A report published by Farm Credit East in October found that agriculture, fishing, forestry and food manufacturing generated an economic impact of $225 billion in the eight northeast states in 2022, or $4,781 per resident.
The report — titled "Northeast Economic Engine: Agriculture, Forest Products, Commercial Fishing and Food Manufacturing" — was co-authored by Todd Schmit, professor of applied economics and policy, and Chris Laughton '94, director of the Knowledge Exchange program at Farm Credit East.
Report Highlights:
- The average annual contribution of only agricultural production to the region’s economy was estimated at $1,180 per acre of farmland or $274 per resident.
- Agriculture, fishing, forestry and food manufacturing supported 818,408 jobs across the eight states, constituting an important contributor to employment in the region.
- Dairy manufacturing was one of the top sectors in the region, with more than $16.9 billion in direct sales, $34.5 billion in economic impact, and 85,962 jobs supported.
- The “green industry” (greenhouse, nursery and landscape services) had $19.8 billion in direct sales, $38.8 billion in economic impact and 255,517 jobs supported.
