Most States Saw Growth in Net Farm Income During 2022

The U.S. saw growth of almost 31 percent in net farm income from 2021 through 2022. NFI is a broad measure of farm sector profitability. Researchers with USDA’s Economic Research Service used data from the Farm Income and Wealth Statistics to classify states into six categories of NFI changes. The five agricultural states with the highest NFI include Texas, which had the highest NFI growth at 65 percent from 2021 to 2022, followed by Minnesota at 55.7 percent. Growth in the remaining top five states, including California, Iowa, and Illinois was also strong. Other states among the top 25 for average NFI had a wide range of NFI changes from 2021 to 2022. Many showed strong growth, such as Idaho at 116 percent, Georgia at 104 percent, Florida at just over 100 percent, and North Dakota at 76 percent. However, Kansas and Washington NFI fell 23 and 28 percent, respectively.