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November 26, 2014FARM INCOME, 2013 Statistics Canada has released the latest farm income results. Nova Scotia's farm cash receipts grew by 2.2 per cent in 2013. This was above the national pace of growth, but slower than the average 7.8 per cent pace of growth over the three prior years. Nova Scotia's farm cash receipts account for 1.1 per cent of the national total.
Livestock make up the bulk of NS farm cash receipts, accounting for $422.9 million of $593.2 million in total receipts. The largest livestock products are fur and dairy while the largest crop products are blueberries and field vegetables.
Nova Scotia's net farm income was $52.1 million in 2013; 8.8 per cent of farm cash receipts. Net value added through NS farming (a broader measure of income generated) was $203.1 million, consisting of $116.1 million in family and non-family wages, $4.8 million in cash/share rent to non-operators, $29.5 million in interest and $52.4 million in corporation profits. Net value added from farming in NS grew by 6.7 per cent in 2013.
The value of NS farms stands at an average of $1,904 per acre - below the national average and particularly below the value of farms in BC, Ontario and Quebec.
Farm Income, 2013