Idaho Agriculture Revenue Expected to Close 2012 at Record Level
The agriculture industry in Idaho is expected to close 2012 with a new record for revenue growth in a year’s time period, according to findings expressed in a Capital Press article. Official numbers will be released in the University of Idaho’s annual “Financial Condition of Idaho Agriculture” in January 2013.
"It's pretty evident we will set a new record for total revenue," University of Idaho agricultural economist Paul Patterson said in the article; Patterson said cash receipts for all Idaho farm commodities combined will be up about 5 percent in 2012. At the close of 2012, 2011’s record of $7.4 billion will likely be exceeded by almost $400 million, with much credit due to grain and forage prices at high levels throughout 2012.
Idaho State Department of Agriculture Director Celia Gould said in a separate post, "The strength of Idaho agriculture's economic performance in the past couple of years has enhanced public awareness among the citizens of Idaho of the critical role the production of food and fiber plays in our state and our rural communities.”
Although agricultural economists believed 2012 would be a strong year for the industry, they did not believe it would break 2011’s standing record. Economists point to the booming corn prices of the summer to be a key reason revenue levels exceeded expectations in 2012. The Idaho
The agriculture economy experienced great success in 2012, and the 2011 record revenue will likely come to an end when the official results are released later this month.