New Study From NOPA, USB Shows Soybean Industry has $124B Impact on U.S. Economy

A new study released by the National Oilseed Processors Association (NOPA) and the United Soybean Board (USB) called The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy examines the economic contributions of the soybean processing and refining sectors.

The 33-page impact analysis is based on data from the 2019/20 to 2021/22 crop years encompassing impacts quantified in terms of revenue, wages, jobs, and the number of people dependent on the sector - the production, distribution, and use of soybeans or soybean products spanning the value chain from farming, to consumption, and exports.

Highlights from the report include:

~ The total economic impact on the U.S. economy from the soybean sector averaged $124 billion, including $85.7 billion from soybean production and $9.8 billion from soybean processing.

~ There are more than 500,000 individuals involved in soy farm decision-making, including 233,000 paid, full-time equivalent jobs and another 62,000 family members beyond growers who reside on farms and are integral to the farming operation. ~ The total wage impact of the sector averaged $10 billion, and the U.S. soy sector accounts for approximately 0.6 percent of the U.S. GDP.

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