Economic Impact of U.S. Soy

NOPA partnered with the United Soybean Board in commissioning LMC International, an independent economic consulting firm that specializes in global agricultural commodity and agribusiness sectors, to develop this study. 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 at the national and state levels, as well as by congressional district.

KEY FINDINGS

As an essential commodity both domestically and abroad, U.S. soy helps to create a thriving economy. Soybean processors connect farmers with end users by converting soybeans into to meal and oil. These valued-added products are used in food, feed, industrial products, and biofuels, supporting billions of dollars in domestic wages and tens of thousands of good paying jobs in the United States.

The total economic impact on the U.S. economy from the soybean sector averaged $124 billion including $9.8 billion from crushing – U.S. soy sector accounts for approximately 0.6 percent of the U.S. gross domestic product (GD), and as much as eight percent of the GDP for certain states.
Over 500,000 individuals are involved in soy farm decision making. This includes a total of 223,000 paid, full-time equivalent jobs as well as an additional 62,000 family members, beyond growers themselves, who reside on farms and are integral to soybean farming operations.
The total wage impact of the sector averaged $10.1 billion, with approximately $0.6 billion from crushing operations.

The U.S. Soy sector provides direct benefits to 37 states throughout the country.