Net Farm Income up 15-PercentBOISE — After a harsh start last spring, total net farm income in Idaho rose 15 percent last year.
The final receipts showed that Idaho net farm income blasted past the USDA’s projected 3 percent increase for all US agriculture. That’s according to University of Idaho economist Garth Taylor who testified in front of the House Ag Committee and gave his annual “Financial Condition of Idaho Agriculture” report.
“Idaho is on a different track than national agriculture and I’m always amazed,” said Taylor. Taylor explained to the Committee that Net farm income is a farmers revenue minus expenses and that represents the farmer’s bottom line.
“Farm expenses were up 2-percent but net farm income climbed to 15-percent,” said Taylor. “Its because we had a 5-percent farm revenue increase across the board. That's the first increase in net farm income here in Idaho in four years.”