FOR IMMEDIATE RELEASE
Thursday, December 4, 2008
For more information contact:Bill Clary
(502) 564-4696
Thursday, December 4, 2008
For more information contact:Bill Clary
(502) 564-4696
LOUISVILLE, Ky. — Kentucky Agriculture Commissioner Richie Farmer said record farm cash receipts and higher net farm income in 2008 are a tribute to the skill and resolve of Kentucky’s farmers and the impact of the state’s agricultural development efforts.
Kentucky farmers took in an estimated $4.7 billion for farm products this year, topping the 2007 record of $4.43 billion, University of Kentucky economists reported Thursday at the 89th Kentucky Farm Bureau annual meeting in Louisville. Net farm income rose by more than 10 percent, even with significantly higher input costs, the UK economists said. They forecast 2009 farm cash receipts of $4.6 billion.
“Kentucky’s farmers did remarkably well in this economic climate,” Commissioner Farmer said. “They got through this year with hard work and resourcefulness. I commend them for rising above the challenges of the past year.”
Commissioner Farmer said the economic outlook report shows that Kentucky’s investments in agricultural diversification are working. Another UK study, released last month, found that $86 million in tobacco settlement funds invested in individual “non-model” projects from 2001 to 2007 returned $1.87 in new farm income for every dollar invested. The study found that every dollar invested in the Kentucky Proud farm marketing program generated $4.70 in new farm income.
“Kentucky’s farmers did remarkably well in this economic climate,” Commissioner Farmer said. “They got through this year with hard work and resourcefulness. I commend them for rising above the challenges of the past year.”
Commissioner Farmer said the economic outlook report shows that Kentucky’s investments in agricultural diversification are working. Another UK study, released last month, found that $86 million in tobacco settlement funds invested in individual “non-model” projects from 2001 to 2007 returned $1.87 in new farm income for every dollar invested. The study found that every dollar invested in the Kentucky Proud farm marketing program generated $4.70 in new farm income.
"These investments are producing positive returns at a time when individuals, businesses and even entire industries are suffering great hardship,” Commissioner Farmer said. “The General Assembly was wise to create this program. But we can’t rest on our laurels. This economic situation calls for bold action to keep the gains we’ve made and build on them.
“We especially need to maintain and expand the Kentucky Proud program. Consumers increasingly are demanding fresh food made or raised right here at home. There has never been a better time to promote Kentucky Proud products.”
Kentucky Proud generated an estimated $120 million in retail sales of Kentucky products in 2006-07. More than 1,300 farmers, processors, retailers, restaurants, farmers’ markets and state parks are members of Kentucky Proud.
The UK report said cash receipts for livestock were down this year, but crop receipts, buoyed by high prices, rose nearly 40 percent. Cash receipts for vegetables were more than double the level of 10 years ago, and Kentucky growers achieved near-record yields for apples and peaches, the report said.
“We especially need to maintain and expand the Kentucky Proud program. Consumers increasingly are demanding fresh food made or raised right here at home. There has never been a better time to promote Kentucky Proud products.”
Kentucky Proud generated an estimated $120 million in retail sales of Kentucky products in 2006-07. More than 1,300 farmers, processors, retailers, restaurants, farmers’ markets and state parks are members of Kentucky Proud.
The UK report said cash receipts for livestock were down this year, but crop receipts, buoyed by high prices, rose nearly 40 percent. Cash receipts for vegetables were more than double the level of 10 years ago, and Kentucky growers achieved near-record yields for apples and peaches, the report said.
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