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expenditures for farm production is more important now than ever before. This information not only helps to measure how well farmers are doing in Virginia and the U.S. when compared to other groups in the economy, but gives current information on the total outlays for such important items as feed, fertilizer, machinery and fuels, he said.
Schooley noted that in 1975 Virginia farmers paid out $905.3 million dollars to produce crops, livestock and poultry in the Old Dominion. This amounted to an average of almost $12,500 per farm. For the U.S., farm production expenses in 1975 totaled nearly $82 billion dollars, averaging $29,000 per farm.
Gross income for Virginia farmers totaled $1.2 billion dollars in 1975, almost $16,500 per farm. This, less the production expenses, resulted in an average of just over $4,000 per Virginia farm, which is the total compensation for operation and management.
Because of Virginia’s many small farm operations, averages for gross and net farm income fall considerably below national figures of $34,957 and $16,430, res
94.2%