Alberta farm revenue highest in Canada in 2022
Farm revenue in Alberta grew by 19% ($3.5 billion) in 2022
By Rob Roach, ATB Economics 1 March 2023 1 min read
For only the second time since the current data series began in 1971, annual farm revenue in Alberta was higher than in any other province last year.
At $22.2 billion, farm cash receipts* in Alberta were $900 million higher than in Ontario and $1.1 billion higher than in Saskatchewan.
Annual farm revenue in Alberta grew by 19% ($3.5 billion) compared to an increase of 14% nationally ($11.7 billion).
Crop revenue in the province was up by 17% ($1.5 billion), livestock revenue by 17% ($1.3 billion), and crop insurance and other payments by 34% ($713 million).
Of the major crops, wheat (excluding durum) posted the largest annual increase at +35% ($793 million).
According to Statistics Canada, higher crop prices more than offset lower sales volumes in Canada. This may sound odd given that crop production benefited from better growing conditions last year. Low inventories at the start of 2022 due to drought conditions in 2021 are the explanation.
Revenue, of course, is only one side of the equation. We will have to wait until the end of May for a preliminary estimate of farm income after expenses from Statistics Canada, but 2022 should be a better year than 2021 in this regard.
*Farm cash receipts measure the gross revenue of farm businesses. They include sales of crops and livestock products (except sales between farms in the same province) and program payments. Receipts are recorded when the money is paid to farmers. These do not represent their bottom line, since farmers have to pay their expenses and loans and cover depreciation.
Answer to the previous trivia question: One of the best-selling albums of all time, Pink Floyd’s “Dark SIde of the Moon” was released in the United States 50 years ago on March 1, 1973.
Today’s trivia question: After which Roman god is the month of March named?