ERS Report Provides Statistics on U.S. Farms
USDA Economic Research Service has released America’s Diverse Family Farms: 2020 Edition. The report provides the latest statistics on U.S. farms, including production, financial performance, and farm household characteristics by farm size. Among the findings, 98% of U.S. farms are classified as family farms, and these accounted for 86% of farm production in 2019. The report also reveals that 90% of farms are small, with gross cash farm income less than $350,000. These small farms account for 22% of production. The report notes that the average value of production on the two million U.S. farms amounted to $168,218, but few farms are actually near the average. Almost half of the farms had production valued at $6,000 or less.