According to IDFA’s biannual report, the industry has paid around $7 billion more in salaries, $5 billion more in taxes, and supported over 3.2 million employment since 2021.
The cheese business has had the greatest economic effect, creating more than $64.4 billion, while the milk industry has supported the most employment – 67,995.
The dairy ingredients industry generated $20.4 billion in direct economic effect and supported over 16,552 jobs, while ice cream ($11.4 billion, 27,066 employment) and yoghurt and cultured goods ($8.3 billion, 10,867 jobs) also contributed significantly to the US economy. According to the IDFA, the entire effect of the dairy business on the US economy since 2021 has climbed by $41 billion, totalling $793.75 billion.
The sector also paid over $72 billion in federal, state, and local taxes, up from $67.1 billion in 2021, and paid $49 billion in direct salaries to employees, up from $42 billion. Since 2021, over 60,000 new employment have been created, with earnings increasing by 11%.
Dairy’s contribution of US GDP fell to under 3% from 3.5% in 2021, although overall exports increased to $9.5 billion, up from $6.5 billion two years before.
“The United States dairy industry is expanding to meet intense global demand, which means more jobs, higher wages, more tax breaks, and more economic growth for communities across the country,” said Michael Dykes, D.V.M., IDFA president and CEO. “Consumers in the United States and around the world recognise U.S. dairy products for their nourishing and delicious qualities, and they are purchasing record amounts of U.S. dairy products.” In turn, American dairy enterprises provide economic advantages to the areas in which they operate.”
The IDFA’s 2023 economic impact report, which includes a state-by-state analysis, may be seen at www.idfa.org/dairydelivers.