Farm Credit East Releases Report Indicating Northeast Agriculture, Fishing and Forest Products Generate $225.2B in Economic Activity

ENFIELD, CONN. — The agriculture, commercial fishing, forest products and food manufacturing industries are key economic engines in the Northeast, according to an economic impact report recently released by Farm Credit East, the region’s largest agricultural lender.

The report found that 71,365 farms and related businesses throughout the eight-state region of Connecticut, Maine, Massachusetts, New Jersey, New York, New Hampshire, Rhode Island and Vermont produced an estimated $225.2 billion in economic activity supporting 818,408 jobs on and off the farm.

“This report confirms that not only are agriculture, forest products, commercial fishing and food manufacturing industries important providers of food, fiber, building products, ornamentals and more, but they are also major drivers of the northeast economy, resulting in jobs and economic activity across the region,” said Mike Reynolds, Farm Credit East CEO. “These industries have a bright future here in the Northeast and with appropriate state policies and community support, will continue to enhance the region’s economy.”

Agriculture, commercial fishing, forest products, food manufacturing and related processing businesses generate the following activity by state:

• In Connecticut, these industries generate $12.7 billion in economic activity and support 49,518 jobs, with greenhouse, nursery and floriculture being the largest sector.
• In Maine, these industries generate $15.2 billion in economic activity and support 66,230 jobs. Commercial fishing, forest products and potato production are the state’s largest sectors.
• In Massachusetts, these industries generate $30.6 billion in economic activity and support 114,167 jobs, with commercial fishing being the largest sector.
• In New Hampshire, these industries generate $6.6 billion in economic activity and support 28,743 jobs, with forest products being the largest sector.
• In New Jersey, these industries generate $42.9 billion in economic activity and support 147,946 jobs, with greenhouse, nursery and floriculture being the largest sector.
• In New York, these industries generate $85.8 billion in economic activity and support 291,474 jobs, with dairy being the largest sector.
• In Rhode Island, these industries generate $3.7 billion in economic activity and support 16,907 jobs. Commercial fishing is the largest sector.
• In Vermont, these industries generate $8.6 billion in economic activity and support 37,746 jobs. Dairy is the largest agricultural sector.

The Northeast is fortunate to have diversity within these sectors, ranging from dairy to commercial fishing, fruit, vegetable, forest products, nursery and greenhouse. In addition to the economic activity created from agricultural production and harvest activities, a key takeaway from this report is the added economic impact through services businesses, such as suppliers, repair, equipment, lenders, insurance, etc., and through processing activities, such as dairy processing plants, sawmills and wineries.

This report, titled Northeast Economic Engine: Agriculture, Forest Products, Commercial Fishing and Food Manufacturing, was prepared by Farm Credit East based on the 2022 USDA Census of Agriculture data. The report was generated by Dr. Todd Schmit from Cornell University in conjunction with Chris Laughton, Director of Knowledge Exchange at Farm Credit East. The purpose of the report was to illustrate the importance of agriculture and related industries to the Northeast economy. To view a full copy of the report, visit FarmCrediteast.com/Impact.