Structure and Finances of U.S. Farms: 2005 Family Farm Report

Most farms in the United States- 98 percent in 2003- are family farms. They are organized as proprietorships, partnerships, or family corporations. Even the largest farms tend to be family farms, although they are more likely to have more than one operator. Very large family farms and nonfamily farms account for a small share of farms but a large-and growing-share of farm sales. Small family farms account for most of the farms in the United States but produce a modest share of farm output. Median income for farm households is 10 percent greater than the median for all U.S. households, and small-farm households receive substantial off-farm income. Many farm households have a large net worth, reflecting the land-intensive nature of farming.Agricultural Finance, Consumer/Household Economics, Industrial Organization,

Structure and Finances of U.S. Farms: 2005 Family Farm Report

Most farms in the United States—98 percent in 2003—are family farms. They are organized as proprietorships, partnerships, or family corporations. Even the largest farms tend to be family farms, although they are more likely to have more than one operator. Very large family farms and nonfamily farms account for a small share of farms but a large—and growing—share of farm sales. Small family farms account for most of the farms in the United States but produce a modest share of farm output. Median income for farm households is 10 percent greater than the median for all U.S. households, and small-farm households receive substantial off-farm income. Many farm households have a large net worth, reflecting the land-intensive nature of farming.Agricultural Resource Management Survey (ARMS), family farms, farm businesses, farm financial performance, farm-operator household income, farm operators, farm structure, farm type, multiple-operator farms, multiple-generation farms, small farms, contracting, Farm Management,

Million-Dollar Farms in the New Century

Million-dollar farms—those with annual sales of at least $1 million—accounted for about half of U.S. farm sales in 2002, up from a fourth in 1982 (with sales measured in constant 2002 dollars). By 2006, million-dollar farms, accounting for 2 percent of all U.S. farms, dominated U.S. production of high-value crops, milk, hogs, poultry, and beef. The shift to million-dollar farms is likely to continue because they tend to be more profitable than smaller farms, giving them a competitive advantage. Most million-dollar farms (84 percent) are family farms, that is, the farm operator and relatives of the operator own the business. The million-dollar farms organized as nonfamily corporations tend to have no more than 10 stockholders.Contracting, family farms, farm businesses, farm financial performance, farm-operator household income, farm operators, farm structure, farm type, million-dollar farms, Farm Management,

ERS Farm Typology for a Diverse Agricultural Sector

The Economic Research Service (ERS) developed a farm typology which categorizes farms into more homogeneous groups than do classifications based on sales volume alone, producing a more effective policy development tool. The typology is used to describe U.S. farms.Farm Management,

Differences in Canadian and U.S. Farm Structure: What the Canadian Farm Typology Shows

Canadian and U.S. farms vary widely in size and other characteristics, ranging from very small retirement and residential farms to firms with sales in the millions. Agriculture and Agri-Food Canada (AAFC) and the United States Department of Agriculture’s (USDA’s) Economic Research Service (ERS) have each developed a farm typology to classify farms into more homogeneous groups. These typologies provide useful insights into farm structure in each country. It is difficult, however, to use the typologies to compare farm structure in Canada and the United States, because the definitions within the two typologies differ. To make direct comparisons of farm structure in the two countries the Canadian typology was applied to the farms in both nations.Crop Production/Industries, Farm Management,