Dr. Penson Feature
The U.S. economy is on the cusp of a rural renaissance, with historic investments going toward infrastructure and economic development in the coming years. Real gross domestic product (GDP) has recovered to 2019 levels, but is still below the pre-pandemic trend. For agriculture, strong commodity prices and export demand have led to farm income reaching its highest level since 2013. However, the combination of geopolitical tensions, labor shortages, supply chain disruptions, and escalating production costs is causing the farm economy to approach the current outlook with cautious optimism. The promise of higher interest rates and production costs indicate that it may be prudent to lock in flexible capital with fixed rates to hedge against inflationary pressure.
Real gross domestic product (GDP) has recovered to 2019 levels, but is still below the pre-pandemic trend. For agriculture, strong commodity prices and export demand have led to farm income reaching its highest level since 2013. However, the combination of geopolitical tensions, labor shortages, supply chain disruptions, and escalating production costs is causing the farm economy to approach the current outlook with cautious optimism.
Dr. John B. Penson, Jr., Chief Economist
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