Million-Dollar Farms in the New Century

Robert A. Hoppe, Penelope J. Korb and David E. Banker

No 58623, Economic Information Bulletin from United States Department of Agriculture, Economic Research Service

Abstract: Million-dollar farms—those with annual sales of at least $1 million—accounted for about half of U.S. farm sales in 2002, up from a fourth in 1982 (with sales measured in constant 2002 dollars). By 2006, million-dollar farms, accounting for 2 percent of all U.S. farms, dominated U.S. production of high-value crops, milk, hogs, poultry, and beef. The shift to million-dollar farms is likely to continue because they tend to be more profitable than smaller farms, giving them a competitive advantage. Most million-dollar farms (84 percent) are family farms, that is, the farm operator and relatives of the operator own the business. The million-dollar farms organized as nonfamily corporations tend to have no more than 10 stockholders.

Keywords: Farm; Management (search for similar items in EconPapers)
Pages: 41
Date: 2008-12
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersib:58623

DOI: 10.22004/ag.econ.58623

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