How Important is Agricultural Growth in California?
Many view California as the “laid back beach state.” However, what we really should be known as is the “hard-working state that helps feeds the world.” In fact, according to Economy Watch, California has been the number one agricultural producing state for the past 50 years!
In addition, Economy Watch also found that of all the farms in California, approximately 97 percent are family owned and run. This means that a considerable amount of our state’s economical growth is due to local efforts and not corporations as many falsely assume.
With its grand influence to the state, it comes as no surprise that the agriculture industry is one of the leading job creators for California. To understand this on a more local spectrum, the Fresno County Farm Bureau explained that local farmers raise more than 350 different crops, contributing directly more than $5.6 billion to the California economy and supporting 20 percent of all jobs in the Fresno area.
However, the difficult fact is that farming is a costly industry to work in. There are the initial costs: real estate, irrigation, equipment, and so forth. Then, there are the costs of keeping those farms updated, which according to Farm Futures, is about 16 percent of the crop’s value. Although California agriculture accounts for that $5.6 billion, it still makes it difficult for our local farmers to keep up their farms, and even more difficult to expand and grow.
We understand the need to support our farmers. The World Bank estimates that the demand for food will increase by 70 percent by 2050. That is an enormous jump, and without the proper financial support, our local farmers won’t be able to keep up.
This is precisely why we need to utilize efforts to help not only sustain our agriculture but aid its growth.
We live and work in the heart of the most agriculturally productive region in the world. Our farmers play a vital role in our lives and futures. This is precisely why we aim to provide programs that fit the needs of our farmers, offer flexible terms, and do what we can to sustain a lifelong relationship with a bank they can trust.
Interested in learning more about agricultural loans and lines of credit from Fresno First Bank? Click here to get started!