Economic Development

Indiana farm income expected to jump 20 percent

September 4, 2010

 

Indiana farmers can thank weather problems around the world and a recession at home for an expected jump in their income this year.

The federal government and a Purdue University economist say Indiana farm income is expected to rise 20 percent over last year.

Purdue agricultural economics Professor Christopher Hurt told The Journal Gazette of Fort Wayne that some of the increase is due to the recession, which pushed down prices for fertilizer and made it cheaper to produce an acre of crops.

Hurt says droughts and floods that damaged crops elsewhere in the world boosted prices for U.S. crops like wheat and corn.

The 20 percent increase in farm income would add $508 million to the state's economy.

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