2016 Economic Impact Study Media Webinar. June 14, 2016

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1 2016 Economic Impact Study Media Webinar June 14, 2016

2 Speakers Barry Carpenter, President and CEO, North American Meat Institute John Dunham, Managing Partner, John Dunham & Associates

3 Methodology Used standard econometric models maintained by IMPLAN Group LLC Data from industry sources, government publications, Dun & Bradstreet and Infogroup Defined industry to include meat and poultry producers, wholesalers and retailers Production process included slaughtering, meat and poultry processing, rendering, hide production and offal production

4 Six Key Points to Remember About Economic Impact Studies Are all assumptions clearly stated? Is some sort of sensitivity analysis included? Has the data been made available? To the results conform to reality? Is there a detailed and understandable methodology? Does the author stand behind you?

5 Definitions What is Meant By the Term Direct? Direct Impacts are those jobs, wages or economic output, solely attributable to the industry defined for the study, in this case the meat processing, poultry processing, rendering, hide and skin production, and offal production industries, in addition to meat wholesaling and meat retailing, including restaurants. What is Meant By the Term Indirect? Indirect is the term used in economic impact studies to define those effects that result from firms in the defined (or Direct) industry purchasing goods and services from other industries. JDA defines these as Supplier Impacts in its models. For example, when a meat wholesaler pays rent on its warehouse to their landlord, or when they hire a trucking company to deliver products, they are creating indirect effects in the real estate sector or trucking sector of the economy. In the case of retailers, wholesalers, truckers and others that handle products through a supply chain, the value of the goods moving through a warehouse or a store are not counted as indirect impacts; only those goods and services used to provide the wholesaling, transportation or retail services are included. So if a wholesaler buys meat from a processor to in turn sell the product to a restaurant or a grocery store, that purchase is not included as a supplier effect. What is Meant By the Term Induced? Induced effects are the response by the economy that occur through re-spending of income received by payments made to employees and business owners measured in the direct and supplier parts of the economy. When people work in meat production, wholesaling, or retailing, they receive wages and other payments. This money is recirculated through their household spending inducing further local economic activity. Economists call these induced impacts the multiplier effect of an activity or industry.

6 Definitions, Continued What Specifically Do You Mean When You Say a Job? Jobs are a measure of the annual average of monthly jobs in each industry as defined by the Quarterly Census of Employment and Wages put out by the BLS. Jobs in our models are derived independently and do not match jobs reported by government entities in that we often define industries differently, and because we include more firms and facilities than are surveyed by the government. Jobs are measured in full-time equivalent units. What is Meant by The Term Economic Output or Economic Impact? JDA uses output in its models as a general measurement of economic impact because we believe that it is the broadest and most comparative measure. In general, output represents the value of industry production for the model year calculated in terms of producer prices. Output differs depending on the industry being measured. In the case of retail and wholesale industries, like meat distribution, Output does not represent sales, but rather is similar to the accounting measure of gross margin. The value of meat purchased from producers flowing through the wholesaling process is not included as part of output, even if they are transformed in some way. One way to look at it is the Output is total sales revenue minus its cost of goods sold. This is similar to the wholesale or retail markup on a product.

7 One of the Largest Industries In America A $1 trillion industry 5.6 percent of GDP The Industry is larger than: The Trucking Industry The Fast Food Industry and The Legal Industry It is nearly as large as the Federal Government (Excluding Defense)

8 Employment Meat and poultry manufacturers, wholesalers and retailers employ 1.87 million Americans Earned $71.63 billion in wages and benefits Supplier and induced impacts = 3.56 million jobs In total 5.44 Million Jobs

9 Taxes Paid $ billion in direct federal, state and local taxes Consumers pay $3.26 billion in state taxes on meat and poultry products

10 Case Study: Impact on Trucking Industry U.S. companies that produce, process, distribute and sell meat and poultry products employ as many as 1,870,000 people nationally, and generate an additional 3,569,100 jobs in supplier and ancillary industries. Include jobs in companies supplying trucking to manufacturers, distributors and retailers. Nearly 80,550 American trucking jobs result from meat and poultry industry. Good jobs, paying an average of $58,580 in annual wages and benefits. Four percent of all industry supplier jobs. Create nearly $13.2 billion in economic activity throughout the country. The people employed in the trucking industry spend their wages on a range of products like food, entertainment and housing. Spending of meat and poultry industry employees, and of people working in supplier firms such as the truckers, contribute about $259.2 billion to the national economy and generates well over 1.56 million additional jobs. This induced impact, or multiplier effect, is real, and important to economy

11 Summary of the Numbers 232,418 The number of people employed in wholesaling 527,019 The number of people directly employed by meat and poultry packers and processors 1.11 million The number of retail jobs created by selling meat and poultry directly to the public (at butcher stores, supermarkets, restaurants, etc.) 1.9 million The total number of jobs in the meat and poultry industry (processors, packers, distributors and retailers) 5.4 million The number of jobs created in firms that supply the meat industry with goods and services as well as those that provide goods and services to industry and supplier firm employees $7.163 billion The wages and benefits paid to those who hold the 1.9 million direct meat industry jobs $257 billion The wages and benefits paid to those who hold 5.4 million supplier and induced jobs $ billion Taxes paid to federal, state and local governments $3.26 billion State sales taxes generated by meat and poultry consumption $1.02 trillion Total economic output of meat industry

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16 MeatFuelsAmerica.com

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