Net Income from Farming 1/ 1997 1998 1999 2000 2001 ------------------1,000 Dollars--------------------- Final crop output2/ 563,232 513,115 560,583 501,432 538,069 Final animal output2/ 1,442,776 1,440,109 1,453,795 1,569,955 1,673,358 Services and forestry 117,700 139,658 137,057 125,167 129,920 Machine hire and customwork 19,056 25,445 15,534 14,659 18,963 Forest products sold 3,000 2,000 2,000 2,000 2,000 Other farm income 34,458 51,297 62,450 42,980 45,672 Gross imputed rental value of 61,186 60,916 57,073 65,528 63,285 farm dwellings Final Agricultural Sector Output 2,123,708 2,092,881 2,151,435 2,196,554 2,341,347 less: Intermediate consumption 1,188,274 1,119,585 1,123,998 1,279,657 1,159,206 outlays Farm origin 690,975 625,437 632,275 738,400 650,376 Feed purchased 299,774 269,560 253,078 267,664 235,743 Livestock and poultry purchased 367,355 333,320 354,384 446,245 390,787 Seed purchased 23,846 22,557 24,813 24,491 23,846 Manufactured inputs 137,244 130,508 130,916 148,548 145,688 Fertilizers and lime 36,530 32,490 32,984 31,834 30,789 Pesticides 19,929 20,878 19,692 20,403 19,454 Petroleum fuel and oils 50,377 45,392 46,082 65,318 61,102 Electricity 30,408 31,748 32,158 30,993 34,343 Other intermediate expenses 360,055 363,640 360,807 392,709 363,142 Repair and maintenance of 65,969 69,955 68,734 70,369 67,768 capital items Machine hire and customwork 19,732 23,201 22,746 23,782 23,069 Marketing, storage, and transportation 70,587 64,140 62,317 71,318 56,459 expenses Contract labor 27,282 24,689 24,983 32,213 25,413 Miscellaneous expenses 176,485 181,655 182,027 195,027 190,433 plus: Net government 10,554 31,522 65,304 50,501 65,698 transactions + Direct government payments 38,995 60,809 92,378 79,495 93,729 - Motor vehicle registration and 4,996 5,928 4,660 6,064 5,617 licensing fees - Property taxes 23,445 23,359 22,414 22,930 22,414 Gross Value Added 945,988 1,004,819 1,092,741 967,399 1,247,839 less: Capital consumption 103,141 106,030 103,190 102,354 103,401 Net Value Added 842,847 898,789 989,551 865,045 1,144,438 less: Factor payments 297,170 295,619 310,764 324,387 324,791 Employment compensation (total 164,929 166,782 171,187 186,771 183,559 hired labor) Net rent received by nonoperator 41,424 39,195 46,348 40,097 44,583 landlords Real estate and nonreal estate 90,817 89,642 93,229 97,519 96,649 interest Net Farm Income 545,677 603,170 678,787 540,658 819,647 1/ Final sector output is the gross value of the commodities and services produced within a year. Net value-added is the sector's contribution to the national economy and is the sum of the income from production earned by all factors-of-production. Net farm income is the farm operators' share of income from the sector's production activities. The concept presented is consistent with that employed by the Organization for Economic Cooperation and Development. 1997-2000 revised. 2/ Includes home consumption and value of inventory adjustment. SOURCE: USDA, Economic Research Service. 15