Analysis: Average Farm Pumps More Than $1M into Economy
MITCHELL, S.D. (AP) — An analysis has found that the average South Dakota farm pumped more than $1 million into the local economy last year.
The Daily Republic reports that Mitchell Technical Institute's South Dakota Center for Farm/Ranch Management found that farmers in the state spent close to $1.1 million in operating costs, capital investments and family living expenses in 2015.
Much of that spending stays in-state.
Instructor Kathy Meland says 2015 was a rough year for farmers because crop prices declined more than expenses. Cash-farm income is down to levels not seen since 2009. The average farm incurred more than $887, 000 in expenses in 2015, with cash-farm income just above $1 million.
Meland says 2016 so far doesn't look like a better year financially for South Dakota farmers.
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