US Agriculture, Forestry and Fishing Sector
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 1.9 million farms and establishments involved in agricultural support, forestry, fishing, and hunting make up the sector. Establishments in this sector are focused on propagating and harvesting plants and animals for food, materials, and sport. While the vast majority of operations are small or family-owned businesses, corporate enterprises are entering the sector at a growing rate.
Food Safety and Traceability
Intentional and unintentional contamination of the US food supply is a growing concern.
Reliance on Government Support
The agricultural and fishing subsectors benefit from government subsidies that increase income and reduce risk and costs.
Industry size & Structure
The agriculture, forestry, fishing, and hunting sector comprises 23,300 establishments and 1.9 million farms that together employ over 1 million workers and generate about $616.8 billion in annual revenue.
- The sector represents 0.94% of the nation's Gross Domestic Product (GDP) and employs 0.8% of the country's workers.
- The sector is highly fragmented, dominated by independent farms and owner-operated businesses.
- In addition to employer establishments, the agriculture, forestry, fishing, and hunting sector (aside from farms) has 255,956 owner-operated establishments with no employees. Subsectors with the highest numbers of nonemployer establishments are crop support services (26%); fishing (24%); and animal support services (23%). The owners of nonemployer firms typically perform the work and may outsource support functions like marketing and accounting.
- Overall employment in farming, fishing, and forestry occupations is projected to decline over the next decade. From 2022 to 2032, the agricultural workforce is expected to shed 16,000 jobs, with little or no change for fishing and hunting workers, according to the Bureau of Labor Statistics. Logging is projected to shed 2,400 jobs and forestry and conservation to decline by 1,000 positions.
Industry Forecast
US Agriculture, Forestry and Fishing Sector Industry Growth
Recent Developments
Mar 16, 2025 - Trump Moves to Boost Timber Production
- President Trump in March signed an Executive Order to immediately increase domestic timber production and streamline federal policies to enhance forest management, reduce wildfire risks, and decrease reliance on imported timber, according to a White House Fact Sheet. The EO, calls for new or updated agency guidance to facilitate increased timber production, sound forest management, reduced delivery times, and decreased timber supply uncertainty. It also aims to cut red tape to streamline timber production and boost timber sales from public lands. Moreover, it pushes for quicker approvals under the Endangered Species Act (ESA) so that forestry projects aren’t delayed by slow reviews. Homebuilders and the construction industry have lobbied for loosening ESA compliance and other environmental regulations to expand timber production. As part of his EO, Trump directed the Commerce Department to investigate unfair trade practices of lumber exporters, notably Canada.
- The Agriculture, Forestry, Fishing, and Hunting sector was one of 14 services sectors reporting growth in February as measured by the Services PMI, an index of prevailing economic trends as reported by purchasing and supply managers to the Institute for Supply Management. Employment on farms and ranchers grew 2.7% in the fourth quarter compared to a year ago but fell 1.4% from Q3, according to the latest farm labor report from the USDA. Employment by the sector is highly seasonal and remains below pre-pandemic levels. Average wages for all farm workers increased 1.6% year over year to $19.11 per hour in Q4 with the average wage for field workers at $18.57 per hour compared with $17.51 per hour for livestock workers, per the USDA.
- The federal government has come to the rescue of the ailing US farm sector with an unprecedented infusion of cash, Farm Journal reports. The nation’s farms can expect to see a significant increase in net farm income in 2025, primarily driven by a staggering 345% increase in government payments, despite a decline in overall farm revenues. According to the USDA’s Economic Research Service, net farm income is forecast to reach $180.1 billion, up $41 billion from 2024, while net cash farm income is projected to hit $193.7 billion, a $34.5 billion increase. Farm Journal notes that while the increase in government payments has bolstered working capital and improved financial health indicators, concerns persist regarding the long-term sustainability of farm support programs. With farm receipts declining and tariff uncertainties looming, lawmakers may face pressure to reform the farm safety net.
- President Trump has signed an executive order temporarily halting offshore wind lease sales in federal waters and pausing the issuance of approvals, permits, and loans for onshore and offshore wind projects, the AP reports. While the order is likely to face a court challenge, it’s being welcomed by commercial fishers – including the New England Fishermen’s Stewardship Association – opposed to offshore wind development out of concern about the potential impact on catches along the East Coast. While the order doesn’t seek to freeze wind projects already under construction, the administration is exploring the possibility of “terminating or amending” any leases that have already been issued. The Biden administration approved permits for 11 commercial-scale wind farms along the East Coast of which five are under construction and one has been completed, according to The New York Times.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.