New York State farmers contribute 8.5-billion-dollars annually to the U.S. economy, but they face significant challenges such as labor shortages, volatile prices, and extreme weather.
State Comptroller Thomas DiNapoli’s latest agriculture report indicates farmers would benefit from climate-resilient crops and direct-to-market initiatives. It also shows New York has seen a 14% drop in farms and a 9% loss in farmland over the last decade.
Nationally, U.S. farms are experiencing financial difficulties due to rising loan demand, lower crop prices, and tightened bank lending. Financial analysts warn that farms, particularly smaller producers, are in jeopardy as banks tighten lending and focus on larger borrowers and more profitable sectors.
