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Economic Impacts of Connecticut’s Agricultural Industry

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Author Info

  • Rigoberto A. Lopez
  • Deepak Joglekar
  • Chen Zhu
  • Peter Gunther
  • Fred Carstensen

Abstract

In 2007 this analysis reveals that the total impact of Connecticut’s agricultural industry on the state economy ($212 billion Gross State Product) was up to $3.5 billion, measuring the value of agricultural output as statewide sales generated directly from the industry and through spillover effects on other industries. In addition, the industry contributes about $1.7 billion in value added, the difference between the value of output and the cost of raw materials, i.e., the money left in the hands of residents and business taxes, both of which stay in Connecticut. An additional model is a statistical model of the entire state economy that measures agriculture’s importance by estimating the loss of output and jobs if the sector were removed from the state’s economy.

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Bibliographic Info

Paper provided by University of Connecticut, Connecticut Center for Economic Analysis in its series CCEA Studies with number 2010-September-01.

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Length: 28 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:uct:cceast:2010-sep-01

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Web page: http://ccea.uconn.edu/
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Keywords: agriculture value-add;

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