The number of farms in the United States is declining due to aging producers and increasing costs, with a 6.9% decrease to reach 1.9 million in 2022, according to the report from the United States Department of Agriculture.
Key points to remember:
- A 6.9% decline in the number of American farms over the past five years.
- A 2.2% decrease in the total area of farms.
- High costs of land and equipment limiting the entry of new generations into agriculture.
- Increase in the average age of producers to 58.1 years in 2022.
- A 30% increase in agricultural production expenses over the five-year period.
- Despite the decrease in the number of farms, an increase in new producers with 10 years or less of experience.
Source: bloomberg.com
