shop online at www.missourivalleyshopper.com September 15, 2015 • Page 15 Economic Impact of Beef & Pork Industries on SD BROOKINGS, S.D. - South Dakota’s beef and pork industries make a significant contribution to economic output and development within the state, said Gary Taylor South Dakota State University Associate Professor of Economics. South Dakota’s beef and pork industries make a significant contribution to economic output and development within the state, said Gary Taylor South Dakota State University Associate Professor of Economics. “Agriculture is our state’s number one industry, and within that industry, beef and pork operations contribute to our state’s economy through employment, input purchases and taxes,” Taylor said. Based on 2012 data, the state is home to some 1.6 million cows who produce about 1.7 million calves and an estimated $2,283,766,027 gross income. During the same time frame, the state housed 175,000 sows that produced about 3.7 million pigs and an estimated $602 million in gross income. With the help of an input/output analysis program, the IMPLAN Pro3 model, Taylor was able to graph the direct and indirect impacts of both industries on the state. This information is updated about every five years by the SDSU economics department. Beef industry details In 2012 the beef industry provided an estimated total economic impact of $4.48 billion, 12,571 full-time equivalent jobs, and a net positive tax impact of $613,762. In addition the beef industry provides a market for an estimated 44.2 million bushels of corn, 9.8 million tons of forage, and 34.5 thousand tons of soybean meal. The direct effect of South Dakota’s beef cattle industry is $2.28 billion of gross income. The indirect effect, which consists of the business-to-business activity is $1.8 billion while the induced effect, which comprises household spending as a result of the economic activity in the beef industry is more than $ 334 million (Table 1). Table 1. Beef Industry Output Impact Direct $2,283,766,027 Indirect $1,865,961,681 Induced $334,573,916 Total $4,484,301,624 In nominal 2012 dollars “In 2012 the direct impact was $569 million higher than our most recent similar analysis which was based on 2008 data ($1.714 billion),” Taylor said. He attributes the increase to significantly higher output prices, approximately $130 per hundredweight (in 2012) versus $91.30 per hundredweight (in 2008). “This occurred despite marketing approximately 83,200,000 fewer pounds of beef in 2012, a 4.5 percent decrease relative to the 2008 data,” Taylor said. “The multiplier for the beef industry from the IMPLAN program is 1.95, suggesting that each dollar of economic activity in the beef industry generated another $0.95 of economic activity in the rest of South Dakota’s economy.” When looking at the impact the beef industry had on employment, Taylor again relied on IMPLAN; see Table 2. Table 2. Employment and Taxes on Production and Imports Employment (#FTEs) Net Taxes (Nominal $) Direct 4,397 -$26,218,968 Indirect 5,334 $8,331,705 Induced 2,840 $18,501,025 Total 12,571 $613,762 “The beef industry continues to provide a significant contribution to the economic health and growth in South Dakota,” Taylor said, referencing Table 3. “The beef industry is expected to continue making a positive contribution to South Dakota’s economy in the foreseeable future, especially in the presence of low beef supplies and high beef prices.” Table 3. Distribution of the Economic Impact of the Beef Industry in South Dakota Million $ (% of total) Cattle ranching and farming $1,185 63.5 Monetary authorities and depository credit activities Sell us your stuff! We buy nearly anything of value. - Tools, Furniture, Electronics, Household Items, Lawn & Garden Equipment, etc. Entire estates give us a call. Open 7 days a week! $195 10.4 Other animal feed manufacturing $92 5.0 Wholesale Trade $73 4.0 Real Estate $69 3.6 Grain Farming $34 2.0 Truck Transportation $34 2.0 Electric power generation and distribution $29 1.5 Other crop farming $23 1.2 Commodity contracts, investments $21 1.1 Other $114 5.7 Total Indirect Impacts * $1869 100.0 *In million nominal 2012 dollars Pork industry details The pork industry in South Dakota is a major contributor to economic activity in the state. The direct impact of the pork production sector is $602,150,022 and it produces a total impact of $892,112,963. “In addition, the production sector accounts for 5,827 jobs and $1,365,352 in taxes on production and imports,” said Taylor. Table 4. Pork Industry Output Impact Direct $602,150,022 Indirect $152,104,927 Induced $137,958,014 TOTAL $892,112,963 In nominal 2012 dollars. The data points to an increase over 2008 numbers by Main Street Cafe $45,000/Tyndall Everything goes! Building, Inventory, Equipment, and Furnishings. Presently serving Breakfast & Lunch. RIVERCITY Call Max 605-661-8434 Treasures & Pawn 301 E. 3rd Street, Yankton, SD 665-3588 $200 million. Taylor attributes this increase to significantly higher output prices of about $71.13 per hundredweight in 2012 versus $46.80 per hundredweight in 2008. “Producers marketed 74.8 million more pounds of pork in 2012 than in 2008,” Taylor said. Table 5. Distribution of the Economic Impact of the Pork Industry in South Dakota Million $ (% of Total) Animal production, except cattle, and poultry and eggs $635 71 Other animal food manufacturing $34.10 3.7 Cattle ranching $14 1.6 Monetary authorities and depository credit intermediation activities $20 2.2 Wholesale trade businesses $17 1.9 Real estate establishments $13 1.5 Electric power generation, transmission and distribution $9 1 Private Hospitals $11 1.2 Physicians and dentists $9 1 Imputed rental activity $19 2.2 Other $110 12.8 Total $892 100 Total Indirect Impacts in million nominal 2012 dollars. ?iGrow FAX US YOUR AD & SEE THE RESULTS! Use your FAX machine to send us your Classified ad. Remember to include your name & ad. Prepayment is required when placing classified. We accept Visa or Mastercard. 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DESCRIPTION RANCH STYLE HOME Financing Available W.A.C. ©2008 CNH America LLC. All rights reserved. Case IH and CNH Capital are registered trademarks of CNH America LLC. Legal: W232.08’ EXC S132.93’ BLK 5 Volin Addn, Yankton County, SD. Taxes: $1,457.90 At auction is a 2009 Manufactured Ranch-Style Home on the South edge of Volin. Home is 1,782 sq. ft and sits on a concrete floor with concrete footings. Home has 4-bedrooms and 2-full baths. Electric utilities and well water with reverse osmosis Culligan water system put in in 2005. City water hookup is available at new owner’s expense. All appliances stay with the home except the washer & dryer. Home has asphalt shingles & vinyl siding and has a 10’x17’ concrete patio on front. This home sits on 1.08 acres and has a full concrete drive leading up to a large, unattached 3-car, 26’x44’ garage that was built in 2010. Garage is wired with 220 and all doors have electric openers. Garage has steel roof & vinyl siding. Auctioneers Note: This has been a well maintained home and sits on an oil road. You are only minutes from both Yankton & Vermillion and is located in the Gayville-Volin School District. Home is ready to move-into. Please make plans to attend one of the open houses or make arrangements with the auction company for a viewing. Terms: $10,000 non-refundable down payment due the day of the auction with the balance due on closing date of Nov. 2nd, 2015. Yankton County Title – Closing Agent. Taxes will be prorated to the date of closing. Property is sold in “as-is” condition and not subject to the buyer’s ability to obtain financing. Title insurance and closing cost split 50/50 between the buyer and seller. Auctioneers are acting as agents to the seller. Joe Guy – Owner Marv Girard BA #12399; Ken Girard, CAI, AARE, Broker #10183; Mike Girard, CAI, BA #13549 GIRARD AUCTION & LAND BROKERS, INC. (605) 267-2421 Toll Free: 1-866-531-6186 www.GirardAuction.com