The U.S. soybean industry has a significant economic impact, generating $124 billion in economic activity and supporting more than 500,000 jobs.
A new study by the National Oilseed Processors Association (NOPA) and the United Soybean Board (USB) found that the soybean sector accounts for approximately 0.6 percent of the U.S. gross domestic product.
The study, which analyzed data from crop years 2019/20 to 2021/22, found that the soybean value chain generated $85.7 billion in economic activity from soy production and $9.8 billion from soybean processing.
The study also found that the soybean industry supports more than 500,000 jobs, including 223,000 paid, full-time equivalent jobs and an additional 62,000 family members.
The total wage impact of the soybean sector averaged $10 billion.
“The U.S. soybean industry is a major economic driver for our country, and this study confirms that,” said USB Chair Meagan Kaiser. “Our farmers are producing a valuable crop that is used in a variety of products, and we are proud to support the research and education that is helping to grow this important industry.”
The study concludes that the U.S. soybean industry is a vital part of the U.S. economy and that it is well-positioned for continued growth in the future.
Photo Credit: istock-urpspoteko
Categories: Missouri, Crops, Soybeans