Net farm income averaged $180,746.
Last year’s farm profit in North Dakota nearly matched the results of 2007. The 2008 state average report of the North Dakota Farm Business Management program showed net farm income averaged $180,746. The median was substantially less at $114,520. The median is the midpoint, which means one-half of the farms had a higher number and one-half had a lower number.
“Average net farm income was down 6 percent and the median was 12 percent lower than reported in 2007,” says Andy Swenson, North Dakota State University Extension Service farm management specialist. “However, 2008 net farm income was much higher than normal. The average net farm income for the five years of 2002 through 2006, prior to the 2007 to 2008 period of strong crop prices, was $61,600.”
Similar to 2007, beef farms performed much worse than crop farms in 2008. The average net beef farm income was less than $15,000. Profitability of the cow-calf enterprise collapsed to $12 per cow because of lower calf prices and higher costs.
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North Dakota Farm Profits Remained Strong In 2008 - Cattle Network
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