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Overview

Errata: On December 12, 2014, the ERS farm income estimates for 2008-2013 and the 2014 forecast, released on November 26, were revised to correct coding and data input sourcing problems in the underlying farm income database. Revisions also incorporate new data that became available following the November 26 release. While changes to individual State level estimates may be larger, at the U.S. level, these corrections and data revisions increased 2013 net farm income by 2 percent, to $129 billion. Also affected were the value of year-end inventories and related measures in the balance sheet, as well as production expenses, total value of production, gross and net value added, the value of inventory change, and their respective crop components in the income statement. Net farm income forecast for 2014 increased 0.4 percent, to $97.3 billion.

U.S. and State Farm Income and Wealth Statistics

These are the latest data concerning USDA’s forecasts and estimates of farm income, including net value added, net cash income, cash receipts, government payments, farm production expenses, and the balance sheet.

Forecasts are normally updated three times a year. The February release provides the first forecast for the current year and a revision of the prior year's forecast. The August release converts the prior year's farm income and balance sheet forecasts to estimates and adds State-level farm income estimates, revises previous years' estimates, and updates the current year's forecast. The November release updates the current year's forecast.

Note that State and U.S. revisions for 2012 and final estimates for 2013 were made in December 2014 instead of in August, due to the change in timing of specific National Agricultural Statistics Service (NASS) data releases, the 2012 Census of Agriculture, and data coding and input sourcing problems identified in late November.

Data are as of December 12, 2014. The next forecast release will be February 10, 2015.

See:

Note: Estimates are subject to revision one year after their preliminary release. Revisions are made only when additional information becomes available that changes the summarization of survey results. Because USDA's National Agricultural Statistics Service estimates are a primary source of information to the accounts, revision in their estimates will be incorporated in our estimates when our preliminary estimates are finalized. Examples include revisions in official estimates of commodity production that are a result of a Census or other credible new information. Estimates may also be revised when administrative data are changed.

Last updated: Friday, December 12, 2014

For more information contact: Mitch Morehart

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