Nearly 17.77% of the nation’s economy and 29.14% of American jobs are linked to the food and agriculture sectors, either directly or indirectly, according to the sixth annual Feeding the Economy report presented by the American Bakers Association (ABA).
“This study sheds light for policymakers on how the baking industry and the food and agriculture sector not only feeds Americans but also feeds the U.S. economy,” says Robb MacKie, president and CEO, ABA “Two years into the COVID-19 pandemic, this year’s study highlights how the industries remained resilient to provide Americans with jobs, economic opportunity and safe food.”
- The bakery, food and agriculture sectors bring in 43,464,211 total jobs and $182.91 billion in exports and make up $7.43 trillion of total food and industry economic impact.
- To measure the total economic impact of the sectors, the analysis also includes the direct and indirect economic activity surrounding these industries, capturing both upstream and downstream activity. For example, when a farm equipment retailer hires new employees because farmers are buying more tractors, experts consider the new salaries an indirect impact. Similarly, when a retail associate spends his/her paycheck, an induced economic impact occurs. Together, these have a multiplier effect on the already formidable direct impact of food and agriculture.