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The Economic Impact of Regulatory Decisions in the Dairy Industry: A Case Study In Okeechobee County, Florida

Department of Food and Resource Economics, Institute of Food and Agricultural Science, University of Florida, Gainesville 32611

This report summarizes a study of the impact of a regulatory rule, the Dairy Rule and Dairy Easement Program, in Okeechobee County, Florida. Countywide economic impacts of the regulatory policy were measured. The dairy industry represents a basic or export industry in the economy of Okeechobee County that produces a product for sale outside the local area. The sale of goods outside the local area (export or external sale) channels outside (new) dollars into the local economy. External sales then generate additional economic activity as local respending takes place. Total countywide impacts of the regulatory rule indicated a decrease of $47.6 million in sales, 465 full-time equivalent jobs, and almost $9.0 million in earnings. This decrease represents almost 20% of county economic activity and jobs, and the impact will occur annually until another economic activity replaces the dairy industry.