A new Sheep Industry Economic Impact Study completed recently shows that sheep continue to be a good investment for America.
The impact analysis revealed that every one dollar spent in sheep and sheep-related production added an additional $2.87 to the American economy in 2016, nearly three times the initial investment. Among some of the study’s findings, a $2.02 billion investment in sheep production activities, ranging from lamb production at the farm gate to wool sock exports, generates a total economic benefit of $5.80 billion.
Every $1 invested in sheep production and related activities generates $2.42 in total labor income. The Employment Multiplier revealed that every 10.4 jobs in the sheep industry at the farm gate supports a total of 19.50 jobs. The previous economic impact study was done in 2011.
While the sheep industry has contracted in size since then, the new study captures an improvement in value-added benefits, including wool hosiery exports, lanolin, and the pelt-shearing value.