Economic Well Being
Information and analysis key pieces in ensuring farmers’ economic well-being
The mission of the Illinois Farm Bureau® is to improve the economic well-being of agriculture and enrich the quality of farm family life.
Accurate data and analysis are key to properly representing the financial health of Illinois agriculture. IFB regularly monitors multiple data sources and undertakes timely studies or analysis as needed.
In addition to working regularly with agricultural information experts from agencies, universities and other ag groups, IFB and its partners conduct or contract analyses to help assess markets and measure agriculture’s economic impact.
A recent white paper, titled “Farm Profitability: From Boom to Bust,” took a snapshot of the current state of the farm economy in Illinois and recommended action in five areas to make farms profitable again.
The U.S. farm economy continues a slide that began in 2013, the paper says. Net farm income is down 50 percent. Land remains expensive. And farm input costs are not falling as fast as income.
Click here to read the full white paper, including some of the factors that contributed to the downturn in the farm economy as well as what needs to change to restore prosperity to this important sector.