Agriculture and agribusiness contributed $77 billion, or 17 percent, to North Carolina’s $440 billion gross domestic product in 2011.
That’s according to a new study from N.C. State University professor Mike Walden, which says that output was $5.4 billion more than in 2010.
Walden took a value-added approach to the analysis. In considering the impact of forestry, for example, he included not only the value of the product removed from the land, but also the income generated by manufacturing – furniture and fixtures, lumber, wood products, paper and similar products. Those things take the contribution of the forestry sector to $5.6 billion.
Farming – crops, livestock, aquaculture, ornaments and turf – added $14.9 billion to the state’s domestic product. However, when the income generated by food and tobacco manufacturing, wholesaling and retailing is added in, the real value of the farming sector jumps to $67 billion.
North Carolina Agriculture Commissioner Steve Troxler and other state leaders have been saying North Carolina can grow its agriculture/agribusiness industry to $100 billion.
Waldon’s analysis shows the state is getting closer to that goal.
Courtesy Triangle Business Journal