Economic Tidbits

Soybeans Sow Economic Benefits

Soybean farming, processing, and use contributed more than $8 billion in total economic impact, 20,000 full-time jobs, and $679 million in total wages in Nebraska, on average, between 2018-2021 (Figure 2). The estimates come from a study of the economic impacts of the U.S. soybean industry by LMC International for the United Soybean Board and National Oilseeds Processors Association. More information on the study and economic impacts of soybeans can be found at: https://www.nopa.org/resources/economic-impact-of-u-s-soybeans-end-products-on-the-u-s-economy/. According to the study, Nebraska’s soybean sector comprises 6 percent of the state’s gross domestic product, fourth highest in the nation behind Iowa, North Dakota, and South Dakota (Figure 3).

The study also found the economic impact of the soybean sector in Nebraska’s 3rd Congressional District, represented by Adrian Smith, is near the top among congressional districts trailing only a district in Iowa and one in Illinois. The soybean sector contributes $5.4 billion in total economic impact, over 13,000 jobs, and $412 million in wages in the 3rd District. Nebraska’s 1st District, represented by Mike Flood, also sees substantial economic benefits from the soybean sector. The sector contributes a total economic impact of $2.3 billion, total employment of 5,700 jobs, and $174 million in wages.

FIGURE 2. TOTAL ECONOMIC IMPACT OF SOYBEAN SECTOR

Source: The Economic Impacts of U.S. Soybeans and End Products on the U.S. Economy – 2023 Update, LMC International, report for the United Soybean Board and National Oilseeds Processors Association, August 2023.

FIGURE 3. SOYBEAN SECTOR SHARE OF STATE GDP

Source: The Economic Impacts of U.S. Soybeans and End Products on the U.S. Economy – 2023 Update, LMC International, report for the United Soybean Board and National Oilseeds Processors Association, August 2023.

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