Economic Impact of U.S. Soybeans & End Products on the U.S. Economy
The Economic Impact of U.S. Soybeans & End Products on the U.S. Economy, November 2019 (PDF)
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. The study also includes one-page summaries for 39 key states where the soybean industry primarily operates.
Soybean’s support to the U.S. economy is substantial, even in the face of lower commodity prices and efficiency gains in the sector, as the U.S. industry increases production to meet global needs.
- The total economic impact on the U.S. economy from the soybean sector averaged $115.8 billion per year including $7.96 billion from crushing – the equivalent of more than 0.65 percent of the U.S. gross domestic product (GDP), and up to nine percent of the GDP for certain states.
- 357,000 people are supported by the soybean sector, comprising 280,000 paid full-time equivalent jobs including over 17,250 at crush facilities, as well as an additional 78,000 family members, beyond growers themselves, who support and are supported by soybean farming operations.
- The total wage impact of the sector averaged $11.6 billion, with approximately $570 million from crushing operations.
Soybean industry provides direct benefits to 39 states throughout the country.