Wednesday, December 21, 2011
Department of Agriculture - Economic Research Service
Estimates of farm sector income with component accounts: for the United States, 1910-2011; and for States, 1949-2010. Data are released three times a year. The next release will include the 2012 farm income and balance sheet forecast. The release is scheduled for mid February. Overview Estimates are presented of the farm sector's income generated by employment of the sector's resource base in production activities and its contribution as a key component sector of the national economy for 1910 to the present. The national farm income account is disaggregated into component accounts to provide insight into the financial performance of the diverse production activities, participants, and geographic regions of the country. Economic trends can be determined and analyzed using data related to production and marketing of commodities, expenditures for types of inputs, income for States, income by size of farm, and the role of government in supporting the sector. A complete set of estimates is provided for each State. Data Files Major data categories are value-added (farm income), cash receipts, rankings for commodities and States, production expenses, cash income, government payments, and income statements by size of farm. The historical estimates are conceptually the same as the farm income forecast and thus provide a lengthy time series for analysis of the sector's current financial health, trends, and outlook. See all data files... Release Schedule Updates are made in mid February, late August, and late November. Glossary Check the glossary for explanations of the economic concepts used throughout farm income and costs data. Questions and Answers Q. Why are the ERS income estimates referred to as farm sector accounts? A. The farm income accounts measure the earnings from all production activities in the farm sector as defined by the Bureau of Economic Analysis (BEA) for national income accounting. Q. Are the ERS income estimates comparable to income reported by farmers to the Internal Revenue Service? A. No. The conceptual framework underlying the ERS value-added accounts through which farm income is estimated is consistent with the BEA's national income accounting. Also, data are not available to duplicate taxable income accounting because of confidentiality requirements associated with tax filings. Link to web page here.