Economic Impacts of Connecticut’s Agricultural Industry

Rigoberto Lopez, Deepak Joglekar, Chen Zhu, Peter Gunther and Fred V. Carstensen ()

No 2010-September-01, CCEA Studies from University of Connecticut, Connecticut Center for Economic Analysis

Abstract: In 2007 this analysis reveals that the total impact of Connecticut’s agricultural industry on the state economy ($212 billion Gross State Product) was up to $3.5 billion, measuring the value of agricultural output as statewide sales generated directly from the industry and through spillover effects on other industries. In addition, the industry contributes about $1.7 billion in value added, the difference between the value of output and the cost of raw materials, i.e., the money left in the hands of residents and business taxes, both of which stay in Connecticut. An additional model is a statistical model of the entire state economy that measures agriculture’s importance by estimating the loss of output and jobs if the sector were removed from the state’s economy.

Keywords: agriculture value-add (search for similar items in EconPapers)
JEL-codes: Q1 R1 (search for similar items in EconPapers)
Date: 2010-09
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