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November 25, 2015FARM INCOME, 2014 Statistics Canada has released the latest farm income results. Nova Scotia's farm cash receipts declined by 4.6 per cent in 2014. This was well below the national pace of growth, and a reversal of the positive pace of growth over the three prior years. Nova Scotia's farm cash receipts account for 1.0 per cent of the national total.
Livestock make up the bulk of NS farm cash receipts, accounting for $360.9 million of $576.1 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 $8.8 million in 2014; 1.5 per cent of farm cash receipts. Net value added through NS farming (a broader measure of income generated) was $169.3 million, consisting of $121.9 million in family and non-family wages, $3.8 million in cash/share rent to non-operators, $33.1 million in interest and $13.9 million in corporation profits. Net value added from farming in NS declined by 19.5 per cent in 2014.
The value of NS farms stands at an average of $1,958 per acre - below the national average and particularly below the value of farms in BC, Ontario and Quebec.
Statistics Canada Quote
"Realized net income increased in every province except Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick."
Farm Income, 2014