California’s Nutty Farmland Values Are Spiking

California’s Nutty Farmland Values Are Spiking

 

Demand from Asia for goods from California has been growing, especially for almonds, pistachios and walnuts.  In 2011 almonds overtook grapes as California’s second top commodity crop at $3.9 billion a year.  California grows 80% of the world’s almond supply and the industry has been experiencing dramatic growth driven by demand from the newly affluent middle classes of India and China.  Between 2010-2011 agricultural exports from California increased by $3 billion and revenues for almonds and walnuts increased by 30% in that same time period.  In 2012 almond land was valued at $18,000 per acre and pistachio land at $25,000 per acre as compared to the average value of $7,200 per acre for farm real estate in California.

 

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