Senior Farm and Ranch Broadcaster, Ron Hays, is talking with the CEO of the Cattlemen’s Beef Promotion Board, Greg Hanes, about the Beef Checkoff’s Return on Investment study. Released every five years, the study highlights the impacts and returns of the Checkoff on the industry.
“Dr. Harry Kaiser from Cornell University has been putting this together,” Hanes said. “We are getting the initial results.”
The latest Return on Investment report will be released at the 2024 Cattle Industry Summer Business Meeting set for July 8-10 at the Hilton San Diego Bayfront in San Diego, California.
“What we have been seeing is pretty good,” Hanes said. “Last time, if you look at every dollar invested, the impact we got on the industry was about $11.91. This year, it is looking like it is going to be $13.40 (for each dollar invested.)”
In the latest report which will be released soon, Hanes said there will be even more focus on details of the impact of the Beef Checkoff than previous reports.
“The numbers look really good, so it shows how positive the impact of the Checkoff is, and how important it is to our industry,” Hanes said. “We have to keep that going.”
Hanes said the Return-on-Investment study provides value for the industry because it keeps track of and highlights how well Checkoff programs are doing.
“When we see that return or impact that we have to the industry is almost $13.50, that is big,” Hanes said. “When we are creating 49,000 jobs in the U.S. because of the extra work, these are extra jobs because of the Checkoff. Some of those numbers we are looking at like domestic sales are probably about 2.4 billion pounds more per year because of the Checkoff.”
Looking ahead to the Summer Business Meeting, Hanes said members of the Cattlemen’s Beef Promotion Board will give feedback and ask questions to potential program contractors to consider the final funding in September. There will also be a dynamic set of speakers discussing an in-depth report of the Return on Investment Study, the immense impacts of the Beef Checkoff, and more information on issues pertinent to the industry.
For more information about the 2024 Cattle Industry Summer Business Meeting, click here!
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