Agriculture plays a significant role in the economy of Wyoming, according to a new publication by the University of Wyoming Department of Agricultural and Applied Economics. The report reveals that agricultural production contributed $2.526 billion to the state's economy in 2021. Livestock production, particularly beef cattle ranching, accounted for the majority of the direct economic output from agricultural industries, with beef cattle alone contributing nearly 60% of the total. The report also highlights the additional economic impact generated by local purchases and spending by agricultural industry workers. Business-to-business ag supply chain purchases and household spending of agricultural industry labor income further contributed to the state's economy. These findings underscore the importance of agriculture in Wyoming and its significant contribution to the overall economic well-being of the state [35cf5797].
The U.S. sheep industry also plays an important role in supporting the economic viability and vitality of rural America and beyond. A U.S. Sheep Industry Economic Contribution Analysis conducted on behalf of the American Sheep Industry Association reveals that the total contribution of the Production Sector of the U.S. sheep industry was estimated at $1.4 billion in total output (sales), supporting 8,492 total jobs, $494 million in total labor income, $833.2 million in total value-added, and $151.4 million in total local, state, and federal taxes. The total contribution of the Processing and Manufacturing Sector of the U.S. sheep industry was estimated at $3.7 billion in total output (sales), supporting 14,153 jobs, $854.3 million in labor income, $1.4 billion in value-added, and $273.4 million in local, state, and federal taxes. These findings highlight the significant economic impact of the sheep industry in the United States [384cd9e0].
The American Horse Council's 2023 economic impact survey reveals that the equine industry has a $177 billion impact on the U.S. economy. The survey analyzed the direct, indirect, and induced economic impacts of horse ownership, recreation, and equine-related services. The total impact increased from $122 billion in 2017. Employment in the equine sector increased by nearly 500,000 jobs to 2.2 million. The overall horse population declined from 7.2 million in 2017 to 6.6 million in 2023. The decline is attributed to less breeding and more responsible breeding practices. Breed registrations have increased by 7.6% since 2017, driven by Quarter Horses, Standardbreds, and Morgans. The data collected will inform public and private investments in equine-related businesses, equine health care, education, land-use decisions, tax policy, and tourism [30c38d5f].
These reports demonstrate the economic significance of agriculture, the sheep industry, and the equine industry in Wyoming and the United States. In Wyoming, agriculture contributes billions of dollars to the state's economy, with livestock production, particularly beef cattle ranching, playing a major role. The U.S. sheep industry also makes a substantial contribution to the economy, supporting jobs, generating income, and contributing to value-added and tax revenues. Additionally, the equine industry has a significant impact on the U.S. economy, with a total impact of $177 billion and employment of 2.2 million jobs. These findings underscore the importance of continued support and recognition of these industries for the overall economic well-being of the state and the country as a whole.
Wall Street is using 'solar grazing' sheep to meet its green energy goals, according to the Financial Times [7f45d5f2]. The demand for solar panels has increased the demand for sheep, as they are used to graze on the grass beneath the panels, keeping it trimmed and preventing the growth of weeds. This has led to an increase in the price and quantity of sheep in the market. The article mentions the externalities of reduced maintenance costs and increased biodiversity resulting from the use of sheep. The relationship between the sheep and solar farmers is consistent with the predictions of the Coase theorem, as they are able to negotiate and reach mutually beneficial agreements. This innovative approach to sustainable energy production demonstrates the potential for collaboration between different industries to achieve environmental and economic goals [7f45d5f2].