The USDA Economic Research Service (ERS) reports 2022 net farm income in Nebraska was $6.594 billion, $1.4 billion below the $8.044 billion earned in 2021 (Figure 1). Last year’s decline, 18 percent, marked the first year since 2017 that statewide net farm income declined. Nebraska producers had scored four consecutive years of income gains in the years since 2017. Still, last year’s income was the fourth highest on record and above average.
Crop cash receipts were up 19 percent in 2022 compared to 2021, totaling $16.2 billion, a record. The value of animal production also set a record at $15.5 billion, up 19 percent. And for the second consecutive year, crop receipts exceeded livestock receipts, just the sixth time in the past 23 years this has occurred. Nebraska’s gross farm receipts, $31.7 billion, were the third highest in the nation following California and Iowa. Combined, these three states account for one-quarter of U.S. cash farm receipts.
Source: nefb.org
Photo Credit: gettyimages-artqu
Categories: Nebraska, Business, Crops, Livestock