U.S. Farm Production Expenditures Top $367 Billion in 2013; Farm Real Estate Values Increase

U.S. farmers spent $367.3 billion on agricultural production in 2013, a 2 percent increase from 2012, according to the Farm Production Expenditures report, released this month by the U.S. Department of Agriculture’s National Agricultural Statistics Service. Per farm, the average expenditures total $175,270 compared with $171,309 in 2012, up 2.3 percent. Crop farms account for the majority of production expenditures in 2013. The average expenditure per crop farm totals $211,659 compared to $143,521 per livestock farm. Farm real estate also saw an increase. In 2014, U.S. farm real estate value averaged $2,950 per acre for 2014, up 8.1 percent from 2013. Regional changes in the average value of farm real estate ranged from a 16.3 percent increase in the Northern Plains region to 1.1 percent increase in the Southeast region. The highest farm real estate values were in the Corn Belt region at $6,370 per acre. The Mountain region had the lowest farm real estate value at $1,070 per acre. Read more.