Missouri Using 100% of Capital Projects Fund Allocation for Broadband

On December 1, 2022, the U.S. Treasury approved Missouri’s plan to dedicate all of its Capital Projects Fund allocation to extend the reach of broadband in the state. Agriculture is Missouri’s leading economic driver. Over 95,000 farms employ nearly 400,000 people, export more than $2.5 billion across the globe, and make economic contributions to the state of $88.4 billion. Missouri is second in the number of farms in the United States and ranks in the top 10 nationally for the production of eleven different agricultural products. While the agriculture industry is undergoing a technological revolution, Missouri farmers have limited access to broadband-enabled tools. Research from the University of Missouri found that, on average, farmers with access to high-speed internet that implement precision agriculture technologies can experience a 6 percent increase in revenue. Applying this impact model to Missouri’s farms could yield up to $291 million annually in additional agricultural revenue. This increase in revenue to Missouri’s farmers and ranchers will have a cascading effect in driving more profitable operations—leading to re-investment in their farms and ranches, and the purchase of new equipment and materials which will support the surrounding communities with job opportunities, consumables, and charitable contributions. In addition to the positive impacts on revenues, the full-scale usage of precision agriculture will reduce the consumption of certain inputs and decrease costs.