Production Land In Idaho Can Be Profitable
As featured in Land Investor Magazine Vol. 1
The University of Idaho agricultural economists Garth Taylor and Ben Eborn reported an 11% increase in 2014 for Idaho farm and ranch net income. Additionally, there was a 6% decrease in expenses, which resulted in a 46% increase overall in reported income for 2014, up to $4.53 billion net, a record set by Idaho farmers and ranches. Interestingly, there was a decrease nationwide of over 20%. American agriculture remains a bright spot in our nation’s economy and especially across the West. The theory of farming and ranching being profitable in tougher times is bearing itself true. It seems that trend is continuing in 2015, with the future looking bright as well.
There was a low snowpack in the winter of 2014 through early 2015, but this year’s spring rains have been a boon for needed moisture, and crops are looking good. In the three-year period from 2011 to 2013, Idaho farm income alone has seen an increase to $900 million, per the USDA, and farm and ranch operators are in a very good position. Even more interesting is that the dollar per acre in Idaho is still a relative bargain in comparison to some of the prices seen in the Midwest. Idaho has become a national leader in agricultural exports that include potatoes, livestock feeds, wheat, dairy, and feed grains. One reason for that is the adjudication process of water rights in Idaho and what it has done for the confidence of the land owners and for the future of Idaho agriculture lands.
This is good news for our national economy and good news for Idaho and other states in the Northwest. If expansion into the agriculture market has been on your mind or you want to continue the ride, do not overlook the states in the Rocky Mountain West, especially Idaho.
Connect with Dave Halgerson
Dave Halgerson is the Managing Broker in Idaho and also does extensive work in Oregon, specializing in large ranch and farm transactions along with recreational real estate, which includes hunting, fly fishing, and mountain properties since 2009. Located in Ketchum, Idaho, Dave has proven himself a top-producing broker, always working in the client's best interest. In the past few years, Dave has been credited with over $92.5M in sales and represents $49.8M worth of properties ranging from large working cattle ranches to farm grounds, and big game animals are a large part of each property. Dave loves the inherently interesting nature of significant land transactions and the unique challenges that come with them. Dave embodies the adventurous spirit he advocates, whether through hunting elk in the Pioneer, Boulder, and Sawtooth Mountains or fishing in the abundant trout streams in the region. Dave offers more than just real estate transactions; he provides a gateway to a life filled with passion and connection to the natural world.
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