According to research by the Virginia Department of Agriculture and Consumer Services, a small increase in consumption of local agricultural products could have a major impact on Virginia’s economy.
Agriculture is currently Virginia’s leading industry, generating $55 billion annually. Locally, as well as nationally, agriculture has been able to withstand the economic downturn. Moreover, the rising prices on major American commodity crops have led farmers to enjoy record farm incomes. Major agricultural booms also help benefit the larger economic forecast. Increased agricultural production and incomes often trickle down throughout the local economy, benefitting businesses that offer services to farmers, contract with local farmers, and buy good from local farmers.
To this end, the Virginia Department of Agriculture has joined with the Virginia Farm Bureau, the Virginia Cooperative Extension Service, and other members of the Virginia Food System Council, to promote buying local produce.
According to these groups, if every Virginia household spent $10 a week on locally grown agricultural products, the overall effect on the Virginia economy could be immense, with as much as $1.65 billion being reinvested in the state’s economy. The Virginia Food System Council is urging consumers to take the $10 Buy Local Challenge, which nicely compliments the Department of Agriculture’s Virginia Grown program.
To learn more about agricultural financing opportunities contact a Farm Plus Financial representative by calling 866-929-5585 or by visiting www.farmloans.com.
Follow us on: Twitter
Written by: Justin Ellison / Farm Plus Staff Writer