Source: U.S. Department of Agriculture
The most recent outlook from the Agriculture Department showed that American agriculture is on the road to recovery, according to Agriculture Secretary Tom Vilsack. "After declining more than 20 percent in 2009, all three measures of farm sector earnings experienced a rapid rebound and are forecast to rise in 2010:
- Net cash income is expected to rise more than 23 percent to $85.3 billion — the second highest on record and above its previous 10-year average;
- Net farm income has rebounded, up 24 percent from 2009, when demand for agricultural products fell worldwide due to the global recession;
- Net value added, at $127.3 billion, is expected to be up $15.2 billion from 2009, and remain 17.7 percent above its 10-year average.
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