Leaders in Michigan’s food and agriculture industry are feeling positive about food and agriculture in Michigan. The results of the recent Michigan Agriculture and Food Index (MAFI) reflect their optimistic outlook. In addition, their confidence in our state’s economy overall is climbing.
Twice a year since April 2013, staff members at the Michigan State University Product Center Food-Ag-Bio have sent questionnaires to leaders chosen to give their opinions about the current business climate in the food and agriculture industry. These leaders, members of the Food and Agriculture Roundtable, are made up of farmers, food processors and people who run agribusinesses.
The results of the surveys are used to create the MAFI. A score of 100 is considered neutral on the index’s rating system. Ratings above 100 are considered positive and ratings below 100 are considered negative. Since the index’s inception in 2013, the ratings have never been negative. In addition, ratings on the state of Michigan’s overall economy have grown from 115 in April 2013 to 120 in January 2014 to 133 in April 2014. More than 70 percent of those surveyed are positive about Michigan’s economy.
The index also showed respondents ratings of the state of the food and agriculture system, which showed a steady confidence on all three surveys with indexes of 147, 146 and 145 for each survey, respectively. In addition, respondents generally believe that sales will increase, and the investment index increased 8.4 percent from January to April. The employment index remains unchanged from January.
The index helps Michigan State University Extension educators and specialists to better understand the needs of the industry and determine how our efforts influence conditions.
Check out this article and video from WILX, which features Gov. Rick Snyder; Dr. Chris Peterson, director of the Product Center; and Betsy Braid, Agriculture and Natural Resources Communications educational program coordinator: http://www.wilx.com/home/headlines/State-Agriculture-Business-Booming-268187132.html
Read more on the MAFI in the executive summary: http://expeng.anr.msu.edu/uploads/files/42/MI%20Food%20and%20Ag%20Roundtable%20results%207-18.pdf