Farm Credit East, the largest lender to Northeast agriculture, has released an outlook report containing information and economic analysis about many Northeast agriculture industries. This report examines challenges and opportunities for Northeast agriculture, as well as the impact of broader economic trends and conditions on the region's farm businesses.
"Farming, forestry and fishing businesses have rapidly become knowledge-based businesses," said Bill Lipinski, Farm Credit East CEO. "At Farm Credit East, we have an incredible network of agricultural experts, both internally and industry professionals, that are knowledgeable of industry trends and information. Our goal with this report was to collect our knowledge and analysis resources to pass along to our members to help them prepare their businesses for the future."
This report opens with an optimistic outlook on Northeast agriculture. Following that, Farm Credit East senior leaders, consultants and appraisers provide information on financial management and planning, real estate markets, an overview of the national economy and business outlooks by agricultural industry.
The report also features 11 short perspective papers from some of the industry's top thought leaders, including:
- Dr. Andrew Novakovic, Cornell University, highlights coming trends affecting Northeast agriculture;
- Dr. Brent Gloy, Purdue University, comments on the increase in farmland values throughout the U.S.;
- Dr. Michael Goodman, University of Massachusetts, Dartmouth, takes a look at the U.S. economy;
- Guido van der Hoeven, North Carolina State University, talks about handing down the farm to the next generation;
- Kathryn Ruhf, Land for Good, offers perspectives on beginning farmers;
- Drs. Charles Nicholson, Penn State, and Mark Stephenson, University of Wisconsin-Madison, explore milk price cycles;
- Dr. Greg Bethard, G&R Dairy Consulting, Inc., talks about dairy herd replacement;
- Dr. Ben Campbell, University of Connecticut, covers local and organic foods and what they mean to consumers;
- Jeff LaFleur, Massachusetts Association of Conservation Districts, tackles environmental regulatory certainty;
- Dr. Thomas Sproul, University of Rhode Island, examines agriculture as an engine of economic development; and
- Dr. Todd Schmit, Cornell University, explores food manufacturing relative to other manufacturing sectors.
This report, titled Northeast Agriculture 2014: Insights and Perspectives, was compiled by Farm Credit East in March 2014. The purpose of the report was to provide customer-members with economic analysis and outlook information to assist in business planning. To view a full copy of the report, contact your local Farm Credit East office or visit FarmCreditEast.com