Ag Equipment Expenses for the Largest U.S. Farmers Continue to Rise

In its annual summary of farm production expenditures, the USDA reported last month that total estimated expenditures in the continental U.S. for 2022 rose to $453.7 billion, up approximately 15% from a 2021 level of nearly $393 billion. Expenditures for tractors and self-propelled farm machinery were $19.1 billion in 2022, or 4.2% of total expenditures, an increase of about 8.5% year-over-year. The “other farm machinery” line item ranked 15th at $7.8 billion, or 1.7% of…

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