Study shows meat industry brings $1.02 into economy
June 28, 2016
The U.S. meat and poultry industry accounts for $1.02 trillion in total economic output or 5.6 percent of gross domestic product (GDP), an new economic impact analysis conducted by John Dunham & Associates for the North American Meat Institute released earlier this month.
The meat and poultry industry is responsible for 5.4 million jobs and $257 billion in wages, the report found. An estimated 527,019 people have jobs in production and packing, importing operations, sales, packaging anddirect distribution of meat and poultry products. Wholesaling directly employs an estimated 232,418 people in all 50 states, and 1.11 million employees' retail jobs depend on the sale of meat and poultry products to the public. All totaled, the meat and poultry industry directly employs 1.9 million people, paying $71.63 billion in wages and benefits.
In addition, approximately two million full-time equivalent jobs are created in firms that supply goods and services to the meat and poultry industry.
This includes people working in industries as broad as real estate services, trucking and container manufacturing. An additional 1.57 million people have jobs throughout the economy that depend on the re-spending of wages by meat and poultry, as well as supplier industry employees. These workers range from restaurant workers to automobile mechanics, to bakers and refrigerator manufacturers.
Dunham's analysis is featured on the web site http://www.MeatFuelsAmerica.com, which enables users to view the summary of findings presented nationally, on a state-by-state basis, or on a Congressional district-by-district basis.
The site also showcases the top 10 states in terms of direct output and total output, as well as the top 25 Congressional districts in terms of direct output and total output.
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In addition to the direct economic impact, the study also captures the economic impact of suppliers to the industry and the total induced impact, or multiplier effect, on the economy of spending by employees of the direct industry and supplier firms.
The economic impact study wuses data from 2014. The study can be found at http://www.meatfuelsamerica.com. ❖