USDA has forecasted that the 2013 net farm income will be $128.2 billion, the highest since 1973, according to USDA’s 2013 farm income forecast.
USDA has forecasted that the 2013 net farm income will be $128.2 billion, the highest since 1973, according to USDA’s 2013 farm income forecast. Secretary of Agriculture Tom Vilsack said, “Today's forecast for the strongest net farm income in four decades is another positive testament to the resilience and productivity of U.S. farmers and ranchers. American agriculture continues to endure an historic drought with tremendous resolve, and last year was an important reminder of the need for a strong safety net.” According to the report, “Projected median total farm household income is expected to increase by 1.2% in 2012, to $57,723, and by an additional 1.9% in 2013 to $58,845. Given the broad USDA definition of a farm, many farms are not profitable even in the best farm income years. Despite high prices for many crops, 2012 was no exception, with median farm income projected to be -$2,799. Most farm households earn all of their income from off-farm sources. Median off-farm income is projected to increase by 3.4% in 2012, to $55,229, and by 3.9% in 2013, to $57,378.” Farm expenses are predicted to reach a record high of $19.2 billion.