 12/01/2023

The U.S. Department of Agriculture’s (USDA) Economic Research Service released its annual Farm Sector Income Forecast report for 2023. Agriculture Secretary Tom Vilsack issued the following statement:

“Today’s farm income forecast for 2023 shows that, while net farm income is expected to drop below the 2022 record high, it is still one of the best years on record for the overall farm sector at $151.1 billion. In fact, net cash farm income for 2023 is 15 percent above average for the last two decades, and farm income over the 2021-2023 period represents the highest level of farm income in the last 50 years. U.S. agriculture exports have also seen the three highest years on record in 2021-2023, which is reflected in overall cash receipts, while 2024 is projected to be the fourth highest year on record despite potential declines.

"Even so, the data shows a majority of farm households rely on off-farm jobs to make ends meet, indicating that the income is not evenly distributed across the farm spectrum. USDA will continue our efforts to bolster a complementary system that makes it possible for small- and mid-sized farms to benefit from more, new and better markets and climate smart agriculture opportunities so they can thrive.


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