b'Beef Checkoff Study Shows a $13.41 Return on Each $1 InvestedA N I N D E P E N D E N T E C O N O M I C A N A LY S I S O F T H E N AT I O N A L B E E F C H E C K O F F P R O G R A M The Beef Checkoff recently commissioned a third-The steer price would have been7.8%lower per party independent economic analysis conducted byyear than actual results.Dr. Harry Kaiser of Cornell University to thoroughly U.S. export beef demand would have beenassess the effectiveness and additional financial372 millionpounds (11.5%) lower than actual results benefits produced by the programs demand-drivingin the seven major importing countries included in activities during 2019-2023. This studys objectivesthe study 4 .were to measure: Whether national Beef Checkoff demand-drivingBeef Checkoffsactivities increased demand for beef productsBroader Economic Impact Study(domestically and abroad). The combined benefits of those activities in termsWhat was the direct effect of the nationalof their incremental financial impact to beefBeef Checkoff to the beef industry? producers and importers. The study also evaluated the national Beef CheckoffsThe indirect benefits of national Beef direct effect on the beef industry (i.e. producers and Checkoff demand-driving activities to the importers that pay into the program) and its indirect broader macroeconomy. effects on the broader U.S. economy. To quantify the total revenue impact of the national Beef Checkoff Beef Checkoffs on the beef industry sector, the study utilized the Return-on-Investment (ROI) Study beef demand (8.5%) and U.S. beef export (11.5%) percentages derived from the ROI market simulation What were the impacts of the national Beef analysis. Applying these percentages indicated that Checkoff on beef demand 2and for those producersthe national Beef Checkoff added an incrementaland importers who pay into the program? $3.3 billionto the beef industry in 2023. For every national Beef Checkoff program dollarThe direct effect of the national Beef Checkoff adding invested 3in domestic and export demand-drivingan incremental $3.3 billion to the beef industry sector activities for the most recent five-year period (2019- had positive indirect effects on the broader U.S. 2023), a total financial impact of$13.41was giveneconomy 5 , including increases inback to the producers and importers who pay into U.S. employment by almost47,000peoplethe program. U.S. employment income by$2 billion Total domestic beef demand would have beenTotal value added to the U.S. economy of$4.1 billion2.4 billionpounds (8.5%) lower per year thanactual results.U.S. GDP by nearly$9.5 billion'