November 16, 2021
Economy

US dairy industry’s economic impact totals $753 billion

The U.S. dairy industry continues to play a strong role in the U.S., supporting 3.3 million total jobs and $41.6 billion in direct wages, according to the latest economic impact report from the International Dairy Foods Association.

 

IDFA’s 2021 Economic Impact Study, which measures the combined impact of the dairy products industry, showed the U.S. dairy industry’s economic impact totaled $752.93 billion.

 

The newly released figures indicate that the U.S. dairy industry now contributes:

  • 3.5 percent of U.S. GDP
  • 3.3 million total jobs
  • $41.6 billion in direct wages for workers in dairy industry
  • $67.1 billion in federal, state and local taxes (not including sales taxes paid by consumers)

 

For the first time, the total value of exports was included in the study, revealing the U.S. dairy industry is responsible for a total of $6.5 billion in exported goods and…

Read full article here: drgnews.com