USDA's Economic Research Service (ERS) is forecasting a record net farm income for fiscal year 2007 of $87.1 billion, an increase of $28.1 billion over 2006 and $29.7 billion above the 10-year average of $57.4 billion. The past record for net farm income was $85.9 billion in 2004.
ERS says the average farm household income is greater than the U.S. average household income. The value of the sector's production is expected to rise $47.7 billion to $323 billion in 2007, with production forecast to be up $23.5 billion for crops and up $20.4 billion for livestock. ERS says.