Ag News
Georgia farmers' expenses increased in 2023
Posted on Aug 30, 2024 at 17:02 PM
Overall production expenses for Georgia farmers totaled $10.89 billion in 2023 according to the Farm Production Expenditures Report from the USDA’s National Agricultural Statistics Service (NASS), a 7% increase over 2022, when the cost of production for the state’s farmers totaled $10.17 billion.
Feed purchases the largest portion of farm production expenditures by Georgia farmers, accounted for 30% of the expenditures in Georgia, increased 10 percent to $3.31 billion in 2023.
Georgia’s farmers incurred $2.04 billion in livestock and poultry-related expenses in 2023, a 29% increase over 2022, when those expenses totaled $1.58 billion.
Farm services expenditures totaled $1.11 billion in 2023, up 11% from 2022.
Labor costs for Georgia farmers totaled $780 million in 2023, up 39% from 2022, when labor cost them $560 million.
Georgia farmers spent $155 million on interest in 2023, up from $150 million in 2022, an increase of 3%.
Georgia farmers also spent more in 2023 on supplies and repairs, improvements and construction, non-self-propelled farm machinery, seeds and plants, and miscellaneous capital items.
According to NASS, Georgia farmers spent $160 million less on tractors and self-propelled machinery in 2023, when they paid out $390 million, after spending $550 million in 2022.
Fertilizer, lime and soil conditioners cost the state’s producers $490 million in 2023, down 23% from 2022, when they spent $640 million. Agricultural chemicals expenditures were $100 million less for Georgia farmers, from $470 million in 2022 to $370 million in 2023.
Georgia’s farmers spent $90 million on trucks and autos in 2023, down $80 million, or 47%, from 2022.
Georgia farmers’ expenditures on rent and taxes also decreased in 2023.
Nationwide, NASS estimated total farm production expenditures at $481.9 billion for 2023, up from $452.5 billion in 2022. The 2023 total farm production expenditures are up 6.5 percent compared with 2022 total farm production expenditures. The total expenditure average per farm in the United States is $255,047 for 2023, up 12.4 percent from $226,885 in 2022.
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