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Agricultural Income and Finance Situation and Outlook: 2024 Edition

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  • Editor:
  • Litkowski, Carrie

Abstract

The Coronavirus (COVID-19) pandemic and its associated economic effects had implications for U.S. farms, the households that operate them, and the value of the land being farmed. Farm operations received record-level direct Government payments in 2020 largely due to financial assistance from COVID-19-related programs. Farm households, many of which rely on off-farm employment to supplement their total household income, were susceptible to higher nonfarm unemployment rates in 2020. And, although the pandemic had the potential to adversely affect farmland values, evidence suggests the demand for farmland remained high in 2020 and into 2021. This report examines the distribution of pandemic-related assistance for farm operations, farm household susceptibility and resilience to off-farm unemployment periods, and developments in farmland rental and real estate markets during the first years of the COVID-19 pandemic.

Suggested Citation

  • Editor: & Litkowski, Carrie, 2025. "Agricultural Income and Finance Situation and Outlook: 2024 Edition," Economic Information Bulletin 355632, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersib:355632
    DOI: 10.22004/ag.econ.355632
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    References listed on IDEAS

    as
    1. Thomas W. Hertel & Jayson Beckman, 2011. "Commodity Price Volatility in the Biofuel Era: An Examination of the Linkage between Energy and Agricultural Markets," NBER Chapters, in: The Intended and Unintended Effects of US Agricultural and Biotechnology Policies, pages 189-221, National Bureau of Economic Research, Inc.
    2. Olga Isengildina-Massa & Scott Irwin & Darrel Good & Luca Massa, 2011. "Empirical confidence intervals for USDA commodity price forecasts," Applied Economics, Taylor & Francis Journals, vol. 43(26), pages 3789-3803.
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