Category: Agriculture

Arkansas GDP Growth – 2016:Q1

By , July 27, 2016 4:41 PM

The Bureau of Economic Analysis reported this morning that Arkansas GDP expanded in the first quarter at a 3.9% annual rate — the highest growth rate in the nation.  At least in part, today’s report provides additional evidence of a strong Arkansas economy in the first part of 2016.  However, the BEA news release pointed out that Arkansas’ growth rate was boosted by an extraordinarily strong growth in the sector of Agriculture, Forestry, Fishing, and Hunting. “This industry contributed 2.21 percentage points to the 3.9 percent growth in Arkansas.”  In other words, overall growth would have amounted to only 1.7% had it not been for the contribution of agriculture.

Source: Bureau of Economic Analysis, Gross Domestic Product by State

Source: Bureau of Economic Analysis, Gross Domestic Product by State

From the first quarter of 2015 to the first quarter of 2016, Arkansas GDP grew by 3.6% — a notable increase from the trend growth rate of approximately 2% that had prevailed in recent quarters. Agriculture was not as significant a factor in the year-over-year growth rate, contributing only 0.6 percentage points to overall growth.  So in the absence of agriculture, the state’s GDP growth would still have been 3.0%.

Source: Bureau of Economic Analysis, Gross Domestic Product by State

Source: Bureau of Economic Analysis, Gross Domestic Product by State

Besides the agricultural component, several sectors contributed to Arkansas GDP growth.  In general, the strongest sectors in Arkansas were the same as those driving growth on the national level, including Construction, Retail Trade, Information, and Health Care.  Nondurable goods manufacturing also contributed to growth for both the U.S. and Arkansas, while durable goods manufacturing contracted in the first quarter.

Source: Bureau of Economic Analysis, Gross Domestic Product by State

Source: Bureau of Economic Analysis, Gross Domestic Product by State

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Arkansas Crop Production Update

By , October 11, 2012 3:54 PM

The USDA’s National Agricultural Statistics Service (NASS) released new forecasts for Arkansas agricultural output today.  The latest projections, if realized, will represent new record-high yields for corn and rice in 2012.  The expected yield for soybeans matches a record high from 2004.  Compared to the forecasts from last month, yield forecasts were revised upward for corn, cotton, rice and sorghum.  Total production for corn is now expected to exceed 2011 output by over 65%.  Sorghum production is projected to be 68% above last year’s level.

Source: USDA National Agricultural Statistics Services

Crop damage due to this summer’s drought was clearly not as devastating as some had feared — at least here in Arkansas.  Across much of the midwest, however, the story is quite different.  Nationwide corn production in 2012 is now expected 13.4% lower than in 2012.

 

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USDA Forecasts Solid Gains for Arkansas Agricultural Production

By , September 13, 2012 8:30 AM

New forecasts from the USDA’s National Agricultural Statistics Service (NASS) project sizable increases in Arkansas agricultural output in 2012.   Output figures from 2011 and projections for 2012 are summarized in the table below.

Source: USDA National Agricultural Statistics Service.

  • Corn production, in particular, is expected to be up sharply from last year.  The increase is attributable to increases in both the number of acres harvested (+23%) and the yield per acre (+23%).
  • Cotton production is expected to fall slightly, in spite of a 7% increase in yield.  The number of acres expected to be harvested is down 12%.
  • Rice production is expected to be up 18%, with gains coming from increases in both acreage (+11%), and yield (+6%).
  • Sorghum output is also expected to benefit from higher acreage (+22%) and yield (+11%).
  • Soybean production is expected to be essentially unchanged from last year, with acreage down 2% and yield up 3%.

These statistics suggest that damage from this summer’s drought and from Hurrican Isaac are not as severe as many had feared — at least in Arkansas.  Nationwide, the drought has had a larger impact.  For example, U.S. corn production is forecast to be down 13% and soybean production down 14%.  (Crop Production, September 2012).

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