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.
Changes in 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 1.4% of the nation's Gross Domestic Product (GDP) and employs 0.7% 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
Feb 16, 2025 - Fed Payments Lift Farm Economy
- 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.
- Falling crop prices and rising input costs are causing US farmers to cut back on spending, sending shocks throughout the US agriculture sector and prompting The Wall Street Journal to announce in a December headline “America’s Farm Recession is Here.” The downturn in the ag economy, which began in 2023 when net farm income tumbled 20% and again by about 4% in 2024, follows record setting farm income in 2022 fueled by soaring grain prices due to the pandemic and war in Ukraine, according to the USDA. Rising costs for seed, fertilizer, and equipment amid tumbling prices for corn, soybeans, and wheat due to bumper crops is weighing on farmers’ earnings, WSJ reports. Some farmers are counting on a multibillion-dollar federal bailout attached to the continuing resolution signed by President Biden in December that contains a $10 billion provision for economic assistance to farmers.
- Participation in commercial fishing in the US is declining, National Fisherman reports. “The graying of the fleet is real,” Andrea Tomlinson, of the New England Young Fishermen’s Alliance (NEYFA) told a Workforce Development panel at this year’s Pacific Marine Expo, adding “It’s a nationwide problem.” Barriers to entry facing would-be fishers include financial constraints and a lack of mentorship. To help rebuild the workforce, the Alaska Longline Fishermen’s Association’s Crew Training Program is focused on mentorship and has placed over 130 young people on boats, helping them learn the ropes in a safe, supportive environment. To help those already involved in commercial fishing advance their careers the NEYFA has launched the Deckhand to Captain (DTC) training program, an intensive nine-month course designed to guide individuals from seasoned deckhands to successful owner-operators. The DTC program is open to commercial fishermen with at least three years experience as a deckhand or sternman.
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