2020 is set to have the highest annual income for farms since 2013 when the market peaked at $139.1 billion. Following that year, the market crashed and this upcoming year is expected to have the first upturn in profit since. This year, it is projected that US farms will bring in a total of $96.7 billion, a 3.3% rise from last year.
Though this gap between 2013 and now seems large, if this prediction is correct the net income would be $5.1 billion more than the average from 2000 to 2018. Steady growth in the farm industry is a very good thing at this point following 2014’s market decline.
Since Texas provides a massive proportion of United States agriculture, this is great news for Texas landowners who farm or for those who…