Farmers are planning to invest 612m in their businesses this year with building and machinery topping the spending lists, a survey revealed today.
A study carried out among over a thousand farms revealed farmers aim to invest 612m ¨C 71% more than their predicted spending last year.
The Teagasc National Farm Survey showed the farming sector often underestimates the amount it will spend with the study estimating actual investment could be in the region of 1bn.
Teagasc Researcher, Anne Kinsella, said: ‘°The survey showed planned investment in land for 2006 at 242m.
‘°But again this figure could be exceeded, because farmers planned to invest just 42m in land last year whereas the actual investment in 2005 was 125m.‘±
The average planned investment by an individual farm was around 26,240, compared with a planned investment of 15,291 in 2005.
Farmers are planning to spend more on buildings due to the reintroduction of the farm waste management scheme and concerns with compliance regulations.
A study carried out among over a thousand farms revealed farmers aim to invest 612m ¨C 71% more than their predicted spending last year.
The Teagasc National Farm Survey showed the farming sector often underestimates the amount it will spend with the study estimating actual investment could be in the region of 1bn.
Teagasc Researcher, Anne Kinsella, said: ‘°The survey showed planned investment in land for 2006 at 242m.
‘°But again this figure could be exceeded, because farmers planned to invest just 42m in land last year whereas the actual investment in 2005 was 125m.‘±
The average planned investment by an individual farm was around 26,240, compared with a planned investment of 15,291 in 2005.
Farmers are planning to spend more on buildings due to the reintroduction of the farm waste management scheme and concerns with compliance regulations.
